Document text
54 °F Forecast | Road Cams Wednesday, March 30, 2005 Today's News | Classifieds | Autos | Homes | Jobs | Tempo | Health | Community | Home Delivery SECTIONS Home Page Local News Sports Business Obituaries Life Opinion Tempo AP News Weather Classified Archives Site Map SPECIAL SECTIONS Since We Asked Outdoor Journal Menu Guide How To Guide Health Readers' Choice Real Estate Showcase Real Estate Guide Joy Magazine Homelife Magazine Wedding Guide Passport to the Rogue Valley SHOP OUR VALLEY AutoFinder HomeFinder JobFinder Classified Place an ad TOP JOBS EXTRA Ashland News NIE Personals Movie Times TV Times E The People Volunteer Moving here? eSouthernOregon CUSTOMER SERVICE FAQ's Advertise with us Home Delivery Employment Contact Us Media Kit Oregon Road Conditions & Cams Email Story to a Friend March 29, 2005 Annual fair helps first-time homebuyers By MEG LANDERS Mail Tribune Tyler and Ada Carnes went from renting a small, run-down mobile home to buying a $170,000 house on five rural acres last year. Tyler Carnes credits Medford’s 2004 Home Buyer Fair. "I learned that it (homebuying) was possible and there’s a lot of programs out there willing to help first-time buyers," said Tyler, 32. "I really came out of there with a real positive state of mind." The public is invited to the third annual Home Buyer Fair on Saturday to drop in to talk with lenders, real estate agents, credit experts and other knowledgeable sources. The fair is co-sponsored by the West Medford Community Coalition and the city of Medford. Judi Robinson, a loan officer at People’s Bank of Commerce, has a table at the fair and was among those who helped the Carneses. She said there are some things available to first-time- homebuyers, such as a 4.95 percent interest rate for a 30-year fixed-rate mortgage, that shoppers often aren’t aware of. Advertisement She said part of the information at Saturday’s fair includes how to watch out for what may look like a financing bargain, but turns out to be a trap. "Predatory lending is huge," she said. There are several things to look out for, she said. "I hate to see a first-time homebuyer get into ‘creative financing’," she said, adding, "(and) if it has a prepayment penalty then I think they should walk away." She’s seen people end up owing more money on the house than it’s worth, she said, adding that she questions the conscience of some lenders. Louise Dix, Medford neighborhood resource coordinator, said predatory loans and other fair-housing issues are exactly the kind of information the city will provide at Saturday’s event. Linda Cade, housing director with Consumer Credit Counseling Services, will also be at the fair talking with people shopping for homes. There are some common misconceptions, she said. "People don’t realize that they can repair their credit," she said. Often people sign up for the organization’s classes on credit or budgeting, she said, which can be the first step toward buying a home. "A lot of people are overwhelmed by the whole process," she said. Lenore Drake, one of the organizers, said in its first year the fair saw 66 patrons, and last year there were more than 200. People have been asking when the next fair is. "It’s getting to be known; people look forward to it now," she said. Robinson said people need help with the process because buying a house is a big event, and it’s not simple. "This is a 30-year commitment," said Robinson. "You cannot divorce a mortgage." Tyler Carnes agrees that homebuying is a complex process and success takes determination on the homebuyer’s part. He said he learned it’s a tough market and even though he and his wife both work full-time, he had to take a second job in order to come up with money for a down payment. "I came up with pretty close to eight grand," he said. And he also lost the cost of a house inspection — which can run a few hundred bucks — when an early deal fell through. But he said perseverance paid off. "I got my own little piece of paradise," he said. IF YOU GO: What: Annual Home Buyer Fair When: 10 a.m. to 2 p.m., Saturday.4/2 Where: McLoughlin Middle School cafeteria, 320 W. Second St., Medford. Cost: $1. Register at the door for $100 gift certificate from Sherm’s Thunderbird Market. For more information contact Lenore Drake at 734-9250. Reach reporter Meg Landers at 776-4481 or e-mail [email protected] Mail Tribune Home | Local News | Sports | Business | Obituaries | Life | Opinion AP News | Archives | Site Map | Community | Classified Copyright © 1997-2005 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback Student Loan Consolidation Conference Calls - $50/Month Home Security Systems Trunks, Footlocker, Trunk, Footlockers home equity loans helzberg Distance Education Diamonds Slippers Student Loans afsa teleconferencing Memory Foam Mattress w2 forms Tatoo Fasa Advertisement s