Discovering Portland

Discovering Portland: Annual Dahlia Festival

Tue, 24 Aug 2010 18:37:00 GMT

View over 400 floral arrangements of dahlias in our two indoor display rooms. These displays vary in size from teacup to floor to ceiling extravaganzas!! This is the largest display put on by one grower anywhere in the United States! Floral arranging demonstrations and talk on dahlia culture, take place, twice daily during the show at 12 noon & 3:00 pm.

Location

Swan Island Dahlias
995 NW 22nd Ave
Canby, OR 97013

Date/Time

Sat 28 Aug 2010 10:00AM
Sun 29 Aug 2010 10:00AM
Mon 30 Aug 2010 10:00AM
Sat 04 Sep 2010 10:00AM
Sun 05 Sep 2010 10:00AM
Mon 06 Sep 2010 10:00AM

Going Green: The Plastic Bag Ban

Tue, 24 Aug 2010 17:34:00 GMT

In late July the Portland City Council resolved to ban all single use plastic bags from use no later than January 2012, originally set for no later than January 2011.Because of the timing, the State has requested that Portland hold off until they are able to come to a conclusion on a statewide ban set for 2011. If the state fails to secure the ban, the City of Portland has their own plan:

Mayor Sam Adams Blog: "Today the Portland City Council resolved to ban plastic bags. This resolution makes two important statements: 1) it urges passage of a statewide ban in the 2011 Legislative session; and, 2) it commits the city to pursuing an ordinance in 2011 if the state bill fails."

"Although we align on our policy goals, Legislative leaders were concerned about the timing of the proposed ordinance and asked that I wait until after the 2011 Legislative session to file an ordinance. After a productive conversation, we now have an agreement in place to ensure a single-use bag policy no later than January 2012. Today, I filed a resolution with the proposed State and City policies as well as the Letter of Agreement with Senator Mark Hass, Senator Jackie Dingfelder, Senator Diane Rosenbaum, and Representative Ben Cannon. The resolution states that if the State fails to pass a substantially similar policy in the 2011 session, I will bring forward an ordinance to ban plastic bags and require a minimum 5 cent charge on paper bags by October 1, 2011. This new commitment and alignment will only strengthen our push statewide and will ensure a policy for Portland regardless."

STATISTICS

According to a document published in 2008 by William T. Fujioka(CEO of L.A. County), an estimated 6 billion plastic bags are consumed--just in that county--each year.
Further in this document it is estimated that worldwide plastic bag consumption falls between 500 billion and 1 trillion bags annually. That breaks down to almost 1 million every minute.
The average family accumulates 60 plastic bags in only four trips to the grocery store.
In good circumstances, high-density polyethylene will take more than 20 years to degrade. In less ideal circumstances (land fills or as general refuse), a bag will take more than 1,000 years to degrade.
The Environmental Protection Agency estimated 3,960,000 tons of plastic bags, sack and wraps were produced in 2008. Of those, 3,570,000 tons (90%) were discarded.
This is almost triple the amount discarded the first year plastic bag numbers were tracked(1,230,000 tons in 1980).
Estimates by the BBC and CNN claim that anywhere from .5% to 3% of all bags winds up recycled.
A U.N. study from 2006 stated that every square mile of the ocean has about 46,000 pieces of floating plastic in it.
The same study also stated that 10% of the plastic produced every year worldwide winds up in the ocean. 70% of which finds its way to the ocean floor, where it will likely never degrade.

Mortgage Information for Week of August 23rd 2010

Tue, 24 Aug 2010 17:36:00 GMT

Estimated Rates for the week of August 23, 2010*:

30 yr fixed: 4.00 – 4.375

FHA/VA: 4.25 – 4.500

15 yr fixed: 3.750 – 4.000

OR VA: 4.50 w/1.5 pts; 4.625 w/1.0 pt.

Jumbo (30 yr fixed): 4.875 – 5.25

5/1 ARM: conforming 3.250 – 3.75; jumbo 3.625 – 4.125

Rates are still trading in a narrow – but favorable range. I even have one source that will allow us to go at 3.875% on a purchase money 30 year fixed loan with good credit and 20% down. The loan has to be of a decent size to make it work but who would have thought that we would see 3.875% on 30 year money? It’s a special promotion and won’t last too long; the typical one percent origination fee applies. Of course, all of the other rates are still fantastic.

