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?

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

 

 

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

 

What Percentage Of Your Income Can You Afford To Put Towards Your Mortgage Payment?

What Percentage Of Your Income Can You Afford To Put Towards Your Mortgage Payment?

Stone_Bridge_Mortgage_Simple Saving Tips For Hopeful Homebuyers

 

How Much Home Can I Afford?

Gresham locals looking to buy a house need to know how much they can afford to pay each month towards mortgage payments. Before you even begin looking for a home, you should have a solid idea of how much you can comfortably pay each month towards your home loan. There are a number of particulars to consider in order to figure out how much home you can afford.

Stonebridge Mortgage Group is eager to help Gresham locals take steps towards homeownership. Gresham home buyers should consider the following in their home buying process: What percentage of your income can you afford to put towards monthly mortgage payments? Do you use gross monthly income or take-home pay? Does that percentage include property taxes, private mortgage insurance (PMI), or homeowners insurance? Stonebridge Mortgage Group can help you answer those questions.

Consider Total Housing Payment, Not Just Mortgage

When figuring out how much you can afford, there is more to consider than just the mortgage payment itself. Gresham home buyers should also calculate property taxes and all housing-related insurance – homeowner’s insurance and PMI – into their monthly costs. Calculate your numbers based on your pre-tax income.

What Percentage Of Income Should Be Dedicated To Monthly Housing Costs?

Depending on who you ask, there are a number of suggested percentages that you could consider for your monthly housing costs and mortgage. For Gresham home buyers who want to be conservative, putting no more than 25% of your monthly income towards your mortgage and other housing payments is wise. Some people will even go as high as 35% or 45%, with 35% being about average and 45% being on the higher end of things. How much you spend will depend on your needs.

Keep in mind that the more you spend on monthly housing costs, the less you’ll be able to save for other things. You want to be prepared for possible costs down the road. If you find yourself needing a new car, if you have kids, or if you find yourself temporarily unemployed, you may find that keeping up with paying 35% of your income is too much of a strain. The most important thing is to choose a percentage of payment that you can keep up with. After all, if you aren’t able to comfortably pay for your housing costs then you may wind up losing your home.

For advice on all mortgage matters, rely on Stonebridge Mortgage Group. We are eager to help you become a Gresham homeowner!

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 become a homeowner!

 

Call us today at 503.661.5580

 

How To Save For A Down Payment For Your First Home, Part 2

How To Save For A Down Payment For Your First Home, Part 2

Stone Bridge Mortgage Group_How To Save For A Down Payment For Your First Home, Part 2

One of the most important first steps Gresham locals can take towards home ownership is to begin saving for a down payment. Once Gresham home buyers know just how much of a mortgage they can afford, they should start saving for a down payment. By figuring out how much you need to save and how soon you’d like to buy a home, you’ll know just how much you need to save per year to put towards the goal of owning your own home.

Stonebridge Mortgage Group is eager to help home buyers in the Portland and Gresham area find the mortgage that is right for them and set our clients on the path to home ownership. Use our mortgage calculator to figure out the amount you can afford on a  mortgage loan, as well as how much you’ll need for a down payment. Then use the following steps to reach that goal of saving for your new home.

Make Room In Your Budget

You’re going to need to save a lot of money for a down payment, so you’ll likely need to either earn additional income, cut back on expenses, or both. Making room in your budget, though, will not only help you save the money you need for a down payment – it will also prepare you for managing for a tighter budget that is often required with homeownership.

Set Up An Automated Savings Plan

Automating the savings process can make it easier for Gresham home buyers to stick to their savings goal. Set up some sort of payroll savings plan. You should allocate a certain percentage or dollar amount of your regular pay to go directly into a savings account or money market account dedicated to accumulating the funds for your down payment. By making the process automatic, it also becomes invisible. The money goes directly into your savings account without you having to see it, which removes both temptation and the ability to spend those hard-earned funds.

Bank Your Windfalls

To make your savings easier, those looking to buy a home in the Portland or Gresham area locals should take any occasional windfalls and put them in the bank. This includes income-tax refunds, gifts received, bonuses, large commission checks, or even the sale of personal assets. This can help you make huge strides towards your savings goal.

Build Flexibility Into Your Savings Plan

Whatever the size of your required down payment for your dream home in the Portland or Gresham area,  home buyers should always be prepared and build flexibility into their savings plan. You’ll never know when there will be other demands on your finances. You can minimize stress on your finances by being prepared for unexpected emergencies. You may find yourself needing to cover major car repairs, replacement of a car, uncovered medical expenses, or even the temporary loss of a job. Establishing an emergency fund for such contingencies is not only smart but a necessity as a homeowner. In fact, before you even begin saving for a down payment you’ll need to be sure that you have an emergency fund in place.

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

For professional mortgage solutions, 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 help you with the pre-approval process and assist with real estate loans and other mortgage services, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to buy your new home!

Call us today at 503.661.5580

 

How To Get Approved For Your First Mortgage, Part 1

How To Get Approved For Your First Mortgage, Part 1

Stone Bridge Mortgage Group_How To Get Approved For Your First Mortgage Part 1

 

Portland Homebuyers Should Be Prepared With Mortgage Approval

Today’s home buying market can be extremely competitive, which means it is more important now than ever for Portland homebuyers to be qualified for a mortgage before you een start shopping for real estate.

If you’re looking to buy a home in Portland for the first time, here’s what you need to know in order to be approved for a mortgage:

  • Your monthly income
  • The sum of your total monthly debt payments (auto loans, student loans, and credit card minimum payments)
  • Your credit score and any credit issues in the past few years
  • How much cash you can put down
  • How much house you can afford

Calculate Your Monthly Income and Debt Obligations

First, Portland locals looking to buy a home should document their monthly income and debt payments. A lender will require you to provide at least two weeks of pay stubs, so start collecting those.

If you’re self-employed or have variable income, expect the underwriting process to be a bit more involved. You may, for example, have to submit copies of your past one or two tax returns. The lender may then count the average of your last two year’s income or the lower of the two numbers.

To get approved for the mortgage you want, you need to stay within certain ratios that lenders use to determine how much you can afford for a mortgage payment. Larger debt payments will limit the size of the mortgage approval you’ll get. Pay what loans you can off and avoid taking on new loans.

Check On Your Credit Health

Portland home buyers looking to apply for a mortgage should obtain both their credit scores and credit history reports first. Make sure that there are no errors on the report or recent derogatory items like late payments.

You may find yourself shopping for a house over an extended time, so keep an eye on your credit report. The credit score you want to aim for under FICO guidelines is at least 680, preferably higher. Anything lower could interfere with your ability to be approved for a mortgage.

If your credit score is just under 680, you may consider an FHA loan. These government-insured loans allow lower credit scores and much lower down payments, but there are significant additional costs.

Remember – do not apply for new credit in the few months leading up to your mortgage application. It can lower your score.

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

For professional mortgage 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 help you with the pre-approval process 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 buy your new home!

 

Call us today at 503.661.5580