How Much Do I Need To Save To Buy A Home? 

 How Much Do I Need To Save To Buy A Home? 

Why You Should Buy Investment Properties Now

Stonebridge Mortgage Group Answers Group Answers Home Buying Questions In Gresham 

First-time homebuyers in Gresham may find themselves a bit lost when it comes to buying a home. After all, there are many costs, many fees, and many steps one must take to buy a home. When you’re looking to buy a home in Gresham, you can rely on Stonebridge Mortgage Group. Make use of our mortgage-related services, including but not limited to loan officer services and mortgage broker services, to get a better understanding of the home buying process. Stonebridge Mortgage Group helps Gresham first-time homebuyers. 

How Much Do I Really Need To Save To Buy A Home? 

If you’re here, then you likely already know that homes require a down payment. However, a down payment isn’t the only thing you need to save for when you’re considering buying a home in Gresham. There are other fees, such as closing fees, that you need to keep in mind. Here, we’ll go over those other costs with you so you can have a more realistic idea of what you need to save for when purchasing your Gresham home. 

The Down Payment 

How much you save ultimately depends on the cost of the home. If you want to avoid paying a PMI, or private mortgage insurance, you’ll want to pay 20% down. However, this is often difficult, especially for first-time homebuyers. Some mortgage lenders will have options to make smaller down payments, such as 10% or 5% down. Assuming you pay 10% down and that the home’s value is $200,000, that would mean saving $20,000 to start with. 

Closing Costs 

Although closing costs vary from state to state and even lender to lender, you can expect closing costs to be about 2-3% of your loan amount. That’s an extra $4,000 to $6,000 dollars. You can try, in some areas, to negotiate with the seller to cover your closing costs, or to negotiate with the lender to give you “premium pricing,” or a higher interest rate in return for their covering the closing costs. 

Stonebridge Mortgage Group offers the best mortgagerelated services! 

Prepaid Expenses 

Many lenders require homebuyers to have real estate taxes and homeowner’s insurance in escrow. Your monthly payment will include these charges, which the lender will pay when it’s due. The lender will collect a certain amount upfront to be able to pay these costs when they’re due. Lenders can put between 2 to 12 months’ of these real estate taxes in escrow. So, for example, if you’re paying $250 a month in taxes on your home and you need a 6month escrow, you’ll need an additional $1,500 to cover prepaid expenses. 

Utility Adjustments 

Fortunately, the costs for utility adjustments aren’t often more than a few hundred dollars. These costs come from utility costs which were paid by the seller in advance. For example, you may need to pay the seller back for recently prepaid utilities such as water, trash removal, or sewer. If there’s a Home Owner’s Association in your neighborhood and you’re buying partway into the year, you may need to pay the seller back those months of HOA fees. 

Cash Reserves 

Lenders will also require that you have some cash left in savings after the down payment and closing costs are paid. This is to ensure you’ll be able to make your monthly home payments for the first few months. For example, if you’re required to have a cash reserve of 2 months, and your total monthly payment for your principal, taxes, interest, and insurance is $1,500, you’ll need to have $3,000. 

In summary, for a $200,000 home, a 10% down payment is $20,000, leaving you with a loan of $180,000. A 2.5% closing cost would be an additional $4,500. Then, another 2% for prepaid expenses is $3,600. Utility adjustments could cost around $500. Finally, a twomonth cash reserve is $2,400. This would leave you needing to save a total of $31,000. 

If you have questions and would like help calculating how much you’ll really need to save for a home, contact Stonebridge Mortgage Group. 

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters 

For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance with buying your home! Call Stonebridge Mortgage Group today at 503-661-5580. 

Why You Should Buy Investment Properties Now

 How Much Do I Need To Save To Buy A Home? 

Why You Should Buy Investment Properties Now

Stonebridge Mortgage Group Helps With All Your Mortgage Related Services

If you live in the Portland, OR area and are looking for help with buying a home or investment property, Stonebridge Mortgage is here for you. Portland locals in need of who are looking to be preapproved for a home, who are in need of a mortgage broker’s services, or who are looking for a loan officer will find the high-quality services they need with Stonebridge Mortgage Group.

