Don’t Hesitate To Seek Out The Help You Need Through Stonebridge Mortgage Group
Many first time home buyers in Gresham find themselves overwhelmed by the process of buying a home, and it’s easy to understand why. There is a lot of information about the home buying process to learn and a lot of costs and fees that you may not be aware of until you’re deep in the process of looking for a home. That’s why Stonebridge Mortgage Group is here to help.
Stonebridge Mortgage Group Comes Highly Recommended
Gresham locals can rest assured that our services are backed by the recommendations of our past customers. Stonebridge Mortgage Group’s testimonials are overwhelmingly positive. For example, Steve F. says of our services:
“Overall: excellent. Responsive, knowledgeable, personal attention. In particular, the ability to manage documents electronically is a huge convenience and time-saver.”
The team at Stonebridge Mortgage Group is ready to use our knowledge about home buying to make the home buying process as easy as possible. Gresham locals, don’t hesitate to make use of our professional and convenient services!
Stonebridge Mortgage Group offers the best mortgage–related services!
What Types Of Services Does Stonebridge Mortgage Group Offer In Gresham?
Stonebridge Mortgage Group is proud to offer a variety of services in the Gresham area. We want to offer our Gresham clients, especially first time home buyers, all the help they could need to make it through the home buying process.
Mortgage Brokers And Loans Officers
We’ve mentioned already two of the services we offer that are commonly useful to Gresham first time home buyers – mortgage brokers and loan officers. First time home buyers sometimes have a difficult time telling the two positions apart, though. Here are how mortgage brokers and loan officers differ.
It is the job of the mortgage broker to negotiate with lenders and your behalf to find loan programs that are most suited to you. Ideally, you want a loan program that has the best rates and terms as well as low closing costs. A mortgage broker is actually a type of mortgage business and can hire on loan officers. Loan officers can work or a mortgage lender, credit union, or a bank. After reviewing your finances, they can recommend a loan for preapproval.
Real Estate Loans
Stonebridge Mortgage Group also offers real estate loans. The team at Stonebridge Mortgage Group works with the understanding that the needs of each of our Gresham clients is unique. We take the time to get the full picture of your finances so that we can find the loan that is right for your particular needs.
Reverse mortgages, which are only available for homeowners aged 62 and up, are useful for converting a portion of the equity you have in your home to cash so that you can use that cash to help your retirement. We help you consider your options to find out if this is the right choice for you.
Stonebridge Mortgage Group offers other services as well, and we’re eager to help our Gresham customers in any way we can. Don’t wait to call Stonebridge Mortgage Group when you need help with mortgage matters!
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.
Stonebridge Mortgage Group Helps Portland Locals Get The Most Out Of Homeowning
Buying a home, or even owning a home, can be a complicated process. Stonebridge Mortgage Group strives to make mortgage-related issues easier to understand for our Portland clients. If you live in the Portland area and are considering either buying or refinancing a home, allow Stonebridge Mortgage Group to help. We can make sure that you understand the ins and outs of the home buying or refinancing process. We offer a variety of mortgage-related services, including loan officer services, mortgage broker services, help with commercial or residential real estate, and help with reverse mortgages.
20% Equity In Your Home Is What You Want
Regardless of whether you are just buying a home or are thinking of refinancing, Portland locals should aim to have 20% equity in their homes.
What Is Equity?
Put simply, your home equity is the percentage of the home that you own. Although you are still considered the homeowner as you pay off the rest of your mortgage, the loan company you borrowed money from has interest in your home until it is paid off. Until then, your home can be used as collateral for your loan.
How Do I Know How Much Equity I Have?
Portland homeowners can figure out how much equity they have in their home or other property by beginning with the home’s current value and then subtracting what is owed on your mortgage. For example, if you purchased a home that was worth $200,000 and paid 20% down (or $40,000), you would need a loan to cover the remaining amount – $160,000. This means you already have 20% equity in your home. You own 20%, or $40,000’s worth, of your property.
Stonebridge Mortgage Group offers the best mortgage-related services!
How To Increase Your Equity
There are a few different ways Portland homeowners can increase their equity, too. By paying more towards your loan, you increase your equity in your home. Your equity can also go up if you value or price of your home increases. This is part of why it is smart to invest in home improvements.
Starting again with a home that is originally valued at $200,000 and which a 20% downpayment has been paid towards. The homeowners still owe $160,000, which means their home equity is 20%. If the home’s value were to double to $400,000, then the homeowners would still only owe $160,000. The homeowners would then have 60% equity in their homes.
How Do I Use My Home Equity?
Having home equity is useful in many ways. It is an important asset for Portland homeowners. Portland homeowners can use their equity by taking partial or lump-sum withdrawals against it, or you can even pass on this asset to your heirs.
