Federal Reserve officials voted unanimously to leave interest rates unchanged while signaling they remain on track to hike once more this year, a day before President Donald Trump plans to unveil his choice to lead the U.S. central bank.
Source: Fed makes interest rate decision
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Avoiding Mortgage Fraud
Unfortunately, fraud and identity theft are increasing at an alarming rate every year, and mortgage fraud is one of the most important types of fraud from which you will want to protect yourself. So what constitutes mortgage fraud, and how can you prevent this from happening to you?
What Is Mortgage Fraud?
Essentially, mortgage fraud is defined by the FBI as any material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan. There are several different types of mortgage fraud, and each is a serious offense that can have a huge impact on you and your credit. Here is a basic list of the most common types of mortgage fraud.
Undisclosed Kickbacks-This includes any financial deals between a buyer and seller that are not included in the mortgage documents.
Falsifying Income-Inflating your income is a serious offense on any loan document, especially a mortgage.
Undocumented Non-Owner Occupancy-Rates and other fees can be higher for income and rental properties, but resist the temptation to hide this fact in order to save money.
Inflated Purchase Price-In some cases this method is used to obtain a higher appraisal of a property, but it is illegal and may cost you your home.
How To Protect Yourself
The purchase of your home will probably be the greatest financial investment you will ever make. Ensuring that you know what constitutes mortgage fraud is half the job, but it is also important to know how to protect yourself from professionals who may not have your best interests in mind. In general the best method is to ensure that your real estate agent and mortgage lenders are professionals with considerable experience, professional credentials, and good references. It is also important to keep in mind that if an offer seems too good to be true, or if you feel that your REALTOR® or lender has given you advice that sounds as if it might fall under the category of mortgage fraud, you seek the advice of another professional. In this way you can avoid getting yourself into what may be a potential financial disaster.
Your property is not only your home, but also your greatest asset, and losing it to mortgage fraud can be avoided when you are armed with these facts.
Will You Qualify? What You Need To Get A Mortgage
If you are a first time homebuyer, navigating all the new information about homeownership, the home buying process, and mortgages can seem overwhelming. If you are beginning the mortgage shopping process, but have no clue as to what information you’ll need and whether or not you’ll even qualify, here is some information that may make the process a little smoother.
Will I Qualify For A Mortgage?
There are essentially three things that lenders look at to determine whether or not you qualify for a mortgage.
Income Verification
When purchasing a property, all income of a homebuyer must be validated by a mortgage underwriter in order to receive a loan. Income verification can be done using several types of documents such as a W-2 statement, paycheck stubs, or income tax statements that show proof of income. These documents usually will have to span a period of two years or more to show you have a history of a steady income. Income proof can include such things as child support payments, disability payments, or income from the Social Security Administration. These additional monthly payments can increase your potential to qualify for a mortgage, as well as the amount you will qualify for, but like regular income, must be validated in order to count.
Debt-To-Income Ratio
Another important factor in getting a mortgage will be your debt-to-income ratio. This involves looking at your total debt load and monthly payments, including car payments, credit card debt, and any student loan debt. If the ratio of debt exceeds 40 % of your income, you will likely have to pay off some debt before you will qualify for a loan. In this case you may want to seek out the advice of a financial advisor to help with this process.
Credit History
The final consideration that lenders will take into account in determining whether you qualify for a mortgage is your credit history and score. They will not only be looking for a strong history of on-time payments for all your debts, but also that you have already established credit. You can arm yourself with this information by getting your free credit report from sources such as Equifax, so that you are able to check that it is accurate and up to date.
When getting a mortgage, being prepared with a little background research and all required documents will make the process simpler and less stressful. Armed with this information, you will be able to get the best possible deal with a lender who is right for you.
Karen Karlsson and Rick Michaelson have a plan to cut a 137-year-old house in half, carefully load it on a pair of trucks and drive through downtown Portland.
It’s not as easy as it sounds. Oh, and there’s a deadline.
But the Morris Marks House, a rare Portland example of Italianate architecture at 1134 S.W. 12th Ave., appears set to move later this month to a vacant lot near the Interstate 405 interchange at Southwest Broadway and Sixth Avenue.
