My Blog

March 4, 5-9PM

First Thursday Grand Opening at The Bar Method! 

Want to look even better for this summer's First Thursday?

How about long, lean, thighs, a lifted seat and flat abs?

Be a guest at The Bar Method's Open-House and see what they're all about!

Events to include a raffle for a 10-class package from The Bar Method, WeVillagemembership, Lululemon trunk show, Cupcakes from Cupcake Jones, chair massage by Marcella Tancretia, and Kind Bars! The Bar Method, 904 NW Hoyt St.,portland@barmethod.com, 503.954.3811.

Zone Perfect Joins Pearl District First Thursdays! 

At ZonePerfect® Nutrition Bars, we believe that nourishment goes beyond nutrition. You nourish yourself not only with what you put into your body, but also with what you put into your mind and soul. That’s why we’re proud to support creative venues like Pearl District’s First Thursdays. Look for our brand ambassadors nourishing creativity with tasty nutrition bars throughout 2010.

ZonePerfect® Nutrition Bars believe you nourish yourself not only with what you put into your body, but also your mind and soul. As proud sponsors of Pearl District’s First Thursdays, we invite you to live.create. Zone Perfect!   

March 4, 6:30 - 8:30PM

First Thursday Welcomes Mr. Jolly's Coffee Bar!

Join us as we host an organic wine tasting event and special food pairings! Welcome to Mr. Jolly's as we toast our opening in the Pearl District! Mr. Jolly's Coffee - Bar, 903 NW Everett St.

Through March 4

Versailles Interiors + Forever Art Pop Up Store

Versailles Interiors and Forever Art + The CEO's Home have partnered on a unique pop up store as they reduce inventory from the warehouse and recent model home displays. This is a fantastic way to purchase imported furniture, custom furniture, art and more! Versailles Interiors + Forever Art Pop Up Store, 937 NW Glisan St.

March 4

First Thursday at Lizard Lounge

Join Lizard Lounge for First Thursday. We will host our special guests band Bryan Free and artist Chuck E. Bloom. This is a benefit event with 15% of all event earnings to go to Habitat for Humanity. Our beverage sponsor is Widmer Brothers Brewery. Our food sponsor is Koi Fusion. We will be offering a bonus discount of 20% off all regular price merchandise from 7 - 10 pm. (These offers are not to be combined with other offers.) Lizard Lounge, 1323 NW Irving St.

March 4, 6:30 - 8:30PM

Open Studio for Smoke Soup at BodyVox!

BodyVox Dance Center
1201 NW 17th Ave
Join BodyVox and guest moderator Christopher Mattaliano, general director of The Portland Opera, for a free open rehearsal and sneak preview as we prepare our newest production, Smoke Soup, for its world premiere. BodyVox Dance Center, 1201 NW 17th Ave. 

March 4

PREM Kick-Off Spring First Thursday Party!

We're kicking off the spring and season of First Thursday's in the Pearl with a party only PREM could throw. Join us for ice cold beverages and bites-o-food; a bit later in the evening, turn your eyes to the Spring Sing Karaoke Stage! PREM Group Inc., NW 12th and Flanders St.

March 4

"Bloom an Exploration of Botanicals & Garden Elements" at Pearl Gallery & Framing 

Spring is almost here! This First Thursday and throughout March, Pearl Gallery & Framing is featuring the photographic art of Mike Brown. Images will be available on canvas, ceramic tiles, serving trays and wooden keepsake boxes and more! Pearl Gallery & Framing, 1017 NW Davis St.

March 4, 6-8PM

First Thursday at Umpqua Bank!

Impressionist painter David Lind will be showcasing his work! Umpqua Bank, 1139 NW Lovejoy St.

March 4

First Thursday - All Services are 10% OFF at Kanani Pearl Spa!

Visit on First Thursday, March 4th, and get 10% off on all your services. Not valid with any other offer. Kanani Pearl Spa, 1111 NW Marshall St.

Stimulus provided by the Obama administration has been instrumental in creating the environment that has lowered rates, increased home sales and assisted distressed homeowners.