Some loan program updates:

As you may recall, FHA announced that they will be increasing their monthly mortgage insurance premiums. It was supposed to be effective in September but has been pushed out until October 4^th.

USDA loans are being written but it appears that many lenders still aren’t offering them. Although USDA does have the funds for these loans, many lenders are not willing to originate them until the USDA’s automated underwriting system is back up and running. Rest assured, we and a number of other lenders are still doing them. The up-front financeable mortgage insurance premium has been increased to 3.5%. Although somewhat expensive, there is still no monthly mortgage insurance cost. Next to federal VA loans, it’s the best out there for 100% financing.

Fixed rate reverse mortgages have never been priced as aggressively as they are today. With rates in the low five’s, the monthly service premium has been eliminated and they are available with no points or origination fees. Some lenders (ours included) will give a credit back to the owner that could reduce the FHA’s upfront mortgage insurance to a few hundred dollars. On a home valued at $250,000, that FHA upfront premium is $5,000. Depending on the age of the owner, they could get a credit for $4,500 or more that would be applied to that premium. Given our difficult economic times, a reverse mortgage can play a significant role in retirement planning for many people.

Finally, I wanted to pass on two government web sites that can help educate homeowners with any mortgage problems. I took some time and reviewed these sites and found them extremely helpful. The first one even includes the paperwork required to start a loan modification. If you have any clients that are having difficulty making their mortgage payments, please direct them to these sites. I think that they will find them very helpful.

http://www.makinghomeaffordable.gov/ http://www.hopenow.com/

Have a great week!

Bob Chiodo, CFP

Equity Home Mortgage, LLC

12550 SW 68^th Parkway

Portland, OR 97223

Ofc 503.670.7393

Fax 503.670.7062

Cell 503.704.2807

www.ResCommLending.com

Discovering Portland: The Lost Bird Project at Waterfront Park

Tue, 24 Aug 2010 18:28:00 GMT

A collection of strikingly beautiful sculptures by artist Todd McGrain, The Lost Bird Project honors the lives and loss of five extinct birds. The sculptures are over sized bronze renderings of the Passenger Pigeon, Carolina Parakeet, Heath Hen, Great Auk and Labrador Duck. Each bronze sculpture stands between 5 and 7 feet tall and weighs between 400 and 700 pounds. McGrain created the birds at such a dramatic scale and of a material that calls for visitors to touch the art and make the birds present. The exhibit can be viewed at Tom McCall Waterfront Park at S.W. Montgomery and S.W. River Drive. This event runs through December 31st, 2010.

Mortgage Rates for week of August 12, 2010

Tue, 24 Aug 2010 17:42:00 GMT

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Eric's Daily Rate Watch

August 12, 2010 - 8:05am PST

Bond Market is FALLING - lock 'em now!

Today's Rates at a Glance

Conforming ($417k or lower - Pmt based on $250k loan amt)

RATE APR P&I Pmt

4.125 4.258 $1211 30yr Fixed

3.750 3.939 $1818 15yr Fixed

4.500 4.658 $1266 30yr Fixed investment

3.000 2.872 $1054 5/1 ARM

3.375 3.220 $1105 7/1 ARM

4.250 4.896 $1223 30yr Fixed FHA

3.250 3.021 $1088 5/1 ARM FHA

Fantastic pricing also availble for VA & USDA

Jumbo (over $417k loan amt - Pmt based on loan amt listed)

RATE APR P&I Pmt

5.000 5.159 $2684 30yr Fixed to $500k

5.000 5.167 $5368 30yr Fixed to $1million

3.375 3.174 $3315 5/1 ARM at $750k

2.750 2.851 $3061 3/1 ARM at $750k

Up to $3million loan amounts available, call for details

Click to Use My Payment Calculators Here

Current Product Offerings Include:

Purchase, Refinance, Construction, Commercial, Investment Property, Single & Multi-family, Conventional, FHA, VA, USDA, Cash-out, Streamline refi's, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (closing faster than brokers, big banks, credit unions with better rates)

