Your Loan Guide

Know You've Chosen The Best Loan For You...In Advance!

As a service to you, our valued client, we provide a detailed financial analysis regarding your loan options.  To ensure you are entering your new Portland home purchase with the best information possible, we:

• Look at your income and determine how to increase your take-home pay by leveraging various tax strategies.
• Look at tax and interest implications, especially if you plan to "move up" in a few years.  We help guide you toward making the "right" decision for you and avoiding one that could have you wasting thousands of dollars.
• Perform an annual mortgage analysis, thereby putting you in control of your mortgage!

    Matt and Bonnie Saikkonen,  Your Loan Guides

Yes, there are still some opportunities to buy property in Portland for $0 down!
100% financing can be a great option for making your money work for you. 
Why finance your landlord's dream when you could be living your own? 
As a growing investor, why not leverage your investment money--if you can--
by putting the least amount down possible?  Consulting with a loan officer about your
current monthly rent and expenses, work situation, comfort level in terms of a monthly
mortgage payment, and/or investment strategy should give you a clear picture of how
to move forward.  And 100% financing can be a great way to get your foot in the door of
your very first property.  Currently, there are more restrictions and less 0% down options than there were just over a year ago - ask about current 100% options and in what situations you can take advantage.  Sometimes home sellers are willing to carry a second mortgage for buyers, and this can be another option for purchasers.     

Put some money down and lower your interest rate:
If you have some money set aside and/or gift funds from family available, there are many
options available at 3.5%, 5%, 10%, and 20% down.  These include both conventional,
and government loan programs.

Take advantage of special Portland loan programs you may qualify for: Did you know there are loan programs available specifically for first-time Portland homebuyers, qualifying veterans, and police officers/firefighters/teachers/EMTs?

Consider buying in one of Portland's urban renewal areas.  Portland offers incentives, loan programs, and tax abatements when you buy in certain areas of the city.

Buying a fixer-upper property in Portland?  Consider a re-hab loan.  This type of loan allows you to purchase a fixer-upper home and include the repairs and/or improvements into the loan amount.  The key benefits are that this loan allows you to purchase a home at a lower price, incorporate the improvements you will be making into the loan amount, and have an appraisal done that will reflect the higher value of the improved property.  Ask Matt about the details of this loan.

Government loan or conventional loan?  The type of loan you are eligible for will be driven by: your credit score, income, employment history, and assets.  Government loans (such as FHA and VA loans) will have lower barriers to entry than conventional/conforming loans.  They allow for higher debt-to-income ratios, reduced reserve requirements, lower credit scores, etc.  A downside to government loans is that they require private mortgage insurance (PMI) over the life of the loan.  Private mortgage insurance protects the lender should the loan go into default.  In conventional financing, PMI can usually be eliminated once the borrower has at least 20% equity in the home (the loan-to-value of your home is less than 80%).

Comparing loans?  It's not apples-to-apples.  Get some help from experienced, caring mortgage planners. Questions to ask yourself: What do I qualify for?  What do I feel comfortable paying monthly?  What will my new payment will be, including taxes and insurance?  What will my loan and closing costs be?  What are my tax benefits of home ownership?  Should I buy down my interest rate?  How long will I have the property?

Get a pre-purchase loan consultation at the level you feel most comfortable.
You choose whether you want it to be over the phone, face-to-face, or via email exchange.

Yes! I want a pre-purchase loan
consultation with Matt & Bonnie. 
Click Here
                              
Yes! I want to get pre-approved
online now!
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