We can’t believe it’s already 2019! We thank each and every one of you for all your support in 2018 and continuing to send us your referrals as a local small business in the Pacific NW. In addition, we thank you for all of your ‘indirect’ referrals by sharing your experience with others online. We know that not every day someone you know will be in the market to buy or refinance a home. Your positive online reviews help spread the message so we can show others the power of independent primary mortgage origination. For any that have not had a chance and willing to, it’s much appreciated HERE.
The Continued Fight for Transparency & Honesty in Mortgage Lending
Since the financial crisis over a decade ago, many people know that we have fought for a better and more transparent primary mortgage market in the United States. Although we may only be licensed in Oregon & Washington, I’ve fought for improvements both locally and in Washington DC.
VA loans are targeted by many retail lenders and one of the most abused benefits today, meant to favor the brave men and women that have served our country. Last month I recorded this video below to expose these practices that went mini-viral on social media. Vital that Veterans and ALL consumers hear this message. While Veterans are harmed most, it impacts all consumers.
We will continue to hammer this message across the US. Pardon my French in the video, but enough is enough.
Humbled for This Recognition the 6th (and Final) Time!
Andy Harris, President of Vantage Mortgage Group, receives National Mortgage Magazines 40 under 40 award
Andy W. Harris, President of Vantage Mortgage Group Inc. in Lake Oswego, Ore., is best known for his educational and unfiltered articles and videos around independent mortgage origination. He boldly predicted the future of the primary mortgage market after the 2008 housing crisis and fought the majority in support of wholesale lending and lender competition. He credits his successful career to these predictions which have made Vantage Mortgage Group one of the most successful brokerages in the country.
All About FICO Scores
This is a common conversation we have daily and weekly with many clients. With so many credit card companies, banks, and others now providing consumers with a copy of their credit scores, often people are confused when they don’t match. Many are getting access to either the Vantage Score model or the wrong FICO Score that lenders don’t use.
What’s the difference between base FICO® Scores and industry-specific FICO® Scores?
Base FICO® Scores, such as FICO® Score 8, are designed to predict the likelihood of not paying as agreed in the future on any credit obligation, whether it’s a mortgage, credit card, student loan or other credit product.
Industry-specific FICO® Scores are designed to assess the likelihood of not paying as agreed on a specific type of credit obligation—car loans or credit cards, for example.
Industry-specific FICO® Scores incorporate the predictive power of base FICO®Scores while also providing lenders a further-refined credit risk assessment tailored to the type of credit the consumer is seeking. For example, auto lenders and credit card issuers may use FICO® Auto Score or a FICO® Bankcard Score, respectively, instead of base FICO® Scores.
FICO® Auto Scores and FICO® Bankcard Scores have these aspects in common:
Many lenders may use these scores instead of the base FICO® Score
It is up to each lender to determine which score they will use and what other financial information they will consider in their credit review process
The versions range from 250-900 (compared to 300-850 for base FICO® Scores) and higher scores continue to equate to lower risk
Oregon & Washington Real Estate Update
The median home value in Oregon is $340,700. Oregon home values have gone up 6.1% over the past year and Zillow predicts they will rise 1.9% within the next year. The median list price per square foot in Oregon is $211. The median price of homes currently listed in Oregon is $369,950 while the median price of homes that sold is $326,700. The median rent price in Oregon is $1,700.
Foreclosures will be a factor impacting home values in the next several years. In Oregon 1.1 homes are foreclosed (per 10,000). This is lower than the national value of 1.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oregon is 0.6%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oregon homeowners underwater on their mortgage is 4.1%.
The median home value in Washington is $379,300. Washington home values have gone up 7.9% over the past year and Zillow predicts they will rise 5.8% within the next year. The median list price per square foot in Washington is $227. The median price of homes currently listed in Washington is $393,900 while the median price of homes that sold is $348,100. The median rent price in Washington is $1,990.
Foreclosures will be a factor impacting home values in the next several years. In Washington 0.8 homes are foreclosed (per 10,000). This is lower than the national value of 1.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Washington is 0.6%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Washington homeowners underwater on their mortgage is 4.3%.
Americans are surprisingly attentive to price fluctuations. In the most recent home purchase sentiment survey from Fannie Mae, the net share of respondents saying that home prices would go up fell for the third straight month.
But they’re also attuned to other market movers, like Washington uncertainty, the reality that financial market gyrations are taking a bite out of their down payments, and the fact that the long economic expansion may be coming to an end sooner rather than later. In December, Fannie also found that the number of respondents saying their personal financial situation would likely get better declined, even as the number of those saying their situation would get worse increased.
“Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy,” Freddie Chief Economist Sam Khater said last week. “However, it will be interesting to see how the recent turmoil in the stock market will affect homebuying activity in the coming months.”
There has never been a more important time for consumers to use a local Mortgage Broker. While interest rates are certainly important for budgeting and payments, we have to also consider the amortization, tax, appreciation, and many other benefits homeownership offers.
If you would like to be added to our VMG Weekly Rate Tracker, email us to request at email@example.com
If you know of anyone buying a home now or in the near future, please share VMG with them.
The Best Places to Ski and Snowboard in the Pacific NW
It’s that time of year again to hit the slopes! There are some great mountains to experience up and down the upper West Coast. If you’ve been in the habit of visiting the same mountain each year, why not try something different in 2019? Here is a list of the best places to ski or snowboard in the Pacific NW.
Come Visit Us!
16325 SW Boones Ferry Rd. Suite 100 Lake Oswego, OR 97035
As you may know, my business is based on referrals from people like you and those who hear about the quality and detail of our services. Please pass on my information to anyone you know that could benefit from my services.
If you have any questions, please feel free to contact me anytime.