Monday, May 11, 2015

Home Affordable Refinance Program (HARP) Extended Through 2016

Great news, the Home Affordable Refinance Program (HARP) has been extended through 2016!  This is a refinance program that is aimed to help borrowers who are currently underwater (mortgage > home value) lower their mortgage payment by refinancing. 

This program can help borrowers who have a Fannie Mae or Freddie Mac loan that originated before May 31, 2009.  If you bought your house before then and are currently underwater, you may be able to refinance to lower your rate and avoid mortgage insurance (if you did not have mortgage insurance when you bought the home). This is an amazing program which more underwater borrowers should take advantage of.  That is why it has been extended through 2016! 

If your loan originated before May 31, 2009 and you are currently underwater; please reach out to us and we can see if you qualify for the HARP! 

Thursday, May 7, 2015

Oregon Home Values Up 2% in March

CoreLogic recently released the Home Price Index report for the month of March which showed an average increase of 2% in Oregon home values.  If you owned a $300,000 house, that would equate to an extra $6,000 in home equity!  This is the highest month-over-month appreciation in Oregon since April of 2013.  This is a big jump from February which reported an increase of 0.7%.  This jump is likely due to the increase in demand, which demand often picks up when the nicer weather rolls around (spring/summer).  It’s safe to say that the homebuying season is officially here!