Mortgage & Finance

There are hundreds of financial calculators on the Internet. Some are simple and some require a degree in mathematics. Below is a link to a simple monthly payment calculator presented by First Technology Credit Union, which will get you started in the right direction. In addition to the calculator, if offers a glossary and charts that show how much the loan will cost over time. I selected this site because they do not flash banners or any other annoying sales hype at you. Look around and email me your questions or comments.

Mortgage Calculator

Since all loan approvals are credit driven and your interest rate is determined by your 'FICO Score' checking your credit report in advance is a good practice. The following link will give you your 'FICO Score' and a copy of your credit report on-line in just minutes. A 'FICO Score' is a number between 300 and 850, which is assigned by the credit reporting agencies (there are three). The better your credit history is, the higher the number or score. The higher the number, the lower the interest rate. The best rates require a minimum score of 680. Loans can be obtained for lower scores at a slightly higher cost or interest rate.

Effective December 1st, 2004, individuals living in the Western States are entitled to a free copy of their credit report each year (Congress has been hard at work). I suggest you follow this link and learn more about your rights, as well as protecting your identity.

https://www.annualcreditreport.com/cra/index.jsp

I do recommend that you use a local mortgage broker (see below for one of my favorites) rather than an out of state or virtual lender. They are often times far more difficult to deal with, and do not save you any money!

Following is a list of the documentation a Lender may need in order to process your application:

Last two years W-2's (tax returns if self-employed)
Current pay stubs
Last 3 months bank & investment statements
Proof of Social Security & Retirement Income
Evidence of child support received for last 12 months
Rental agreements for all rental properties
Divorce decree(s)
Bankruptcy papers
Landlord's name, address & telephone number
Gift funds, name and address

Inspections: Oregon Property Buyer Advisory

The following link contains the Oregon Property Buyer Advisory. It is designed to assist home buyers in understanding the different types of inspections that are available. It also explains (in layman's terms) the laws governing real estate transactions in Oregon, and explains many of the clauses found in the Earnest Money Agreement.

I especially like the links to everything from crime stats to utility information. This really is a MUST READ for all home buyers. It is a 16 page PDF document that can be printed.

Oregon Property Buyer Advisory