Uncle Sam Lends a Temporary Hand
Tick tock, tick tock. Just as summer turned to fall on September 22nd, deadlines await two programs that supplied the heat directed at the housing markets.

Government programs in the housing and interest rate arenas are slated to end in coming months. The time to take advantage of these programs is now. Stimulus programs from Washington have led to incentives for first time home buyers (FTHB), artificially low interest rates, and typically unallowable refinance transactions.

Infinite stimulus for the housing sector is not in the cards nor is it reasonable to expect. Deadlines are approaching. Whether you want to buy a home or need to refinance one, do not procrastinate. The best path is to investigate options now before you may find that none are available to you.

First Time Home buyer Alert
If you are a FTHB who wants to take advantage of the tax credit, think two words. GET BUSY. The tax credit of up to $8,000 is set to expire November 30th. While there is talk that this program may be extended, nothing is certain and millions of FTHBs have already taken advantage of the credit. With real estate closings taking as long as 60-90 days, according the National Association of Realtors, you need to get under contract shortly if you want to take advantage of the tax credit.

Home prices are down significantly across the country from their high points the past few years. However, median home prices in August were up 7.8% from their low point earlier this year. If you have been waiting for home prices to decline further, perhaps you should not. Great opportunities are available but many real estate agents report multiple contracts being offered on hot properties. If you wait, you may be disappointed.

Check with your mortgage professional to see if he or she can accommodate you if you go under contract in the next two weeks. Many lenders will still be able to help you but only if you have all your paperwork in order.

Rates Are Great – NOW!
Interest rates dipped in late September to near the lowest points ever recorded. As reported by Freddie Mac, rates for conforming loans approached 5.00% for a 30 year fixed rate and below 4.50% for a 15 year fixed rate with additional fees paid to obtain these rates. Rates for FHA, VA, and USDA Guaranteed loans typically offer slightly higher rates.

There is one reason that home loan rates are as low as they are. Last November the Federal Reserve announced a program to purchase up to $1.25 Trillion in mortgage backed securities. This effort lowered rates to the lowest level of all time and has kept rates, according to Freddie Mac, below 5.50% this year compared to rates as high as 6.48% last year for a 30 year fixed rate.

This program was slated to end December 31st of this year but in September's Federal Open Market Committee meeting, it was announced that the program will be extended to the end of the first quarter of 2010. However, the amount the Fed will purchase will not change.

Peter Hooper, chief economist at Deutsche Bank, told Bloomberg that a sudden end to the Fed purchases could cause rates to rise by a half to one percentage point. If you delay your financing, you could well see rates that are significantly higher than what is available today.

Upside Down – Refinance to 125% of Value
Even if you owe up to 125% more on your mortgage than your home is worth, you may be able to refinance. For example, if your home is worth $200,000 but you owe more than that, qualifying homeowners can now refinance up to $250,000.

The Making Home Affordable program was initially structured to accommodate homeowners with a new loan to 105% of their home's value. This has recently been increased to 125%. There are requirements to qualify including whether your loan is currently owned by either Fannie Mae or Freddie Mac. You can find out if your loan is held by either agency by going to the Loan Lookup section of the Making Home Affordable web site.

According to First American Core Logic, more than 15.2 million homes had negative equity in June of this year. This represents nearly 33% of all mortgaged properties across the country. Where in the past, being upside down on your loan would have precluded your ability to seek relief, you now may have an opportunity.

What Now?
With incredibly low interest rates and current stimulus programs available to help many, explore the options that may best suit you but do so quickly. However, just as you wouldn't go out Trick or Treating on November 1st, options that exist today may not be available to you should you wait.

Contact your mortgage professional today to explore the best path to take. You may find that the best "treat" available is one that puts thousands of dollars in your pocket.

This great information was provided courtesy of Clayton Scott of Windermere Mortgage Services. 
Clayton Scott
Branch Manager/Mortgage Consultant
Windermere Mortgage Services LLC/AT
Phone: 503-497-5060
Fax: 503-497-5264
cscott@windermere.com
www.windermeremortgageservices.com/cscott