Interest rates as of 12 August 2010 - 8:05am PST, and are subject to change without notice. Please call for up-to-the-minute accurate quotes and Pre-Approvals. Pricing based on a single-family primary residence and 30day lock. FHA, USDA, VA rates factored on a middle credit score of 620 and 96.5% ltv for FHA and 100% ltv for USDA or VA. USDA has income & property restrictions. Conventional rates shown based on credit-score of 720 and 80% or less ltv, with impounds. Jumbo pricing based on 75% ltv (fixed) and 75% ltv (ARMs). Lower credit-score programs may be available at slightly higher rates. Reduced or "no-cost" loans available upon request. Other restrictions to any program may apply. This offer is not a firm committment to lend.

Call 503.698.5801 for program details and scenarios ... and find out what you qualify for!

Major FHA Changes - Sept 7th

HUD recently announced several changes to FHA loans.

Effective for new Case Numbers issued on or after September 7th, 2010, the maximum loan-to-value's allowed are:

96.50% - new purchases

97.75% - refinance - no cashout

85.00% - refinance - cashout

125% - Streamline FHA to FHA refinances

115% - new program to refi upside-down clients

HUD also released the following statement:

"It is our intention that effective on September 7, 2010, FHA's upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years." (The FHA can go as high as 1.5%, basically tripling it if they wish, from 0.55 currently.)

What does this mean for the consumer?

Let's look at an example: assume a $150,000 home purchase:

BEFORE September 7, 2010

Upfront Premium (2.25%): $3,256.88

Monthly Payment including mortgage insurance: $793.93

ON OR AFTER September 7, 2010

Upfront Premium (1.00%): $1,447.50

Monthly payment including mortgage insurance: $826.93

NET CHANGES
Upfront cost: Decreased by $1,809.38

Monthly cost: Increased by $33.00

Now this may not seem like much now, but FHA has reserved the right to raise the monthly MI cost again. It is already double to start and may triple soon. This will cause some borrowers to not qualify.

If you are working with any FHA borrowers, encourage them to call me today and get the loan process moving forward before this change takes affect. Same for any of your past clients, who should refinance.

Streamline refinances are a great option (no appraisal) for those with current FHA loans at 5% or more. We can save them up to hundreds per month, put cash in their pocket, and with little or no cost.

Remember, RIGHT NOW rates are at historic lows. Summit Mortgage is a Direct Lender, and we can close most loans in under 30 days. We regularly beat the big banks and credit unions, in rates, terms, and speed. Call or email your scenario today!

503.698.5801

Stocks fall on earnings / jobs

Stocks are expected to extend their losses as more disappointing earnings and economic news flows in. The Labor Department has reported Thursday that the number of people applying for unemployment benefits for the first time rose last week. The gain was small at 2,000, but economists had expected the number to drop.
Meanwhile, Cisco Systems Inc. has added to investors' anxiety by reporting revenue figures that fell short of forecasts.

The market's view of the economy keeps growing darker after the Federal Reserve lowered its assessment of the recovery on Tuesday. Stocks dropped sharply Wednesday and sent the Dow Jones industrial average down 265 points. Full Story

Bank repo's drive up foreclosures More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace. Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate data company RealtyTrac said on Thursday. Read More

Home Prices Creep Up in 2nd Qtr The weak economy and continued high unemployment has kept housing markets cool. As a result, the median price of a single-family home crept up just 1.5% to $176,900 in the second quarter, according to a report released Wednesday by the National Association of Realtors. Article

Will Renters Take Over??

The American dream of owning a home is still very much alive, but it will be no more than a dream for a growing number of people over the next five years. That's bad news for home builders, who already have big troubles, as June's reports on housing starts, existing-home sales, building permits and unsold-home inventories showed. But it is good news for anyone renting out a home, apartment or condo, or any real-estate investment trust specializing in residential rental properties. Find Out Why

Market Highlights

Major FHA Changes

Wall Street Update

Program Spotlight

APPLY ONLINE

Call Me Direct

with your loan scenarios and I will "run the numbers!"

503.698.5801

Who We Are

Summit Mortgage is a DIRECT LENDER.

