Who Is Krista Bolf, Principal Broker at Coldwell Banker Prowest in Ashland?

Although Krista Bolf, principal broker at Coldwell Banker ProWest in Ashland Oregon has an impressive list of credentials that go with her, it is the person behind the resume that impresses me the most.

Having had the pleasure of working on several transactions with Krista since we first met while working together on a Rogue Valley Habitat for Humanity and Ashland Community Land Trust project in 2006 and taught the HUD approved “ABC’s of Homebuying” at Rogue Community College, I’ve since seen Krista’s clients benefit from her sharp negotiating skills, solid knowledge base about the Rogue Valley properties and issues, and her extraordinary listening abilities. I do not hesitate to refer home buyers who are in need of good representation on their home purchase, be it their first home, move up home or an investment purchase, knowing they are in good hands. Together Krista and her business partner Rick Harris can – and have – handled these transactions smoothly and professionally every time.

Personally, Krista has consulted with me and my husband on multiple transactions, from our house to a rental home to general market information on commercial property decisions we have contemplated. Even when the information provided led to us holding off on listing our property due to market conditions, Krista has earned our respect and confidence with her professionalism, straightforwardness and follow through. And her dry wit can be very much appreciated in the circumstances we sometimes find ourselves working in with today’s real estate/mortgage industry.

Alright, alright…enjoy the list of Krista’s accomplishments. But, you’ll need to meet her in person to wholly appreciate the Krista Bolf I have come to know.


Licensed Realtor in Oregon since 1994

Licensed in California 1990 to 1994

REALTOR Membership Service

- Oregon Association of Realtors, 2009 President Elect

- Executive Committee 2006-2007

- Business Issues KOG Chair 2006

- Business Issues KOG 2004-2007

Rogue Valley Association of Realtors
- Realtor of the Year 2009
- Realtor Image Award 2006

- Oregon Association of Realtors Director 2007

- Affiliates Committee 2002-2003 Ashland Board of Realtors

- Secretary 1995 – 1997 REALTOR Designations Advanced Training

- ABR - Accredited Buyer Representative Specialized Buyer Agency training

- CRS - Certified Residential Specialist Less than 5% of Realtors nationwide achieve this specialized training

REALTOR Skills

- Trainer 1999 - 2006

- HUD approved “ABC’s of Homebuying” Instructor

Other Affiliations

- Ashland Community Land Trust President 2002,2003, 2005,2006

- Women's Council of Realtors

International Real Estate

- International Corporation de Inversiones

- Real estate sales and construction in Mexico

- AMPI-Association of Real Estate Professionals

- TRC–Transnational Referral Certified Agent

- Subscriber Member of WorldProperties.com

- http://www.buyhomesinmexico.net/

See you out there!
Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com

A Borrower’s Guide to Locking In Your Interest Rate

Are you in the process of getting a home loan for a home purchase you are planning to make here in Southern Oregon? Or, maybe you heard about the incredibly low interest rates we've been seeing for qualified homeowners looking to get a lower interest rate than they have presently? Want to grab this opportunity before it gets away from you? Confused about the way the pricing can move in this extremely volatile market we've been experiencing in the mortgage industry? You need:

A Borrower’s Guide to Locking In Your Interest Rate

When you “lock in”, you are requesting the lender guarantee the interest rate on your loan and the lock period is for a specific length of time – e.g. 15 days if your loan is approved and ready to have final loan documents drawn so you may close your transaction within this period of time, 30 days which covers the processing time for most conventional refinance times, 45 or 60 days for many purchase transactions which often are scheduled to close within that period of time, longer periods for loans on newly constructed housing. The longer you request the interest rate be guaranteed/locked-in, the more it costs. Say you are approved on a program that offers a 4.75% interest rate, and you are considering a 15 day lock that would have a cost of 1 point (one percentage of the loan amount) or a 30 day lock that would have a cost of 1.25 point. The longer the lock you choose is for, the higher your points may be. Depending on the loan program you are on, you may also buy the interest rate up to have lower points, or down by paying more points.

To know what the true cost of the money you are borrowing is, you will look to the APR – the annual percentage rate – which takes an average of certain closing costs and the interest rate you pay, including mortgage insurance, and average them out over the term of your loan giving you a percentage. The higher the APR percentage, the higher the costs associated with your loan. It is important you check the APR because sometimes a loan quote you have received that sounds good because it's "note rate" - the rate quoted to you - is lower than other quotes, but due to higher fees, mortgage insurance, etc., its APR works out to be higher, making it not the best deal for your long term plans.

