The Top 7 Reasons to Get Pre-Approved For a Home Loan
Filed Under Eugene and Eugene Real Estate · Tagged:
There are many steps that are required when purchasing a new home. The most important step is to be pre-approved for a home loan prior to looking for a house.
Now, keep in mind that a pre-approval is very different than a pre-qualification. A pre-qualification is given when the lender talks with you (usually over the telephone) and takes the information that you tell them and qualifies you off of your word without collecting any documentation from you.
The pre-approval process is a little more complete. In this process, the lender will ask you to complete a loan application and return it to them with all the documentation needed to submit to the lender for an approval. These items would include tax returns or W-2’s, paystubs, bank statements, etc. Once the lender received this information, they would run a credit report and submit the loan for approval. When the lender receives the approval, they will write you a pre-approval letter stating the purchase price and interest rate that you qualify for on a new home loan. This letter is then given to the seller at the time an offer is presented to show them that you have your financing in place.
Here are the top 7 reasons why you should get pre-approved for a home loan:
1. A pre-approval will tell you how much you qualify for on a new home loan. This helps you and your realtor to look for a property that is not above the amount that you can afford.
2. A pre-approval gives you the chance to go over the different loan programs available to you with your lender. You will also be able to see what the monthly payment will be on each program.
3. In today’s market it takes time to get a loan approved. Getting a pre-approval puts you ahead of the game by sending all of your paperwork in before you get into escrow. By having a pre-approval, you may be able to shorten the escrow period needed to close a loan. This can make a big difference to a seller that is looking to close as soon as possible.
4. Some real estate agents will not start the process of searching for homes until you have a pre-approval.
5. If by chance you do not qualify for a home loan at the time of the pre-approval, your lender can guide you in the right direction to prepare you to purchase in the near future. Sometimes there are items on the credit report that can be paid off or disputed to help you to qualify. Without sitting down with a lender, you would not have known about these issues until you are in escrow, which would either delay the close of escrow or cause the property to fall out of escrow.
6. You will learn about the lenders guidelines on locking in an interest rate. When can you lock your loan and for how long.
7. You will be able to relax and know that you have your financing in place when you find the right home for you.
The pre-approval process may sound like you are putting the cart before the horse, but in reality it is ensuring that you are buying within your means and gives you the opportunity to understand the different loan options available to you.
Quoting Patricia Barmatz from
http://ezinearticles.com/?The-Top-7-Reasons-to-Get-Pre-Approved-For-a-Home-Loan&id=1980688
5 Reasons Why You Should Buy Your First Home in 2009
Filed Under Eugene and Eugene Real Estate · Tagged:
The American economy may be in bad shape right now and many people lost their jobs. But there is a silver lining in all this gloom and doom. Home ownership is more affordable than ever. Let’s face it, the prices of homes have dropped, interest rates are at all time lows and the government created new incentives for you to buy your first home.
Home ownership always had great benefits. You can deduct your mortgage interest from your taxes, you build equity in the home by paying off the principal balance of your mortgage over time, and most likely the value of your home will increase. Here are five great reasons why you absolutely need to buy your first home in 2009:
1. Home Prices have dropped an average of 20% due to the mortgage crisis, in some parts of the country even more. Buying a home in 2009 will be a great investment. Most likely the housing market has bottomed out and values will rise in the coming months and years. If you buy in the current market you’ll be able to sell your house for a significant gain in the next 5 to 10 years.
2. The government has created a tax credit for first time home buyers. You can get up to $8,000 if you buy your first house this year, but you have to close before December 1, 2009. This is a free gift, you don’t need to pay it back. The government gave this incentive, because they know that the economic recovery will heavily rely on the housing market.
3. As a first time home buyer you can still buy a home with little money out of your pocket. FHA loans require only 3.5% down. As a veteran you can get into a home without any down payment at all.
4. Despite of what you hear on the radio, mortgage companies are actually desperate to lend. With interest rates below 5% you can afford more house than ever. Banks are looking for qualified borrowers, so your credit score has to be above 650 and you’ll have to proof you have cash for the downpayment.
5. The market is practically flooded with bank and government owned homes. They sell for huge discounts and the sellers are very motivated. You can buy almost new HUD (government owned) homes for 25% below market value. And these homes hardly need any repairs.
We are all in the middle of a grand opportunity when it comes to buying a house this year. We already see homes selling quickly this spring. Take advantage of this chance before the market turns around and booms once again. Some people will not be able to get a bank loan due to credit issues. Don’t despair, you may be able to buy your home with seller financing and still qualify for all these benefits. Buy your first home in 2009 – it will be the best investment you could possibly make in this lifetime.
Quoting Kurt Novak
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“Off the Waffle” is Awfully Good!!