This means we loan our own money, have in-house underwriting & funding, along with very competitive terms and fees. We have assembled one of the strongest teams in the industry, which allow us to provide outstanding customer service.

Whether you are purchasing your first home, or your 10th rental property, we are committed to explaining all the available options and ensuring a smooth & timely closing.

What If I Lock and Rates Dip?

If you instruct us to lock your rate, and the next week the market improves enough, we may (if enough market improvement) be able to reduce the rate we locked for you by re-negotiating with our investors. We are monitoring the markets in real-time EVERY DAY, so if a change occurs, we will notify you.

Program
Spotlight

FHA

FHA is a Government program backed by HUD. However HUD isn't the lender, it's an insurance provider guaranteeing the loan for the lender.

FHA allows small downpayment, all of which can be gift funds from family, employer, etc. There are also grant programs available for those that qualify.

Credit required for the best rates is 620, however we can get loans funded with lower scores. Case by case - call first.

Short on funds to close? Ask the seller to pay ALL closing costs. Use a relative as a co-borrower if debt ratios are too high. Ask us about other creative ways.

Condos - check with me first to make sure your complex is FHA approved. If not, I can get it done for you as we have Direct-Endorsement approval from HUD.

Apply Online

Coming Soon!

Mondays 7pm, starting Sept 13th

Happy Valley, Oregon

SIGN UP NOW !!

ERIC P. NEWMAN

Mortgage Banker, Branch Manager

Summit Mortgage Corporation

Direct 503.698.5801

WWW.GONORTHWESTLOANS.COM

OR ML-1391 ~ WA NMLS-97776 ~ Corporate NMLS-3236 Equ

Discovering Portland; 12th Annual Pickathon

Thu, 05 Aug 2010 17:45:00 GMT

Nothing says summer more thant lounging on a blanket in the warm sun listening to fantastic music.

Coined the original Indie Music Festival, The Pickathon 2010 features 35 bands on 6 stages set amongst 80 acres of farm and Oregon's beautiful Doug Fir's at Pendarvis Farms only 20 minutes from Portland. The Pickathon is more than just music, there is camping, hiking, and an emphasis on sustainability. There is a wide array of food available during the festival with a full menu available on the website. The festival lasts from August 6th through August 8th.

Tickets are available online or at the gate. If you plan to purchase at the gate, they can only take cash or check. Children under 12 are free.

If you purchased Early Thursday Entry, the gates are open for a limited window on Thursday August 5th, between 4PM and 8PM.

If you purchased a weekend ticket the gates open at Noon on Friday August 6th, and you can remain on site until Mid-Day Monday August 9th.

For those coming just for the day. Gates open and close at the following times on each day, and you must have your car out of the day lot each night. Friday - Noon to 11PM. Saturday - 9AM to 11PM Sunday - 9AM to 10PM

Tickets are $155 for the Weekend with a $55 ticket if you want to get in early on Thursday
$80 for Friday, $85 for Saturday, and $85 for Sunday.

for more info go to www.pickathon.com

Discovering Portland; The Bite of Oregon 2010

Thu, 05 Aug 2010 16:40:00 GMT

Located at the Tom McCall Waterfront Park in Downtown Portland, this year's Bite of Oregon offers over 120 menu items and has something for everyone. Choose entrees and bites from our many on site restaurants and our new food areas including Portland Food Carts, Gerry Frank’s Oregon Chef’s Table, and the Oregon Dessert Pavilion. A sample of some of the featured foods is listed here on the website but there’s much more. Menu items range in price from $2 - $10. There are 29 wineries represented at The Bite and two craft beer tents with some of the finest locally brewed ales. Entertainment includes everything from Iron Chef Challenge to steel drums! Net proceeds benefit Special Olympics Oregon.

When:
FRI, Aug 6, 2010 – 11am-10pm • SAT, Aug 7, 2010 – 11am-10pm
SUN, Aug 8, 2010 – 10am-8pm

Gate Admission Pricing:
New! Super Saver Weekend Pass:

$10 - Super Saver Weekend Pass – allows access all three days!