Some of the most common ways one’s home equity can be useful are when selling your home, when you need to borrow against your equity, or when you want to fund your retirement.
Using Equity When Selling Your Home
Most people don’t live in the same home forever. Having equity when you decide to sell your home and move is useful because you will get your home equity back from the sales proceeds.
How To Borrow Against Equity
By taking out a home equity loan, or a second mortgage, you can tap into your home equity while you still live in that home. Keep in mind, however, that this can be risky. If you fall behind your payments and can’t catch up then you could lose your home.
Funding Your Retirement
If you have a lot of equity in your home, you could make your retirement comfortable by taking out a reverse mortgage. A reverse mortgage can provide income when you’re retired, and it won’t require payments until the homeowner leaves the house.
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.
Stonebridge Mortgage Group Offers Professional Mortgage Advice And Assistance
At Stonebridge Mortgage Group, we are dedicated to helping families who are looking to buy their first Gresham home. There are a lot of factors to consider as you start the home buying process, especially if you are considering buying a home for the first time. Stonebridge Mortgage Group offers professional assistance and advice to Gresham first time home buyers and homeowners looking to refinance. Whether you’re looking for loan officer services, mortgage broker services, help with reverse mortgages, or are in need of a real estate loan, Stonebridge Mortgage Group can help you every step of the way.
The Best Time To Buy A Home In Gresham Is Now — While Rates Are Low
If you’re been keeping your eye on local mortgage rates, you will have noticed that September saw a decrease in mortgage rates for homebuyers in the Gresham area. Since about halfway through 2017, mortgage rates in Oregon have steadily crept higher and higher, making the recent drop in mortgage rates an unexpected but welcome surprise for those looking to buy or refinance homes in Gresham and Portland.
Although it seems that interest rates aren’t likely to rise again during October, Gresham home buyers should not wait to take advantage of the newly occurring low mortgage rates. After all, the real estate market is very finicky. These low rates aren’t guaranteed to stick around forever! In fact, the rates could rise very quickly. Now is the best time to lock in rates if you’re buying a new home or refinance a home you already own in Gresham.
Locking In An Interest Rate With Your Lender
Gresham home buyers, if you’re in the process of buying a home, considering locking in your interest rate now. Getting a mortgage rate lock now can mean you still save even if rates start to rise again. What is a mortgage rate lock?
A mortgage rate lock is an agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage for a specified time period at the prevailing market interest rate. A loan lock provides the borrower with protection against a rise in interest rates during the lock period. The interest rate is locked for the period from the offer of the loan to its closing. The rate will stay consistent, regardless of market changes, as long as there are no changes to the application for the loan during the closing period. If there is new or corrected information on the borrower’s income or credit score, or if the loan amount changes, these could affect the interest rate regardless. Furthermore, if the borrower changes the type of mortgage they are seeking or if the appraisal of the home is lower or higher than anticipated, the interest rate may change. Some rate locks will also grant a float-down provision that will allow the borrower to take advantage of lower rates in the market as they occur, while still protecting from increases. If you are looking for homes in the Gresham area, talk to your lender about locking in your mortgage rate while rates are low.
One of the most common reasons people choose to refinance their homes in the Gresham area is to secure lower interest rates. Generally speaking, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance. When interest rates drop, Gresham homeowners should consider refinancing to shorten the term of their mortgage and pay significantly less in interest payments. With the current low mortgage rates in Gresham, Gresham homeowners should definitely look into refinancing their homes.
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
The Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
In 2009, the HECM for Purchase program began as a way to use a reverse mortgage to purchase a new home. At the time, many people were using a costlier and more complicated two-step process to purchase a new home. It was common for homeowners to obtain a traditional mortgage to purchase the home and then use a reverse mortgage to pay off the first one. Seeing this, the government sought to simplify the process and costs.
Reverse mortgages have been gaining acceptance with many Gresham homeowners. And for Gresham retirees looking to buy another home, the HECM for Purchase program can be a useful tool. The HECM for Purchase program allows fewer distribution needs from the investment portfolio because a greater portion of the home’s cost can be financed by the reverse mortgage, which does not require payments until the loan balance becomes due.
Gresham Retirees Can Use This Program To Downsize Or Upsize A Retirement Home
Another group who may find the HECM for Purchase program useful is Gresham retirees. When downsizing, Gresham retirees will find this program useful because it could free up more assets from the sale of the previous home to be used for other purposes. On the other hand, when upsizing, the HECM for Purchase could allow for a more expensive home. This is a great opportunity for Gresham retirees who may be concerned about obtaining a traditional mortgage, as it may become increasingly difficult to do so after retirement.
What Happens If The Loan Balance Exceeds Home Value?
