Portland Mortgage News

Many people who are renting are trying to figure out if it s better to save up for a 20% down payment on a home or go with a lower down payment option. This can be a tough question to answer because it depends on many variables. Here are a few:

1. how fast is your market appreciating?
2. how long will it take to save up a large down payment?
3. how much rent are you paying?

Avoiding mortgage insurance is a great reason to save up for a home, but for a lot of people it can cost you significantly more to avoid MI than to pay it for a few years. According to the Federal Housing Finance Agency (FHFA), if you bought an average home in Oregon two years ago for $300,000, it would be worth over $350,000 today.

Suppose that it takes two years to save up the down payment you need to put down 20% on your home. You could be giving up a significant amount of money in equity that you would have captured by buying sooner. Especially when you consider that rents have has gone up for most people year after year. Buying your own home can give you a much more stable payment to count on for the long term.

If you have any questions or comments about buying a home, we would love to hear from you.
Posted by Joe Focer on February 6th, 2019 11:34 AM
There are a plethora of options out there for getting a mortgage these days.  You can barely turn on a TV or radio without hearing an ad for a mortgage company!  How do you know who to go with?  Here are a few thoughts on why we stand out:

1. With us, you aren't paying for a huge marketing budget and layers of management.  We keep our costs low and pass the savings on to you.  The goal is to show you such a great value and easy process that you will become our biggest fans and refer us to your family and friends.

2. Shopping around is the best way to make sure you get the best deal.  As a low-cost broker, we are also shopping our lenders to get you the best deal available.  Our lenders have to compete against one another to get your business, so we multiply your efforts and ensure you get the right fit for what you need.

3. We offer personal and local service.  You're not dealing with a call center somewhere across the country.  We are right in Portland and Joe has over 25 years of industry experience to help you through the process.

Let us show you the advantages of working with a local, low-cost mortgage expert.

Posted in:General and tagged: mortgageloanhomebuyer
Posted by Joe Focer on January 14th, 2019 10:51 AM
If you want to protect yourself in this rising rate environment, the new lock and shop program is a great hedge against the uncertainty of future interest rates.  Before this program came out, you had to have a purchase contract for a home to lock your interest rate, but now we can protect you and preserve your buying power.

Here's how it works: we can lock your rate for up to 90 days while you are looking for a home.  That way you will have a definite dollar amount for which you can qualify and your loan application can be fully underwritten as well.  Having already crossed those hurdles, you can compete with a cash buyer and if you want you can offer to close much more quickly than most buyers.  When the property gets an appraisal waiver you can close in as little as 5 business days and within 15 days even if we need an appraisal to qualify the property.

Just one more way that we are being Pro-Active to help you achieve your home ownership goals!
Posted by Joe Focer on November 29th, 2018 4:55 PM