Daily Admission:

$8 - per person over 12 years of age
FREE entry for 12 years or younger

New! Early Bird Admission - Friday and Sunday only

$3 - entry for the first 3 hours we are open:
- Friday: 11am – 2pm
- Saturday: 11am - 2pm
- Sunday: 10am – 1pm

Discount Admission Coupons - $1 off Daily Admission. Look for Bite of Oregon coupons at the following partner locations while supplies last: Papa Murphy’s, Burgerville, Jiffy Lube, US Bank and Bite of Oregon Restaurant, Winery and Brewery participants. Discount not available on the Super Saver Weekend Pass or Early Bird Special Admission prices.

Discovering Portland: 23rd Annual Oregon Brewers Festival

Wed, 21 Jul 2010 19:29:00 GMT

What could be better than hanging out in Waterfront Park on a sunny day sipping one of 89 different craft beers from all around the country? The Oregon Brewers Festival is the quintessential celebration of craft beer. Enjoy the downtown Portland vibe right on the Willamette River with Mt Hood as your backdrop.

EVENT DAY(S):
07/22/10 - 07/25/10

LOCATION:
Tom McCall Waterfront Park
1020 SW Naito Parkway
Portland, OR 97204

HOURS:
Thurs through Sat, taps are open from Noon to 9 p.m.
Sun, taps are open from Noon to 7 p.m.

PHONE:
503-778-5917

ADMISSION/TICKETS:
Admission into the festival grounds if free. In order to consume beer at the OBF, you must purchase a taster package. Taster packages are available in $10, $20 and $50 increments

Mortgage Rates for the Week of July 19th 2010

Wed, 21 Jul 2010 19:22:00 GMT

Estimated Rates for the week of July 19, 2010*:

30 yr fixed: 4.375 – 4.625

FHA/VA: 4.375 – 4.750

15 yr fixed: 3.750 – 4.000

OR VA: 4.50 w/1.5 pts; 4.625 w/1.0 pt.

Jumbo (30 yr fixed): 5.25 – 5.50

5/1 ARM: conforming 3.375 – 3.75; jumbo 3.875 – 4.250

There was not much movement in the rate markets last week but rates did improve a little. We will probably see interest rates trade in a narrow range throughout summer.

There wasn’t much happening in the marketplace last week. We had some economic reports that weren’t very positive but most of us know that it’s tough out there. Corporations are currently reporting earnings and, for the most part, they are coming in fine. Sooner or later, these higher earnings will translate into new jobs but we probably have to wait until next year to see them. Of what I read, most economists don’t think that we will fall back into recession but the consensus is that things will be slow for a while. The best thing that we all can do is get back to the basics and just keep plugging away. I have a friend who loves to say that if you watch your nickels and dimes, the dollars will take care of themselves.

As you can see from the below mortgage application report, refinances are going strong. With rates as low as they are, it can still make sense to refinance again even if you did last year. If you can save 1% on a $250,000 mortgage and it costs $4,000 in costs to refinance, it’s only a little over a year and a half to break even.

We are even refinancing a number of rental properties. Even with the Fannie Mae price add-ons for rental properties, we can still get 4.875% for some investment properties.

We are also finding that most lenders are prioritizing purchase money loans so we can get those purchase transactions done in 30 days or less. We have even had a couple of them slide through in three weeks.

Here is last week’s application report - The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9% from one week earlier. The Refinance Index decreased 2.9% from the previous week and the seasonally adjusted Purchase Index decreased 3.1% from one week earlier. The unadjusted Purchase Index decreased 12.7% compared with the previous week and was 43.0% lower than Independence Day week one year ago. The refinance share of mortgage activity remained constant at 78.7% of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69% from 4.68%, with points increasing to 0.96 from 0.86 (including the origination fee) for 80% loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 4.12% from 4.11%, with points increasing to 1.04 from 0.93 (including the origination fee) for 80% loans.

I heard a good marketing idea the other day that I thought would share. I am sure many of you have heard about it but the next time you have an open house on one of your listings, check with the sellers to see if they would want to have a garage sale at the same time. I could see it being a great opportunity to market yourself to others in the neighborhood and to build more rapport with your client. And it’s a little different and allows you to stand out from the crowd.

Cheers!

Bob Chiodo, CFP

Equity Home Mortgage, LLC

12550 SW 68^th Parkway

Portland, OR 97223

Ofc 503.670.7393

Fax 503.670.7062

www.ResCommLending.com

Discovering Portland: Sock it to Me at Sock Dreams!