Whether you’re looking to by a Portland home or thinking of purchasing an investment property, Stonebridge Mortgage Group is dedicated to helping Portland locals understand the ins and outs of home buying. An important aspect to consider when buying any property is if the numbers are on your side. For example, Portland locals should look into if interest rates are higher or lower than usual before buying a property.

What Is A Mortgage Interest Rate?

Your interest rate when buying a property is what it costs to borrow the principal loan amount for your Portland property. The interest rate and principal balance left to pay on the property together determine what your monthly payment will be. Securing a property when the interest rate is low will ultimately make the purchase of said property cheaper for you.

Stonebridge Mortgage Group offers the best mortgage-related services!

Interest Rates In Portland Are Downs

Interest rates in Portland are currently low, and it looks to stay that way as we go further into April. Portland locals should take advantage of these all-time low-interest rates while they can, especially if they are interested in buying an investment property!

What Is An Investment Property?

When one purchases a property as an investment rather than a personal home, one hopes to earn a return on the investment of that property. Most accomplish earning a profit on an investment property by becoming a landlord and renting the property out or improving the property to benefit from selling it in the future. With interest rates at an all-time low, now is the best time for Portland locals to consider purchasing investment properties. Stonebridge Mortgage Group is eager to help people in Portland and the areas surrounding as they consider investing in properties.

Current April Interest Rate Predictions

Currently, it looks as though interest in April rates will average at approximately 3.7%, but we encourage Portland locals to keep an eye on things as we go further into the month of April.

Call Stonebridge Mortgage Group To Get Pre-Approved

If you’re looking into buying an investment property in Portland or the areas surrounding, don’t forget to get pre-approved! Getting pre-approved to buy a home or property should be one of the first things you do when you’re considering investing in property. Having a pre-approval shows that you are serious about purchasing a property.

After pre-approval, Portland locals will have a better idea of how much they can borrow. Your offer will be more competitive because sellers will know that your current financial situation has been reviewed by a lender, and approved you for the home-buying process. Additionally, pre-approval will let you know if there are any potential issues you need to smooth out before getting pre-approved, and thus buying a home.

Get Pre-Approved For Free With Stonebridge Mortgage Group

Stonebridge Morgage Group offers free pre-approval services to our Portland clients! Don’t wait to get pre-approved. With pre-approval, you will be better prepared to find a home that suits your needs and is within your budget. Stonebridge Mortgage group advises against looking for homes before pre-approval. There’s are few things worse than falling in love with a home you can’t afford, after all. Call today for free pre-approval! Call us at 503-254-9779, or submit an application for pre-approval online.

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance with buying your home! Call Stonebridge Mortgage Group today at 503-661-5580.

Act Now To Get Pre-Approval While Rates Are Low

Act Now To Get Pre-Approval While Rates Are Low

Now Is The Time For Home Buyers In Portland To Act

Now Is The Time For Home Buyers In Portland To Act

Stonebridge Mortgage Group is dedicated to helping home buyers in Portland! First time home buyers in the Portland area may find themselves at a loss when looking into purchasing a home. It can be a complex process, especially if you’re not familiar with it. Don’t worry, Portland locals. Stonebridge Mortgage Group is here to help. We are ready to offer Portland locals the information and advice they need in order to make the home buying process easier. Don’t wait to learn what you need to know about home buying in Portland – contact Stonebridge Mortgage Group today! Whether you’re looking for loan officer services, mortgage broker services, help with reverse mortgages, or if you’re in need of a real estate loan, Stonebridge Mortgage Group can help you.

Mortgage Interest Rates Continue To Be Low In The Portland Area

If you’re looking to buy a home in the Portland area, now is the time to act! Right now in Portland, it is a buyer’s market. Portland home values have declined -0.9% over the past year! The median price of homes currently listed in Portland is $450,000 while the median price of homes that sold is $424,300. Don’t miss out on the amazing deals you can get now when purchasing a home. However, it is important to note that low rates are never guaranteed to stick around. Take advantage of the low mortgage rates while you still can!