It sometimes happens that a borrower may live in the home long enough that the loan balance may grow to exceed the value of the home. However, this too can be useful to Gresham homeowners. Gresham homeowners could use the HECM for Purchase program as a way to provide housing services as long as they remain eligible for a total cost equal to the portion of the home value and up-front costs not covered by the HECM. On the other hand, for Gresham borrowers who leave the home while the loan balance is still less than the home value, the home could be sold with any remaining equity still available to the borrower after the loan is repaid.
Gresham Homeowners Can Lower Monthly Costs With The HECM For Purchase Program
When Gresham homeowners don’t have to make a monthly mortgage payment with the aid of this program, it reduces the household’s fixed costs. This provides potential relief of any need to spend down investments to Gresham homeowners. The HECM for Purchase option can be analyzed relative to paying outright for the home with other assets or opening a fifteen-year mortgage if still feasible.
Gresham homeowners who find themselves curious about this program can contact Stonebridge Mortgage Group. We are happy to answer any questions and help Gresham homeowners figure out if the HECM for Purchase program is right for them.
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 entire home buying process. We can help get you pre-approved for a mortgage and assist with 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 your home buying needs!
Gresham Homeowners Have Two Options for a Second Mortgage – Home Equity Loans and HELOCs
Home equity loans and HELOCs are two types of loans that allow you to borrow against your home’s equity. Both of these loan options can be useful tools to Gresham homeowners. For example, if you need money for remodeling projects or to consolidate high-interest debt, then taking out a second mortgage may be a good choice for you.
Why Are Home Equity Loans and HELOCs Good Choices for Gresham Homeowners?
Both a home equity loan and a HELOC have interest rates that are typically much lower than other borrowing options available to Gresham homeowners. This makes taking a second mortgage out preferable to the alternative of taking out a personal loan or credit card. Also, because both of these loan types use your home as collateral, they may be easier to qualify for. Also, you ultimately get to choose how you use the money you get from these types of loans.
The Differences Between Home Equity Loans and HELOCs
Home equity loans and HELOCs each have their benefits and drawbacks. Gresham homeowners looking to take out a second mortgage must figure out which option works best for them.
Home Equity Loans
With a home equity loan, you receive the borrowed funds in a single lump sum. How much you are able to take out is limited by your loan-to-ratio value. This calculation takes into account your home value minus your existing mortgage and limits the loan to about 80% to 90% of that balance for those that qualify. Home equity loans are the more predictable of the two second mortgage options because they come with a fixed interest rate, fixed repayment term, and therefore, a fixed monthly payment. One thing potential Gresham borrowers will want to ask up front is if the lender charges a prepayment penalty. This way, if you want to pay the loan ahead of schedule you can know what to expect. Compare options to determine what is best for you.
HELOCs, or Home Equity Lines of Credit, is a line of credit you can borrow against when you need the money. As such, these loans are more like a credit card than a personal loan. In the end, you only pay back the amount you borrow. HELOCs also limit how much you can borrow, and usually allow for approximately 85% of your home’s value. Fees may be added onto this later. Interest rates can be variable based on an index, although some lenders allow customers to convert these to fixed rates. HELOCs have fixed borrowing and repayment periods – usually 10 years for borrowing and 20 years for repayment. You only pay back what you borrow in the borrowing period. Since monthly payments depend on how much you borrow and your interest rate, HELOCs are less predictable than home equity loans. It can be hard to tell what your monthly payment will be and it could even fluctuate over time.
Gresham homeowners who need extra cash may find that taking out a separate mortgage is a better option than other types of loans. However, careful consideration is the key when it comes to considering any type of loan – especially one that uses your home as collateral. For those in Gresham looking for advice on home equity loans and HELOCs, come down to Stonebridge Mortgage Group for sound professional advice.
Stonebridge Mortgage Group is Proud to Serve Gresham
For professional assistance with mortgages, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. If you’re ready to apply for a loan and want to go through the process online, Stonebridge Mortgage Group offers online applications. We also 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!
Two useful tools for borrowing against your home’s equity.
Homeowners in need of cash may want to consider taking out a home equity loan or a HELOC. Both are commonly referred to as a second mortgage and allow you to borrow against the value of your home. If you find yourself looking at a remodel for your home or you need to do some pricey repairs, these types of loans are incredibly useful.
Why choose a second mortgage over a different type of loan?
There are many types of loans out there that you could take if you find yourself in need of extra cash now. However, homeowners have a unique benefit in being able to utilize your home’s equity. Home equity loans and HELOCs both typically have lower interest rates than other types of loans. If your only other options are personal loans or credit cards, then these loans are the better choice. Since second mortgage loans also use your house as collateral, they may be easier to qualify for. Additionally, there are no limits as to how you’re allowed to use the money you get from a home equity loan or a HELOC. While of course it is not recommended to use said money frivolously, it is extremely useful if you need to remodel or repair things around your home.