Wed, 21 Jul 2010 18:58:00 GMT

Sock Dreams is a beautiful little shop tucked away in a small historic home in Sellwood. The people at the store are friendly, helpful, and fun.

The merchandise is outrageous! They have socks! And when I say socks, I mean there are ankle socks, toe socks, knee-highs, over-the-knees, and thigh-highs. And these socks come in a wide variety of colors and patterns. And by colors and patterns, I mean; pastels, earth tones, bright, and dark, solids, stripes, polka dots, arrows, skulls, cats, dogs and manatee.. and everything in between.

Then there’s the legwarmers and arm warmers in every kind of color , fabric, and height imaginable! They also have sock garters, garter belts, sock clips, crinolines, ,and gloves. And just in case you might be looking for sock glue, they carry that too!

If this weren’t enough, The Sock Dreams website www.sockdreams.com has an even larger selection than the store and offers free shipping in the United States! But is still great fun to visit the store. If you like socks, even just a little bit, this is a must!

8005 SE 13th AVE
Portland, OR 97202
Neighborhoods: Southeast Portland, Sellwood

(503) 234-0885

www.sock-dreams.com

Mortgage Rates for the Week of July 12th, 2010

Wed, 21 Jul 2010 18:19:00 GMT

Estimated Rates for the week of July 12, 2010*:

30 yr fixed: 4.375 – 4.625

FHA/VA: 4.375 – 4.750

OR VA: 4.50 w/1.5 pts; 4.625 w/1.0 pt.

Jumbo (30 yr fixed): 5.25 – 5.50

5/1 ARM: conforming 3.375 – 3.75; jumbo 3.875 – 4.250

As you can see, these rates are fantastic. If we aren’t at the bottom we certainly should be close to it. The latest forecast by BofA/Merrill Lynch economists reported that we should be in this low rate environment until at least the middle of next year. Conventional 30-year fixed-rate mortgages will be "5% or less well into 2011," though national home prices have likely bottomed, they said in a report released last Wednesday. They went on to say that they didn’t think the Federal Reserve would start to increase interest rates until March of 2012. That’s all great news and it strongly suggests that the present opportunity to purchase residential real estate is probably one of the best ever.

No one really knows where interest rates are going but we do all know that the above rates are great. And although I don’t show the 15 year fixed rates, those rates are even better. Today, you can get 15 year fixed money from 3.75% to 4.00%. Any rate with a three in front of it is great. We are seeing many homeowners take advantage of the 15 year rate by refinancing their current 30 year mortgages. And for those with less than perfect credit scores, did you know that there are no credit scores rate add-ons for a 15 year conventional loan? Today, for a 30 year loan at 80% loan-to-value, there is an additional one point charge for a score of 680-699. If the score drops to 660 to 679, that charges jumps up to a whopping 2.25%. For the 15 loan, that additional charge is zero! And you get a free and clear house in 15 years.

For the most part, news from FHA has been quite. Congress has allowed them to increase the monthly premium from today’s 0.55% (annual) to over 1.00%. Although the authority to increase the rate has been granted, we haven’t heard directly from FHA if and/or when they plan on making any change. When they do, we should get about 30 days notice of the change. I’ll let you know when we hear of it.

If you weren’t aware, FHA is pretty much the sole source of reverse mortgages. In this low rate environment the fixed rate reverse mortgage option has become very favorable. Although the rates aren’t as low at the current 30 year fixed loans (current reverse mortgage fixed rates are 5.25 – 5.50%), you can now get these loans with little or no origination fees and the servicing fee has been waived. This equals more money for the borrower’s pocket. Also, for the most part, there are no credit qualifying requirements to get the loan. Reverse mortgages have been used many times to cure a foreclosure and to save a senior’s home.

Thanks and have a great week.