With the closing of so many banks and lending companies over the past several months and the laying off of staff due to the market downturn, the remaining lenders sometimes have longer processing times, and this would also need to be considered when choosing the lock period. It is always good to leave a few extra days on the lock period in case there are unforeseeable delays, especially on purchase transactions. Even when you are working with the best of the best professionals on your transaction, with so many factors associated in transactions, things can happen to delay a closing. The stories I could tell after 25 years! Couriers in auto accidents on the way to the recorder’s office with documents to be recorded, sellers who pass away, closing funds that were stolen by a teller from a buyer’s bank account… situations that simply could not be controlled by the parties to the transaction.

These cases have been extreme cases, and the large majority of transactions I’ve been involved in closed on time. Careful attention, to the process and experienced professionals working together, eliminates most delays. Want more information or a free consultation about your individual goals and objectives? Call (541)608-6003 or go to http://www.quality4loans.com/ .

See you at the closing table!

Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com

Investors May Finance Up To 12 Properties

Here in Southern Oregon where we haven’t experienced the same level of real estate market devastation as California, Florida, Nevada and Arizona there is still a silver lining to be found in our beautiful puffy cloud skies.

With market values in Jackson County Oregon roughly 8% lower in our year over year statistics, we’ve also seen a steady contraction in the inventory of available homes for sale – also 8% lower year over year.

As is customary when the general populace begins to think we are seeing some great values, there are buyers coming out of the wood work…450 of them, to be exact, from August 1st through October 31, 2008 in the Rogue Valley.

Many of these buyers are investors, savvy, experienced, and taking advantage of some great bargains. Until recently, these investors might be able to take out purchase money financing with no limitation on the number of financed properties they owned. This has just changed:

Guideline changes EFFECTIVE IMMEDIATELY!

• 
  
  Max LTV for investment properties is now 65%.
  


• 
  
  Cash-out on 3-4 unit investment properties is limited to 60% max LTV.
  


• 
  
  The number of financed investment properties owned by one borrower is limited to 10 (this does not include their financed owner-occupied and/or second homes).
  


• 
  
  Out-of-State investors are strictly case-by-case, and limited to 60% max LTV.
  


• 
  
  At this time, there are still no exceptions allowed under the Non-Owner Occupied program.
  

For Investors meeting Fannie Mae Underwriting criteria (680+ credit score) may put as little as 15% down, but cannot have more than 10 financed properties INCLUDING THEIR PRINCIPAL RESIDENCE AND SECOND HOME.

Still not bad, all things considered. So, Southern Oregon investors, call today for your free consultation, or go online at http://www.quality4loans.com/ .

See you at the closing table!

Karen Cooper – OR/CA Mortgage Consultant – http://www.quality4loans.com/

5% 30 Year Fixed Rate, But My Value Is Too Low?

With the recent major improvement in the Bond Market Yields finally translating to improved interest rates on long term fixed rate conventional financing, there has been a bit of a flurry of activity here at Quality Home Loans in Southern Oregon, trying to help clients take advantage of this boon.

Keeping track of the homeowners who may benefit from refinancing as opportunities present themselves is a part of any professional, experienced mortgage consultant’s duties. Since the public doesn’t catch wind of market moves until the media reports come out days/weeks later, the average person often misses the boat by the time they pick up the phone to call to see about getting a lower interest rate on their home loan. Maybe your profession has nothing to do with the finance/mortgage industry, so you go to the professionals who do follow this.

Seeing the lower trend in some mortgage programs’ interest rates, the past several days have been spent checking on value ranges for homeowners who would save enough to warrant the expense associated with refinancing. Then, it’s time to prepare a Good Faith Estimate and Truth-In-Lending Disclosures on the proposed programs for those homeowners and investors who could gain enough interest savings to offset their closing costs.

Unfortunately, many property owners’ values have descended. Those that have tapped in to their equity before may find themselves “underwater” – owing more on their mortgage(s) than their property is worth in today’s market. Others may have purchased their home within the past 1-5 years, and although they haven’t touched their equity by refinancing or taking out a 2nd loan/line of credit, they may be located in areas where foreclosures are prevalent causing the market values to be set by these distressed sales.

I am working with two such homeowners who purchased their homes a year ago and want to get a lower interest rate and eliminate mortgage insurance. Even though the mortgage insurance may be tax deductible for them (this ruling is subject to change), and they got good deals at the time they purchased their homes, the values have either decreased slightly or stayed the same. Having the required mortgage insurance in the equation makes refinancing too costly.

So, the one gentleman who wanted 5% with no mortgage insurance would have to be quoted 5.25% (apr 5.412%) on his conforming 30 year fixed rate $227,000 mortgage – and he may or may not get the appraised value needed to even do this, since his appraisal would need to come in at the high end of the range of sales comparables available today.

