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. 

Stonebridge Mortgage Helps First Time Home Buyers 

Stonebridge Mortgage Helps First Time Home Buyers 

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The People Of Gresham Rely On Stonebridge Mortgage 

Many Gresham locals already know that Stonebridge Mortgage Group offers highquality mortgage-related services. Gresham locals looking to buy a home for the first time should turn to Stonebridge Mortgage Group for experienced and professional service. Are you in need of loan officer services? Perhaps you need mortgage broker services? Stonebridge Mortgage Group offers that and more. We’re eager to help Gresham locals by guiding them through the home buying process. 

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 mortgagerelated 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 

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. 

And More! 

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. 

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!

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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?

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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

 

 

Low Mortgage Rates Means Its A Perfect Time To Buy Or Refinance In Gresham

Low Mortgage Rates Means Its A Perfect Time To Buy Or Refinance In Gresham

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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.

 

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

 

Refinancing Your Home For Lower Mortgage Rates

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

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

 

 

Important Information to Understand

  1. At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
  2. Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
  3. The loan balance grows over time and interest is charged on the outstanding balance.
  4. The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.
  5. Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.

 

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