Bob Chiodo, CFP

Equity Home Mortgage, LLC

12550 SW 68^th Parkway

Portland, OR 97223

Ofc 503.670.7393

Fax 503.670.7062

www.ResCommLending.com

Going Green: BP Gulf Oil Spill; How to Help

Wed, 21 Jul 2010 19:12:00 GMT

National Wildlife Federation is working with the Barataria-Terrebonne National Estuary Program and the Coalition to Restore Coastal Louisiana to coordinate volunteer efforts in southern Louisiana. You can register to volunteer with the Coalition to Restore Coastal Louisiana here. They are looking specifically for people with HAZWOPER training, or experience operating boats, handling wildlife, or photographing or monitoring oil movement. The National Wildlife Federation is also encouraging anyone looking to lend a hand to visit its website. It offers a variety of ways to help from volunteering to online advocacy, and is asking people to contact their senators to demand legislation for cleaner and safer energy choices. NWF is also accepting donations via mobile device. Text "WILDLIFE" to 20222 to donate $10 to help wildlife affected by the spill. (information taken from takepart.com)

Discovering Portland: Food Carts of Portland

Wed, 21 Jul 2010 19:03:00 GMT

Portland has seen a large increase in gourmet offerings in small packages as of late. With fantastic food finds across the metro area for reasonable prices on can choose from a large variety of delicious treats within a few city blocks.

And, there is a great website that is keeping track of all the movin and shakin of food cars for you with photos, short reviews, recommendations and tons of interactive comments.

www.foodcartsportland.com features a new article practically daily.

If you have a Facebook, you should "like" Food Carts Portland at http://www.facebook.com/home.php?#!/FoodCartsPortland

Mortgage Rate Watch July 6th 2010

Wed, 21 Jul 2010 18:20:00 GMT

Eric's Daily Rate Watch

July 6th, 2010 - 7:12am PST

Starting at Record Lows Again

Today's Rates at a Glance

Conforming ($417k or lower - Pmt based on $250k loan amt)

RATE APR P&I Pmt

4.250 4.383 $1223 30yr Fixed

3.750 3.939 $1818 15yr Fixed

4.750 4.908 $1304 30yr Fixed investment

3.125 2.897 $1070 5/1 ARM

3.500 3.292 $729 5/1 ARM interest-only

3.500 3.540 $1122 7/1 ARM

3.750 3.553 $781 7/1 ARM interest-only

4.250 4.896 $1223 30yr Fixed FHA

3.250 3.021 $1088 5/1 ARM FHA

Fantastic pricing also availble for VA & USDA

Jumbo (over $417k loan amt - Pmt based on loan amt listed)

RATE APR P&I Pmt

5.000 5.199 $2684 30yr Fixed to $500k

5.000 5.167 $5368 30yr Fixed to $1million

3.875 3.674 $3526 5/1 ARM at $750k

3.000 2.811 $3162 3/1 ARM at $750k

Up to $3million loan amounts available, call for details

Click to Use My Payment Calculators Here

Current Product Offerings Include:

Purchase, Refinance, Construction, Land loans, Farms, Commercial, Investment Property, Single & Multi-family, Business acquisition & refinance, Conventional, FHA, VA, USDA, Cash-out, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (closing faster than brokers, big banks, credit unions with better rates)

Interest rates as of 06 July 2010 - 7:12am PST, and are subject to change without notice. Please call for up-to-the-minute accurate quotes and Pre-Approvals. Pricing based on a single-family primary residence and 30day lock. FHA, USDA, VA rates factored on a middle credit score of 620 and 96.5% ltv for FHA and 100% ltv for USDA or VA. USDA has income & property restrictions. Conventional rates shown based on credit-score of 720 and 80% or less ltv, with impounds. Jumbo pricing based on 75% ltv (fixed) and 75% ltv (ARMs). Lower credit-score programs may be available at slightly higher rates. Reduced or "no-cost" loans available upon request. Other restrictions to any program may apply. This offer is not a firm committment to lend.

Call 503.698.5801 for program details and scenarios ... and find out what you qualify for!

Time to Refinance

If you or any of your clients still have yet to take advantage of the lowest mortgage rates in history, then it's time to act before the markets swing the other direction.

We have had quite a run this past couple weeks with rates hitting all-time lows, and seeming to hold there for at least the near future.

Currently there are millions of homeowners who have interest rates above 5%. REALTORS ... If that is any of your past clients, suggesting a refinance could be a great way to get in contact with them again.