Lower Interest Rates Make For Easier Loan Approval For Portland Home Buyers

Did you know that lower interest rates can help some buyers have enough money to qualify for a mortgage that they wouldn’t qualify for otherwise? It can be incredibly difficult to save up enough money and get finances in order to a place where you can be approved for a loan. Some families even stretch themselves too thin to be able to purchase a home – leaving them in a precarious financial situation. However, a lower interest rate can sometimes make the difference between mortgage approval and waiting until some debt is paid off to qualify. With the low-interest rates in Portland, now it is easier not only to afford a home but to be approved for a loan as well!

APPLY ONLINE NOW

Looking To Be Pre-Approved To Buy A Home In Portland? Contact Stonebridge Mortgage Group!

At Stonebridge Mortgage Group, we’re eager to help Portland homebuyers through the pre-approval process! Pre-approval is an important part of the home buying process as it tells you how much of a home you can afford. Generally speaking, you want to aim for a home that is listed at a price less than the total of your pre-approval. Pre-approval helps give Portland home buyers a competitive edge in the home buying market. A pre-approval letter for a mortgage tells sellers that you are serious about seeking out a home. The housing market is extremely competitive, and you need all the edge you can get. Don’t make the mistake of leaving the boring paperwork for later while indulging in the excitement of looking for your Gresham home right away. You don’t want to make an offer against another buyer who has been pre-approved for a mortgage when you have not.

With Stonebridge Mortgage Group, Portland home buyers can get pre-approved over the phone or online! If you have any questions about pre-approval, feel free to contact us or call us. We can help. Once you have the necessary documentation ready, you’re ready to apply online for mortgage pre-approval!

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

Stonebridge Mortgage Group offers experienced loan officer and mortgage broker services in Gresham. You can rely on Stonebridge Mortgage Group to help guide you through every step of the home buying process. We help get you pre-approved for a mortgage, assist with real estate loans, and provide mortgage solutions — both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. If you’re ready to buy your first home, we’re ready to help you get there.

Call us today at 503.661.5580

 

 

When Is A Good Time To Buy A Home In Gresham And Portland?

When Is A Good Time To Buy A Home In Gresham And Portland?

Stone Bridge Mortgage Group_When Is A Good Time To Buy A Home In Gresham And Portland_04

 

Get Help With Buying A Home In Portland and Gresham

Portland and Gresham locals looking to buy a home can rely on Stonebridge Mortgage Group for expert advice and assistance with all your mortgage needs. Portland and Gresham first time home buyers are often especially in need of professional mortgage advice when looking for their first home. Buying a home can seem overwhelming, but Stonebridge Mortgage Group is here to help. Stonebridge Mortgage Group offers professional assistance to Portland and Gresham first time home buyers and homeowners. Whether you’re looking for loan officer services, mortgage broker services, help with reverse mortgages, or if you’re in need of a real estate loan, Stonebridge Mortgage Group can help you.

When Is The Best Time To Buy A Home In Gresham And Portland?

Portland and Gresham locals looking to buy homes are in for good news! Now is a great time to purchase a home in Portland or Gresham.

Last time we talked to you about the low rates on the Gresham mortgage market. While Gresham benefited from a dip in mortgage costs in September, it seems rates are on the rise again. However, now is still the best time to purchase a home in Gresham! Gresham home buyers should take advantage of current low rates in Gresham, as predictions seem to indicate that rates will rise through the tail end of the year. With the current low rates, the median home value in Gresham is $343,600. Gresham home values have gone up 3.0% over the past year. However, while Gresham mortgage rates are still on the rise, those looking to buy a home in Gresham will be pleased to know that prices are lower in Gresham than in the Portland metro areas. The median list price per square foot in Gresham is $205, which is lower than the Portland-Vancouver-Hillsboro Metro average of $232. The median price of homes currently listed in Gresham is $359,900 while the median price of homes that sold is $339,800.

 

For More Mortgage Tips Call Stonebridge Mortgage Group at 503-661-5580

 

Looking to buy a home in Portland? Now is a better time than ever. Portland is currently experiencing low rates in the housing market. Current, the Portland market is a buyer’s market! A buyer’s market is always the best time for Portland home buyers to be looking for a home. Take advantage of these Portland low rates while they last! The median home value in Portland is $416,400. Portland home values have declined -2.0% over the past year. That is an amazing change in the housing market in favor of homebuyers, leading to the current buyer’s market low rates on homes in Portland. The median list price per square foot in Portland is $290. The median price of homes currently listed in Portland is $459,900 while the median price of homes that sold is $424,300.

