Interest Rates as of 06/30/10

Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.

House Backs Homebuyer Tax Credit Extension

Excerpt from article by Corbett B. Daly - The House of Representatives yesterday approved giving extra time to thousands of homebuyers trying to get a popular federal tax credit by the end of the month.

The House backed by a vote of 409-5 a measure to extend the closing deadline to September 30th for buyers who already met the April 30th deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30th to receive the $8,000 tax credit for first-time homebuyers.

The Senate must still approve the measure before President Obama can sign it into law.

Interest Rates as of 06/28/10

Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.271%

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.

Interest Rates as of 06/25/2010

Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/5.271%

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.

Support for Extension of Homebuyer Tax Credit

The American Land Title Association is calling on its members to contact their elected officials in Washington, D.C. to support an extension of the June 30th closing deadline for the homebuyer tax credit. In markets with the highest volume of short sales, it is not uncommon for the closing to take up to 120 days. The two month window for closing is simply not long enough for current market conditions.

Interest Rates as of 06/21/10

Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%

Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us.

A Closer Look at Title Companies

From an Article by Theodore Urton, Fidelity National Title Company - In today's marketplace, title companies perform two basic services: they issue policies of title insurance on behalf of purchasers and lenders; they also provide escrow or settlement services on behalf of the principals.

Title is a record of who owns property, both past and present. The title company's role is to make certain that sellers really own their homes so that no one else (ex-spouse, long-lost child, etc.) can make a future claim invalidating the current purchaser's ownership of the property. Title companies ensure that you have marketable title to your home.

As an escrow agent, title companies serve as a neutral third party between the principals and parties of interest on the transaction.

To see the complete article, please go to www.StatesmanJournal.com/insidebiz

Interest Rates as of 06/16/10

Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%

Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at our web site at www.equityloansoregon.com to contact us for further information.

Interest Rates as of 06/14/10

Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for our contact information.

Interest Rates as of 06/11/10

Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%

The above interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.

What is Mortgage Insurance?

If your down payment on a home with a conventinal loan is less than 20% of the appraised value or sales price, you must obtain mortgage insurance.

Mortgage insurance is sometimes referred to as private mortgage insurance, or PMI, to distinguish it from FHA and VA insurance, run by government programs. The cost of mortgage insurance varies depending on the size of the down payment and the loan, but it typically amounts to about 1% of the loan with a 5% down payment.

With mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary. The coverage protects lenders against default by the borrower. If the borrower stops paying on the mortgage, the mortgage insurance company ensures that the lender will be paid in full.

Statistics have shown that there is a greater chance of default on a loan with a smaller than 20% down payment. Mortgage insurance is the vehicle that allows borrowers to buy a house with less than a 20% down payment.

Mortgage companies pick insurance providers for their customers, but the borrowers pay for the insurance - usually in monthly installments. Equity Loans, LLC offers Lender-Paid Mortgage Insurance (LPMI) where the borrower does not pay a monthly mortgage insurance payment. Please visit our website at www.equityloansoregon.com for our contact information if you are interested in finding out more about LPMI.

Interest Rates as of 06/09/10

Conventional, 30-yr Fixed Rate: 4.75%/APR 5.131%
FHA and Federal VA, 30-yr Fixed Rate: 4.875%/APR 5.687%

Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site: www.equityloansoregon.com to contact us for further information.

Little Loan Shopping is Done

Shopping for a mortgage isn't done very comprehensively by consumers. Borrowers not fully understanding what their loan entails has been one of the driving factors of defaults in the past couple of years. The more information the consumer has UPFRONT, the higher likelihood they will pick the right product for them and the less likely they will go into default.

Consumers spend on the average just five hours researching their home loan. However, the consumer spends the same amount of time researching where they want to go on their latest vacation and 60% more time researching the next car they will buy.

How can you best find out what is the right lender and product for you? Ask people you trust who have recently obtained a home loan to tell you if their loan experience was good, and who their lender was for their financing. If you are purchasing, your real estate agent can be a good source of referrals.

Do your own resarch - the internet is one of the best places to start your education regarding home loans. Come prepared with your financial information when you meet with a loan officer. The loan officer will better be able to determine your eligibility for financing and this is your opportunity to ask questions.

Interest Rates as of 06/07/10

Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA and Federal VA, 30-yr Fixed Rate: 4.875/APR 5.462%

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.

Interest Rates as of 06/02/10

Conventional, 30-yr Fixed Rate: 4.875%/APR 5.131%
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891%

Interest rates quoted are with a 1% Loan Origination fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.

After Foreclosure: How Long Until You Can Buy Again?

Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit. Some homeowners, no doubt, believe that the credit score hit is worth getting out from a deeply underwater (owe more than the house is worth) mortgage.

After default (foreclosure), they reason, they can raise their FICO scores by paying all their bills on time and eventually finance another home purchase. Don't count on it.

While homeowners who default due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, walkaways may face double that time.