But, another family who has owned their home since 2001, has 35%+ equity even after taking out a 2nd to consolidate student loans a year ago WILL be able to take advantage of the really low interest rates we’re seeing right now. Yet another, who has owned their rental since 2003 is sitting right on the edge of whether the numbers “pencil out” or not, so they’ll have to decide if anteing up the appraisal fee to find out is worth while.

If you are wondering if it makes sense for you to refinance your home/property in Oregon or California, call or contact us online for a free consultation.

See you at the closing table!

Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com

Distressed Homeowners Frequently Asked Questions

In conjunction with the Blog Post "Distressed Homeowners, More Help Is On The Way", here are some questions and answers:

Q. Can I apply even if I'm not 3 months or more behind on my mortgage payments?
A. Not for this program, but there may be other options available to you. Call your lender to see what options are available to you.

Q. Should I stop making my payments so I'll be approved for a Note Modification?
A. If you intentionally default on your mortgage, the lenders will not approve your request for assistance.

Q. What is a Note Modification?
A. A Note Modification is a change of the original terms of your mortgage loan. It could be a change from adjustable rate to fixed rate, a change in the length of your home loan, a change of the interest rate, a reduction in the amount owed on your mortgage loan, etc. with the intent to make your loan more affordable.

Q. I've already contacted my lender for help, and was turned down. Why should I try again?
A. Things have been pretty chaotic in the mortgage industry with the quickly escalating rate of foreclosures, closures and mergers of banks/lenders, changes to regulations, etc. It has taken some of the banks/lenders some time to figure out what works and what doesn't, what is required and what isn't. Make the assumption there may be a new alternative available to you, and call your lender to find out if you qualify for this new Note Modification program, or any other alternative they may now have for you.

Q. Will someone call or write me to let me know I will qualify for these Note Modification programs?
A. Some Banks/Lenders are trying to be proactive, but it will take some time to contact all the borrowers at risk of foreclosure. Be proactive, and call your lender - don't wait for them to call or write to you.

Q. I lost my job, and I earn less than I did before. Will I still qualify? What if I am still out of work?
A. Banks/lenders are working with current incomes and the current home values when considering Note Modifications. If your income is less than it was before, your mortgage payments have increased beyond what you can afford, you need to call your lender to see what options they have for you. If you cannot prove you have steady income to pay the mortgage, chances are your request may be denied, but if you have the means to pay something with reasonable modifications based on income you can prove you make, there may be help available. Even if you aren't yet 3+ months behind on your mortgage, call your lender.

Folks - are you picking up on the common threads here? There are options available for many struggling homeowners and Stay in touch with your lender, no matter what your circumstances are - struggling, starting to fall behind, or way behind. If you don't contact them, you may miss out on an opportunity that would help you to stay in your home. Isn't that the best solution for everyone?

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

In order to help stimulate sluggishness in the high cost real estate markets, Fannie Mae and Freddie Mac had increased their loan limits for the second ½ of 2007 and for 2008 to $729,750. Based on declining values, they are adjusting these limits downward accordingly.

The new maximum conforming loan limit for the continental U.S. will be $625,500 for 2009

Here in Southern Oregon, this loan limit will cover most of our properties, as our medians are well below this limit. But, our neighbors to the South in the high-cost markets of California may still find these loan limits restrictive.

With the relocation of these California folks to the Rogue Valley, their buyers may find their financing choices will be a bit more expensive and can be pretty limited with the mass exodus of investors from the Jumbo Loan market.

Options are still available to you. For more information on financing alternatives for your Oregon/California purchase, like a great portfolio fixed program for Oregon buyers/ homeowners in need of a loan up to $600,000 that is usually priced only 1/2 % higher than conforming loans to $417,000 AND has options available that may take you up to 90% (with self-insured mortgage insurance!) or to higher loan amounts, contact us at (541)608-6003 (Oregon) or (661)478-7564 (California).

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Is It Time For Your Senior Parents/Grandparents to Simplify Their Home Life?

Do you have a parent or grandparent who is one of the 65,000+ Jackson County Oregon residents aged 50+? Population Growth for the Rogue Valley has averaged over 1.5% per year. One segment is the 50+ age group, a group which represents roughly 33% of the residents of Jackson County’s estimated 199,295 residents in 2007.