Don’t Miss Out On Low Rates In Gresham And Portland!

Portland and Gresham home buyers should always remember that the housing market, and thus mortgage rates, can be fickle. Low rates are never guaranteed to stay, so taking advantage of low rates and a buyer’s market when you can is highly advisable. If you’re currently in the process of buying a home with low rates, consider locking in your rate with your lender to protect yourself against an unsuspected sudden rise in mortgage rates. Remember, when you need help with mortgage matters in Portland or Gresham you can always rely on Stonebridge Mortgage Group! At Stonebridge Mortgage Group, we are proud to help Gresham and Portland locals. With our expert services and advice, we can help you get the best deals possible on your home. Take advantage of low rates now! Call Stonebridge Mortgage Group today!

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

Stonebridge Mortgage Group offers experienced loan officer and mortgage broker services in Gresham. You can rely on Stonebridge Mortgage Group to help guide you through every step of the home buying process. We help get you pre-approved for a mortgage, assist with real estate loans, and provide mortgage solutions — both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. If you’re ready to buy your first home, we’re ready to help you get there.

Call us today at 503.661.5580

 

 

3 Finance Tips For New Home Owners

3 Finance Tips For New Home Owners

Stone Bridge Mortgage Group_3 Finance Tips For New Home Owners

 

Tips To Help You Prepare For The Financial Responsibility Of Owning Your First Home

Although it is widely known that buying a home is easily one of if not the most important financial responsibilities you can take on in your life, many first time homeowners still underestimate just home much home owning can cost. There are a lot of variables and, depending on your mortgage, monthly payments may be subject to change. Preparation is key when it comes to home-owning. After all, you don’t want to purchase your Portland home only to realize you can’t keep up with the payments. It is better to wait and save until you are sure you are financially comfortable enough for home ownership.

To make sure that Portland locals are prepared for home ownership, Stonebridge Morgage Group offers the following tips:

1. Create A New Budget

Given that your monthly mortgage payment is bound to differ from your previous rent payment, it might seem like a no-brainer that you’ll need to adjust your budget accordingly. However, Portland locals looking to buy a home for the first time will find that there’s more to it than that. You may find that other costs change specifically because you are in a house for the first time, rather than an apartment.

For example, your heating and electricity bills will easily be higher in a 2,000-square-foot house than they were in a small, two-bedroom apartment. Similarly, if you suddenly have a lawn to maintain, you can expect to spend more than you would while renting an apartment. Portland first time home buyers shouldn’t make the mistake of just substituting their new estimated mortgage payment for their previous rent payment. Instead, spend a few months tracking all of your expenses and update your budget to reflect the actual costs of living in your new home. You may come to find that you’re spending more than expected, and you’ll need to make the appropriate adjustments to your budget.

If you’re a first time homebuyer, call Stonebridge Mortgage Group at 503-661-5580

 

2. Be Prepared To Spend Money On Repairs & Maintenance

Portland first time home buyers may well expect to spend some money on maintenance and repairs for their new home. However, it is easy to make the mistake of underestimating just how much you may need to spend. Portland homeowners should expect to spend 1% to 4% of their homes’ value each year on repairs and maintenance.

How much does that add up to? If your Portland home is worth $300,000, expect to shell out anywhere from $3,000 to $12,000 a year on upkeep. Costs can be even higher for larger repair jobs, like a heating system or a roof. Make sure your emergency savings are padded out well so that you have funds to tap if a significant repair pops up unexpectedly. As a homeowner, you should aim for six months’ worth of expenses or more.

For More Mortgage Tips, Call Stonebridge Mortgage Group at 503-661-5580

 

3. Expect Your Property Taxes To Go Up

Your property taxes are based on the assessed value of your home coupled with local tax rates. First time home buyers will be advised of their current property tax liability during the process of home buying. However, it is almost certain that property taxes will rise from that initial number. Even when home values drop, property taxes have a tendency to rise.

