Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant

Almost missed Wednesday. Northeastern Oregon. Blue Mountain Range.

Sometimes you make your decisions based on total facts, sometimes you make your decisions based on strictly on feelings. In the following post about a sense of urgency, I think that I have put a balance to fact and feeling. Facts are that mortgage rates are low and prices of homes have dropped. My feeling is that rates may drop a bit more and that prices might drop a bit more, but I don't feel that either one will be enough of a change to make waiting worthwhile. Waiting? Yes, waiting. Why should someone that needs a home wait any longer? And, that is why I posted this on my personal blog today.

via Fred Chamberlin, Eugene Loan Guy blog

Oftentimes people don't do something until they have a sense of urgency. This carries over to purchasing a home too, not just for experienced home owners but also for first time home owners. In a market such as we have with mortgage interest rates dropping and home prices falling, they think that now is the time to sit on the sidelines and wait for the great interest rate and for the perfect home you want to get to just the right price before you make your move. Sound familiar?

So, let's talk about urgency and why now may be the time to develop your sense of urgency. If you are a first time home buyer and are planning on taking advantage of the $7,500 tax credit available for purchasing your first home, that is only available for homes purchased before July 1 of this year, unless Congress decides to extend the deadline. This means the purchase must be complete, not just in the offer and acceptance stage. Now, since you haven't bought a home before, this is not something that happens overnight. Expect to spend several weeks looking and then about a month closing the loan. All in all, this could take a lot of the 5.74 months left in the program.

Next, how about the rate? Well, you can't get an interest rate until you find the home you want to buy. So, if you are waiting for the right rate, how are you going to get that "right" rate when you don't have a home to buy when that "right" rate comes along? We never know we have hit the bottom until we are past it on the way back up. Will you be waiting on the sidelines when rates go up to 6% or 7% or 8%?

Finding just the right home at just the right price is next. Everyone I am talking to in the industry in this area say the same thing. Homes that are priced properly and in good to great condition are selling fast. The ones that are dragging are the ones that are overpriced or in poor condition. Even the banks that are holding foreclosures are beginning to react quicker to offers. Short Sales are still taking a huge amount of time but quality homes at a reasonable price are selling. Will you miss your perfect home because you were waiting for the bottom?

Is it time for you to develop a sense of urgency? I don't know. I do know that mortgage rates are extremely low. I do know that homes are selling for about what they were in 2006. I do know that lenders are starting to back up with loan processing. I do know that properly priced homes are getting more than one offer. And, lastly, I know that owning a home is something that most people look forward to and save toward. I am here to help with the mortgage process. I specialize in FHA/VA/USDA loans for first time home buyers. Call me and let's see if it is the right time for you to develop a sense of urgency.

The following e-mail looks really official. As a matter of fact, the e-mail address it came from looks really official, memberservice@suneast.org. I know it looks official because I checked out SunEast Federal Credit Union on the internet and found that their website is www.suneast.org so the e-mail has to be right, right? Wrong! This is just another example of phishing or spoofing that is happening more and more on the web. These seemingly real e-mails come asking you to access your account through the link provided (this time through a telephone number) and then they have you.

My first indication that something was wrong was pretty easy, I don't have an account with SunEast. As a matter of fact, I can't figure out why I would possibly have an account with a Pennsylvania Credit Union when I live in Oregon. But they are not the only financial organization being attacked. I have gotten phishing attempts on Washington Mutual, Wells Fargo and Bank of America. The pirates are out there trying to get your information.

What do you do? Well, just deleting the phishing e-mail is OK, but better would be forwarding it to the financial institution that is being phished. Most organizations have a specific email set up at at something like spoof@financialcompany.com. In this case, I called Sun East and found out they want theirs sent to a specific person. If you are getting phishing e-mails, don't respond. Check them out. Forward the e-mail. Help get these guys caught.

UPDATE 1/8/2009: Hi, this is just an update. I got another phishing e-mail this morning on PayPal. Since the e-mail address I received this on is not listed on my paypal account, I knew it was a spoof so I forwarded it to spoof@paypal.com. Here is their response:

Hello Fred Chamberlin,

Thanks for forwarding that suspicious-looking email. You're right - it was a phishing attempt, and we're working on stopping the fraud. By reporting the problem, you've made a difference!

Identity thieves try to trick you into revealing your password or other personal information through phishing emails and fake websites. To learn more about online safety, click "Security Center" on any PayPal webpage.

Every email counts. When you forward suspicious-looking emails to spoof@paypal.com, you help keep yourself and others safe from identity theft.

Your account security is very important to us, so we appreciate your extra effort.

Thanks,

PayPal

This email is sent to you by the contracting entity to your User Agreement, either PayPal Ince, PayPal Pte. Ltd or PayPal (Europe) S.à r.l. & Cie, S.C.A. Société en Commandite par Actions, Registered Office:

5th Floor 22-24 Boulevard Royal L-2449, Luxembourg RCS Luxembourg B 118 349.

authored by Fred Chamberlin, senior mortgage consultant, Eugene/Springfield, OR, 541-342-7576