Age Characteristics (from City of Medford Comprehensive Plan)
"In 2000, the majority of cities in Jackson County had a greater percentage of residents under age 18 than over age 65, including Medford. However, Jackson County had a lower percentage of residents under age 39 (51%) than Oregon (56%), but a higher percentage of residents over age 50 (33%) than Oregon (29%). This suggests that Jackson County, including Medford, is attracting people who have retired or are soon to retire. Baby boomers (aged 45 to 64) were the fastest growing age group in all of the cities in Jackson County in the 1990s, except for Medford, Talent, and White City. Medford, Talent, and Central Point had the greatest increase in younger residents - under age 44. Medford experienced the highest growth in the County in the 5 to 17 age group, which grew by 3,627 - a 44% increase."
Information Source: 2000 Federal Census via Jackson County Comprehensive Plan, 2007Population Element

With the phenomenal Quality of Life we have here in Southern Oregon, our net migration numbers are some of the highest in the State of Oregon. Many of the 50+ group migrating to the Rogue Valley are active residents still part of the workforce drawn here for the many options available to them to fulfill outdoor interests while having their economic and health care needs met. Some of these folks are focused on the future, knowing when they reach the stage of their lives where they no longer will be living independently there are a multitude of options available to them in Southern Oregon.

There are a large variety of facilities available for those looking to move from their current home in to a home where they will receive the care they may need – from regularly housekeeping to meals to full medical care. Tools are available to help you research the quality of care in these facilities, such as Medicare’s facility inspection results and additional reports/information you may obtain by contacting the DHS or Area Agency on Aging local office and the Long-Term Care Ombudsman program at (800) 522-2602.

If part of the process associated with moving your loved one out of their home includes exploring financing options or the sale of the home, it is critical you look for professionals familiar with these transactions. For the sale of the home, you should work with a real estate broker with the Senior Real Estate Specialist designation who not only has made the effort to obtain the specific training and information for these special types of transactions, but comes highly recommended by other families they have worked with on these types of transactions.

As with all real estate transactions, surrounding yourself with the right team will make what can be a complex process a smooth one.

http://activerain.com/blogsview/553000/Living-Longer-And-Lifelong-Learning-Programs-in-Southern-Oregon

http://activerain.com/blogsview/511319/California-50-Somethings-Ready-to-Begin-Their-Steps-to-Retire

http://activerain.com/blogsview/410880/Rogue-Valley-Manors-Contribution-to-Southern-Oregon

http://localism.com/blog/or/posts/359902/Southern-Oregon-More-Than

See you out there!

Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com

Rogue Valley For Sale By Owners, Want Some Free Marketing?

Okay, Rogue Valley homeowners, have you decided to put your home on the market “For Sale By Owner”? There are many reasons home sellers choose to go this route when selling their home. Today, often times, the decision to go “FSBO” is made due to current market values in relation to the amount of your loan balance.

If you would like some free home seller tips and tools I’ve gathered in my 25 years in the real estate/finance industry, please contact me.

See you at the closing table!

Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com

Snapshot of the Real Estate Market in Southern Oregon in September 2008

• With a market that is somewhat driven by what’s happening with our neighbors to the South of us in California, we have definitely seen the numbers slowing here in the Rogue Valley. When a percentage of our buyers can’t sell their property in California, it slows things down for us here in Jackson County and Josephine County Oregon.
  
  But, guess what? It appears we may be reaching a turning point here. “Yeah, right!” you might be saying, based on all the doom and gloom reporting we are seeing in the news. Here’s why I think this:
  
  
• Inventory is contracting - Inventory of Homes for sale in Jackson County Oregon, the “hub” of Southern Oregon, has contracted three consecutive months in our year over year numbers posted at www.jacstats.com - by 16% September 1st, by 14% August 1st, and 16% July 1st. Based on the number of “Sold” signs I’m seeing as I drive around town, I’m guessing there will be a further contraction for October 1st.
  

• Sales in California Up - California Buyers, including first time buyers, are taking advantage of low prices and low interest rates there, freeing up those Sellers to make their moves. Sales overall were up July 2008 for the first time in three years. Some of those Sellers will likely be moving here to Southern Oregon, the early wave of migrant homeowners to make up the 1.7 million anticipated by Oregon’s Big Look Task Force.

• Buy while we can still get a loan – This seems to be an attitude many fence sitters have adopted, prompting them to say “good enough” to one of the criteria they have that has had them adopting their wait and see stance… wait for the price bottom, wait for the lower interest. There is no doubt we’re in a Buyer’s Market here in Southern Oregon, with motivated sellers willing to make concessions for ready, willing and able buyers. There is no doubt that underwriting guidelines for home loans are getting tougher. There is no doubt that with the failure of so many banks and mortgage companies, competition is not as prevalent as it was, which Econ 101 tells me will lead to higher pricing.
  
  Is it still tough out there? You bet! Are we still likely to face a few more bumps in the road? I think there will still be some hurdles to face in most real estate transactions that take place over the next year, especially with appraisals, tightening guidelines, and program eliminations. In my 25 years in this business, I've never seen buyers and property owners have to work so hard to obtain their financing, and that's saying a lot since I've been through 2 other major market cycles that had big dips. Is it a good time to buy? I’d get my checkbook out for the right deal, and put my money where my mouth is.
  
  See you at the closing table!
  
  Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com