The city and Portland State University – through which the house would have to cross – have agreed in principle to the move. The City Council is expected to consider a suite of zoning changes and regulatory approvals that would clear the way for the move later this month.
If all goes according the plan, the move is set for Sept. 30.
“Nobody’s trying to stop this,” Michaelson said. “Everybody’s trying to make it happen. It’s wonderful.”
That’s not to say it’s been easy. Officials originally believed the proposed site for the house belonged to the Parks & Recreation Bureau, but it turned out to be a Water Bureau property.
Karlsson and Michaelson expect to buy the site for about $100,000, and they’ll lease it until the sale is finalized. The city also is waiving development fees.
PSU officials had been concerned the move might damage the university’s tree canopy. It also recently said that a campus construction project would begin Oct. 1, blocking the route.
“With a deadline like we have,” Karlsson said, “It’s now or never.”
The Morris Marks House has been on preservationists’ minds for decades. It’s been empty, fenced off and boarded up for years as new apartment buildings have sprung up nearby.
A demolition permit application set off alarm bells last year, but it turned out to be a precursor for the move.
Steven Blindheim, whose family has owned the house and an apartment building on the same lot since the early 1990s, had agreed to sell it to Karlsson, a consultant and former city project manager, and Michaelson, a longtime developer, for $1 if they could come up with a plan to move it.
They worked to secure permits, acquire the new site from the water bureau and gain permission to cross PSU’s campus.
The house will be cut into two large pieces, mostly through corners where the cuts wouldn’t be apparent or compromise the structure. It will be carefully pieced back together at the new site atop a new foundation.
Despite sitting empty, the house is still in good condition, said Richard De Wolf, the owner of Arciform. The design firm is responsible for disassembling and reassembling the house.
“Structurally, it’s very good,” De Wolf said. “The interior finishes are a bit worn, but … we’re putting emphasis on the things that are worth saving, like the floor.”
Oxbo Mega Transport Solutions, a Portland firm that moves large equipment, will relocate the house.
The house was designed by Warren Williams, a prolific Portland architect whose work includes The Old Church and several cast-iron commercial buildings that still stand in Old Town. The first owner was Morris Marks, a Polish shoe merchant.
The move alone will cost about $400,000, and renovating the house for use as offices more than that. For now, Karlsson and Michaelson will bear the cost, and they’ll likely launch a fundraising campaign after the move is complete.
“It’s that important a house in Portland that I’m willing to take on that risk,” Michaelson said.
— Elliot Njus
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Another Missile Test
Overview: Over the past week, yet another increase in tensions with North Korea was positive for mortgage rates. Recent economic data had little impact. As a result, mortgage rates ended at the best levels since before the November elections. The earnings component of the key Employment Report from the Bureau of Labor Statistics released on Friday showed that the annual rate of wage growth in August held steady from July at 2.5%, which was lower than expected. When the labor market tightens and the unemployment rate drops, companies usually are forced to compete for workers by raising wages. Early in the year, this appeared to be happening, as annual wage growth looked to be rising toward 3.0% or higher. For the last six months, however, the annual rate has been holding steady around 2.5%. Possible reasons include demographic changes and a shifting mix of higher paying versus lower paying jobs. In any case, a lower level of wage growth reduces future inflationary pressures, which is good for mortgage rates. Week Ahead Looking ahead, there will be a European Central Bank (ECB) meeting on Thursday, which could affect U.S. mortgage rates. Investors will be looking for information from the ECB about future plans for tapering its bond purchase program. In the U.S., the Consumer Price Index (CPI) will come out on September 14. CPI is a widely followed monthly inflation report. The Retail Sales report will be released on September 15. Consumer spending accounts for about 70% of economic activity in the U.S., and the retail sales data is a key indicator. |
Overview: Two major central bank meetings caused some volatility in mortgage rates over the past week. Neither ended up having much net effect, however, and mortgage rates ended the week with little change.