Filed Under Food and Restaurants in Eugene · Tagged:
Nestled in the unlikleiest of places(between a Shell station and busy 7th street) is one of Eugene’s true diamonds in the rough. Off the Waffle makes delicious “Liege” waffles, a type of Belgian waffles that we folks here in the states are not usually familiar with. The result is a waffle with a suprising amount of texture and sweetness that puts most “Belgian” waffles to shame. You won’t need syrup for these babies and at only $3 a pop, they are a gourmet deal!
Run by two brothers with their trademark large red afros, Off the Waffle also barters as shown on their “Barter Wall”. Bartered items have been anything from home made granola to yoga lessons (only in Eugene!) Add their DJango Reinhardt mood music and a built in on-site book exchange program and you have an in-town staple that we hope lasts a long, long time.
Hours are Mon-Sun 8am-12am(yep, as in midnight!)
Save the Pets Does Well in Eugene
Filed Under Eugene and Eugene Real Estate · Tagged: adoption, cats, dogs
ABOUT SAVE THE PETS
Save the Pets is a non-profit 501(c) (3). Their goal is to help eliminate the pet overpopulation problem by increasing adoption rates in our community and educating people on the importance of spaying and neutering their pets. They help local shelters and rescue groups by creating a venue to showcase their animals that are available for adoption. They have proven that off-site adoption events are successful which inspires them to move forward with their goal of opening an animal adoption center. Save the Pets is run solely by volunteers who advocate for the rights of animals to be treated with the respect and kindness they deserve. To date Save the Pets has helped to place over 300 animals into loving home since thier conception in April 2007.
FUTURE PLANS
Eventually Save the Pets plans on launching a capital campaign to open a conveniently located animal adoption center for animals to be viewed 7 days a week by potential adopters.
Save the Pets believes that a center would improve adoption rates because of the convenience and friendly environment they envision. It would also serve as a rehabilitation center for animals who have never been inside a home or for some that are terrified from past experiences or their time confined in a cage.
Save the Pets feels that creating a safe environment for the animals would allow them to thrive and, in some cases, regain their loss of trust. The center would constitute a home-like atmosphere where cats are free to roam, perch or enjoy sunning themselves in a cozy bed, and where dogs can lounge on a comfy couch, take a walk around the community or go home in the evening with a volunteer or staff member for a “doggy sleepover”.
There are thousands of homeless animals in Lane County alone and many end up in shelters or have a worse fate on the streets fending for themselves. Some are euthanized simply due to lack of space. This is no fault of the shelters or rescue groups who dedicate their lives to saving animals. Save the Pets wants to alleviate some of the burden placed on these groups and unite for the greater good of the animals.
Referenced from Save the Pets
To learn more, click here: http://www.savethepets.net
Autzen Stadium History: Home of the Ducks
Filed Under Eugene and Eugene Real Estate · Tagged:
History
Prior to 1967, the Ducks played on Hayward Field. Recognizing that the football team had outgrown that facility, Oregon athletic director Leo Harriss led a campaign to build a new stadium on 90 acres (360,000 m2) that he had acquired for the purpose in the 1950s.
The stadium, designed by Skidmore, Owings and Merrill was built within an artificial crater to eliminate the need for multilevel ramps. As a result, construction took just nine months and cost approximately $2.5 million. $250,000 was contributed by the Autzen Foundation, headed by Portland lumberman Thomas Autzen, for whom the stadium was named. Thomas J. Autzen is actually an alumnus of Oregon State University. His donation to the University of Oregon is linked to his son’s attendance at the school during the late 1930s and early 1940s.
The first game played at Autzen Stadium was on September 23, 1967 in which Colorado defeated Oregon, 17–13. Oregon’s first win in the stadium occurred on October 21, when Idaho was defeated 31–6. That was the only victory for Oregon at Autzen Stadium that year.
The stadium alternates with Reser Stadium atOregon State University in hosting the Civil War Game between Oregon and Oregon State.
Renovations
The old press box on the northern side of Autzen Stadium was converted to luxury suites as part of a 1988 renovation
In 1988, a $2.3 million renovation built a new press box on the south side of the stadium and converted the original north side press box to luxury suites. The renovation was designed by architecture firm Ellber Becket.
In 1995, the field was named Rich Brooks Field. Brooks, currently the head coach at Kentucky, coached the Ducks from 1977-94, and led the Ducks to their first outright Pac-10 title in school history in 1994.
In 2002, a $90 million facelift and expansion added seating and luxury boxes to the south sideline, bringing capacity up to its current size.
In 2007, the large yellow “O” was added onto the South end of the stadium exterior when ESPN’s College Gameday was on location. That season, The Gameday crew held 2 Saturday shows from Eugene, the first time the show has ever broadcast from the same school twice in one season.
In 2008, a new, 33-by-85-foot high-definition LED scoreboard and replay screen — known as DuckVision– was installed; it replaced the original video screen installed prior to the 1998-1999 football season. It is the largest video screen in the Pac-10.
Reference from wikipedia at http://en.wikipedia.org/wiki/Autzen_Stadium
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