Additionally, some localities require property reassessments, which can happen in intervals such as every year, every other year, or every three years. If your home is reassessed at a higher amount, you could see an instant hike in taxes. To protect yourself, leave some wiggle room in your budget. You don’t want to be left struggling to pay your new monthly costs, after all.

Call Stonebridge Mortgage Group for Mortgage Advice at 503-661-5580

 

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance with buying your home! Call us today!

Call Stonebridge Mortgage Group Today at 503-661-5580

 

 

 

 

How To Shop Around For A Mortgage, Part One

How To Shop Around For A Mortgage, Part One

Stone Bridge Mortgage_Mortgage Broker vs Bank Lender

 

Shopping for a Home Mortgage

Most home buyers, even beginners, know that you don’t settle on the first home you find. You’re meant to shop around. Something else Gresham home buyers may not know, however, is that it’s wise to shop around for a mortgage, too. Finding the right mortgage loan is incredibly important. Choosing your mortgage has a big impact on your finances for the foreseeable future.

Gresham home buyers should consider all of their mortgage options before settling on just one. Here’s a quick guide to understanding mortgages as you start shopping around:

The Stages of a Mortgage Application

  1. Pre-qualification: Before shopping for a house, Gresham home buyers should get a mortgage pre-qualification letter. In today’s competitive housing market, a pre-qualification letter lets your Realtor and other potential sellers know that you are serious about looking for a home. It acts as an assurance that you have the ability to by the home you are interested in. Remember that having a pre-qualification letter does not mean you’re approved for a mortgage. These letters informal and optional, but they just might ease sellers’ fears that financing will fall through if they accept your offer.
  2. Pre-approval: Gresham home buyers can get mortgage pre-approval after putting an offer on a home. Getting a pre-approval involves submitting a mortgage application to the bank. The bank will run your credit and research the home you want to buy. If you meet qualifications, they’ll give you pre-approval. This means that if all the conditions are met, the bank agrees to finance the home.
  3. Closing: This is where the mortgage is finalized and you become a homeowner.

Loan Types

The four most common types of institutional mortgage loans include conventional, FHA, VA, and jumbo mortgages. Gresham locals looking to buy a home should first research which types of loans they qualify for and which would be best suits your needs. Each type of loan has benefits and drawbacks.

  1. VA loans are guaranteed by the Department of Veterans Affairs. VA mortgages require as little as no down payment, but they are only available to qualified veterans.
  2. FHA loans are backed by the Federal Housing Administration and require as little as 3.5% down if you qualify. For Gresham home buyers who have trouble putting back savings, this can be a good option. The drawback, however, to putting less than 20% down payment is that you will be required to pay private mortgage insurance (PMI), a monthly payment used for security in case of default.
  3. Conventional mortgages require at least 20% down and don’t require PMI. Generally, a conventional loan the best choice for Gresham home buyers who have enough money in savings to cover the down payment and associated closing costs.
  4. Lastly, jumbo mortgages must be used if you are financing more than conventional conforming loan limits. Due to their amount, these loans have special restrictions and credit requirements.

Repayment Terms

Your repayment term is the term over which you pay back your mortgage. The two choices Gresham home buyers have for repayment terms include a fixed interest rate mortgage, where the interest rate remains the same over the life of the loan, or an adjustable interest rate, where the interest rate can decrease or increase at specific intervals such as annually.

  1. Fixed-rate mortgages tend to be a safer option, especially for Gresham families who plan on staying in a home for more than a few years. There are many different mortgage terms to choose from, such as mortgage terms of 15, 20, or 30 years. 30 years is the most common mortgage rate terms and keeps your monthly payments low. However, while monthly payments on a 15-year mortgage are higher, you ultimately save money because there is less interested accrued over 15 years than over 30.
  2. Adjustable-rate mortgages can save you a lot of money if you play on living in the residence a short time. Your interest rate is much lower than a fixed-rate mortgage for the first five or seven years, but will then adjusts to the average interest rate every year thereafter, which could be much higher. If you still own the home, your mortgage payment could go up dramatically, so it is riskier.

Stonebridge Mortgage Group Offers Guidance on All Mortgage Matters

For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance with buying your home!

 

Call us today at 503.661.5580