As expected, the U.S. Federal Reserve made no change to the federal funds rate at its meeting on Wednesday. Of note, the Fed statement said that officials expect to begin to reduce its holdings of Treasury securities and mortgage-backed securities (MBS) “relatively soon.” Investors think that this policy change may be announced as early as the next meeting on September 20. The statement also slightly changed its description for inflation as “running below 2%” instead of “running somewhat below 2%.” Concerns that the Fed might be more hawkish had caused mortgage rates to rise on Tuesday, but the increase was reversed on Wednesday when the statement contained no surprises.
While the Fed is currently holding its balance sheet steady and plans to soon begin to shrink it, the European Central Bank (ECB) is still adding to its portfolio. At the ECB meeting on July 20, investors were hoping to learn more about the ECB’s plans for its massive bond purchase program next year. Investors were disappointed by a lack of new information, though, as ECB President Draghi only provided the vague guidance that the discussion about when to begin scaling back the program should take place “in the fall.”
The housing data released this week revealed that home sales have been holding fairly steady in recent months, despite a lack of inventory in many markets. In June, sales of previously owned homes decreased a little from May, but they still were higher than a year ago. Total inventory of homes for sale fell slightly to a 4.3-month supply, and it was 7% lower than a year ago. In addition, the median existing-home price was 7% higher than a year ago.
Week Ahead
Looking ahead, the Durable Goods Report will be released on Thursday. The first reading for second quarter Gross Domestic Product (GDP), the broadest measure of economic growth, will come out on Friday. The core Personal Consumption Expenditures (PCE) Price Index, the inflation indicator favored by the Fed, will be released on August 1. The Institute for Supply Management (ISM) Manufacturing Index also will come out on August 1, and the next Employment Report will be released on August 4.
Twelve West – the downtown Portland tower crowned with windmills – is getting a sister.
At 24 stories, Eleven West will be slightly taller, and bronze instead of silver, but both towers will share an architect and developer.
In the past several years, the Goodman family’s Downtown Development Group has capitalized on the city’s influx of new workers and residents by starting to develop the many parking lots it owns. In Portland’s West End, the half-block along Washington Street between 11th and 12th avenues, is one of the last remaining empty lots in the trendy neighborhood.
Our 10 favorite shops in downtown Portland’s West End.
Over the next three years, the Eleven West site – now half parking lot, half grass and dirt – will be transformed into a 225-unit apartment tower with 110,000 square feet of office space, ground-floor retail and four levels of underground parking.
Developer Greg Goodman says the building also will feature an outdoor swimming pool on the eighth level, which will extend over the adjacent building occupied by Tasty & Alder, 150 feet in the air. Instead of windmills, the roof will offer a deck, complete with a chef’s kitchen for events.
Though the development will cover up the horizontal mural of a woman’s face near 12th Avenue, Goodman said ZGF Architects has gone to great lengths – cutting back the building’s façade – so the “Capax Infiniti” mural on 11th Avenue, depicting a woman standing in a dress, is still visible.
The building will have a glass and dark bronze exterior and be built to LEED platinum certification, Goodman said.
“There’s going to be a lot of things in this buildings that you don’t see in other buildings,” he said.
One thing you won’t see is affordable housing. The building permit application was submitted before Feb. 1, so the developers are not required to set aside a portion of the apartments for affordable housing, per the city’s new inclusionary zoning policy.
Goodman said he made “very significant investments” to beat the deadline; many other developers did the same.
“If we had to add [affordable housing], this project wouldn’t happen,” he said. “The numbers don’t add up.”
OTHER PROJECTS
The Goodman family has proposed an 11-story hotel on the block currently occupied by a popular block of food carts at Southwest 10thand Alder, but Goodman said the development is “not imminent.”
Instead, he says, his company is focused on Eleven West and the Ankeny Blocks, 11 new buildings on a swath of land bordered by Naito Parkway, Burnside, Alder and Fifth streets.
Goodman just received approval from the city’s Historic Landmarks Commission to start construction on the first building, which will share a block with the Stumptown cafe on Third Avenue.
That project will offer 133 apartments (20 percent of which will be set aside for affordable housing), ground-floor retail and underground parking. Construction is slated to begin early next year.
Source: 24-story tower with swimming pool planned for downtown Portland’s West End | OregonLive.com
Derek Goude 