Remember, Summit Mortgage is a Direct Lender, and we can close most loans in under 30 days. We always beat the big banks and credit unions, in rates, terms, and speed. Call or email your scenario today!

Don't miss your chance!

Rates are still at record lows, and I always beat the national average by a sizable margin. This is the opportunity of a lifetime to refinance or buy!

503.698.5801

Manufacturing Slows in June

Stocks are rallying in early trading as investors try to recover some of the big losses that have piled up in recent weeks following a string of disappointing economic reports. The jump Tuesday comes ahead of a report that is expected to show the service sector expanded last month, but not quite as fast as in May.
Investors have been selling off stocks as economic reports paint a mixed picture of the economy. Reports are still indicating growth, but not nearly at the pace traders had expected. Full Story

Post Office Plans Rate Increase Battered by massive losses, the Postal Service wants to raise rates to bring in more money. Postal officials scheduled a briefing Tuesday to discuss the amount of the increase, which will go to the independent Postal Regulatory Commission for review.
The boost comes as no surprise. Postmaster General John Potter said March 2 that a rate increase would be necessary for the agency, which does not receive tax funds for its operations. Rest of AP article

The Millionaire's Retirement Plan

If you're just entering the workforce, retirement probably seems like a lifetime away. A million dollars by retirement? That's someone else's dream, right? It doesn't have to be. Here is the millionaire's retirement plan. For these calculations, assume an average annual return of 8%, adjusted for inflation at 3% - a reasonable estimate of average market returns.

Click to See the Plan

Market Highlights

Time to Refinance!

Wall Street Update

Program Spotlight

APPLY ONLINE

or

Call Me Direct

with your loan scenarios and I will "run the numbers!"

503.698.5801

Who We Are

Summit Mortgage is a DIRECT LENDER.

Whether you are purchasing your first home, or your 10th rental property, we are committed to explaining all the available options and ensuring a smooth & timely closing.

What If I Lock and Rates Dip?

If you instruct us to lock your rate, and the next week the market improves enough, we may be able to reduce the rate we locked for you by re-negotiating with our investors. We are monitoring the markets in real-time EVERY DAY, so if a change occurs, we will notify you.

Program
Spotlight

FHA

FHA is a Government program backed by HUD. However HUD isn't the lender, it's an insurance provider guaranteeing the loan for the lender.

FHA allows small downpayment, all of which can be gift funds from family, employer, etc. There are also grant programs available for those that qualify.

Credit required for the best rates is 620, however we can get loans funded with lower scores. Case by case - call first.

Short on funds to close? Ask the seller to pay ALL closing costs. Use a relative as a co-borrower if debt ratios are too high. Ask us about other creative ways.

Condos - check with me first to make sure your complex is FHA approved. If not, I can get it done for you as we have Direct-Endorsement approval from HUD.

Apply Online

ERIC P. NEWMAN

Mortgage Banker, Branch Manager

Summit Mortgage Corporation

Direct 503.698.5801

WWW.GONORTHWESTLOANS.COM

OR ML-1391 ~ WA NMLS-97776 ~ Corporate NMLS-3236 Equal Housing Lender

Discovering Portland: International Rose Test Garden

Tue, 20 Jul 2010 05:18:00 GMT

Tucked away in Washington Park, along with the Japanese Garden, Hoyt Arboretum, the Oregon Zoo, the International Rose Test Garden contains 10,000 plantings of 550 varieties. From here, in addition to the spectacle of color, you will see the most photographed view of the City of Roses, with Mt. Hood towering in the background

The views are always great here and it is a free garden, so you can never go wrong on a sunny afternoon. But to truly enjoy this garden, the secret is the timing. June and July are prime months for the roses and while some people may say “they are just flowers”, the sheer amount and variety of roses when in bloom is both breathtaking and extraordinary. There are no facilities here for food or drink, save a few drinking fountains. If you are planning to spend a day up here it is best to bring a picnic lunch

International Rose Test Garden Hours:

7:30 AM to 9:00 PM

Rose Garden Store Hours Daily:

Spring: 10:00 AM to 4:00 PM

Summer: 9:00 AM to 7:00 PM

Fall: 10:00 AM to 4:00 PM

Winter: Closed December 23 to March 12