But which would work best for you — a home equity loan or a HELOC? Both loans let you borrow against the value of your home, but they don’t function the same way. You must familiarize yourself with each before you can know which is best for you.
Home Equity Loans
These loans come with a fixed interest rate, fixed monthly payment, and fixed repayment timeline. Because they are more predictable, home equity loans are the preferred option for borrowers who don’t like surprises.
The fixed interest rate and repayment term means that your payment amount month by month will not change unexpectedly. You know exactly how much you’re borrowing, what you’ll pay back, and how long it will take.
The amount you borrow is determined by your loan-to-value ratio. This calculation takes into account your home value minus your existing mortgage and limits your loan to about 80% to 90% of that balance. If you qualify, you will receive the funds in a lump sum.
Double check with your lenders to see if there are any payment penalties. If you think you may want to pay off the loan early, you’ll need to know what they penalize you for and how much. Different lenders have different fee rates, so it’s useful to compare lenders before deciding on one.
To sum up:
-Fixed monthly payment, loan term, and interest rate
-Because your home is used as collateral you risk foreclosure if you don’t repay -Some home equity loans have fees, including an origination fee and closing fees – You are required to figure out how much you want to borrow up front
HELOCs, unlike home equity loans, come with variable rates and let you borrow as you need. These loans function a lot like a credit card, with the biggest difference being that you’re using your home as collateral. Borrowing as you need means you will only pay back what you borrowed in the first place.
HELOCs also limit the amount of money you can take out. The lending rate is usually up to about 85% of your home’s value. This may more may not include fees to the lender. The interest rate for HELOCs is variable and based on an index. Some lenders may allow customers to convert these to fixed rates.
HELOCs tend to come with set borrowing and repayment periods. The borrowing period is usually about 10 years, and the repayment period is about 20 years. You are only allowed to take out money during the borrowing period. Remember that your payment is based on how much you borrow, and your interest rate is variable. This means that tour monthly payment amount may be hard to predict and could even fluctuate over the course of your loan.
To sum up:
– Only borrow amounts you need instead of a lump sum – Your variable rate could remain low since it’s based on an index – Many HELOCs come with no fees or low fees
– Because your home is used as collateral you risk foreclosure if you don’t repay – Some HELOCs require a large balloon payment or lump sum at the end – Some HELOCs have fees, including an origination fee and closing fees – Your monthly payment can vary based on your interest rate and how much you borrow
In the end, only you can decide which, if either, of these options is right for you.
Stonebridge Mortgage Group can advise you on your mortgage needs.
For professional assistance with your mortgage, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the entire home buying process. If you’re ready to apply for a loan and want to go through the process online, Stonebridge Mortgage Group offers online applications. We also 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 are in Gresham, Oregon. Don’t wait to get quality assistance with buying your home!
David is so professional and accommodating. I appreciate his level of professionalism and willingness to help.
We have chosen Stonebridge a couple times now, and they are always a pleasure to do business with.
David with Stonebridge has helped me on multiple occasions, between financing a new home as well as a couple of refi's over the years. I cannot stress how communicative he is when it comes to keeping his clients in the loop. Even when there was a slight lull during my most recent refi I would receive an email just letting me know that nothing new had transpired yet so I never had to question what was going on.
I have worked in the Real Estate field for almost three decades and David is by far the most responsive and professional mortgage Broker that I have dealt with.
If you need help purchasing a new property or help with a refi you can't go wrong by hiring Stonebridge!
Refinancing our home through Stonebridge Mortgage was a great experience. They locked in a great rate, laid out each step along the way, and provided regular updates throughout the process. It couldn't have gone more smoothly and now we are saving $300/mo! Thank you Stonebridge Mortgage!
David is very easy to work with and makes the entire process very simple. I have used Stonebridge for initial purchase and refinance and it only gets better. Get the straight answer quickly from Stonebridge
I've had nothing short of an amazing experience working with Stonebridge. I bought my first home over 2 years ago and without their help I may still be living in an RV. I intended to refinance my home later this year and I will most definitely be working with Stonebridge. I highly recommend. PS, I was qualified at the time with a credit score of 640
David was wonderful to work with. He was highly recommended to me by my partner who had worked with David a few years ago.
The day I contacted David he immediately put everything in motion
to assist me in refinancing with a much better interest rate.
We were able to handle everything by email /phone and Fax. He
responded quickly to questions I had. And let me know immediately
if something needed to be done or changed.
I would definitely work with David in the future if the need arises. The process went smoother than any other time I have worked with mortgage
David was an absolute pleasure to work with! He was consistently responsive, on top of every detail and always so upbeat and funny! (An added perk that I truly appreciated during the stressful process of selling AND buying at the same time!) I will be recommending him to everyone I know!
David was a good man to do business would
do business again