Just 7 miles west of Portland, OR, Beaverton’s 84,000 plus population enjoys exceptional schools, a low crime rate, and clean air and water. Beaverton has high quality, diverse, affordable housing and is surrounded by rolling hills and forests. Parks are everywhere and include hiking and biking trails, golf courses, and other recreational opportunities. Just an hour’s drive will get you to ocean beaches or skiing in the mountains. Whether you are already a homeowner or are relocating to this area, Beaverton is a great place to live.
Getting Started
If you are considering purchasing a new home in Beaverton, the selection and financing will be one of the most important decisions you will make in your lifetime. How to get started? Our knowledgeable mortgage brokers can guide you through the selection process. Negotiating with many lenders will insure you get the best loan package available.
Mortgage Options Available
Fixed rate loans - Your payment will be the same amount for the duration of the loan. Loan durations are typically 15 or 30 years.
Balloon loans – Your interest rate will be low but the duration of the loan is only 5 years with payment in full expected at that time. This payment can be accomplished by refinancing, sale of the home itself, or a lump sum payment.
Adjustable rate loans – This loan requires interest rate adjustments at specific intervals, usually at 1, 3 or 5 years. Your payment will go up or down at each adjustment.
Interest only loans – At the beginning of the loan period, you only make interest payments. After 10 years, your payment will include both interest and principal. You must be prepared to make these kind of payments.
Mortgage brokers can help you sort through these options and assist you in selecting the one that fits your needs.
Existing Homeowners Options
If you already own a home in Beaverton, a refinance loan or home equity loan can help you free up money to pay unexpected bills, tuition, or even remodeling. Refinancing at a lower interest rate than your initial mortgage or with a change in duration of the loan will obviously decrease your monthly payment. A home equity loan allows you to use the equity you’ve built up in your home to apply for either a lump sum of money or a line of credit. Either form of home equity loan will enable you to pay for a new car, college tuition, or other anticipated expenses.
Mortgage Brokers Working for You
Finding the right mortgage broker, whether it’s for a refinance, a home equity loan, or an initial mortgage is essential, but an understanding of what a mortgage broker can do for you is also important.
Duties of a mortgage broker include:
▪Determining borrower’s credit and what they can afford
▪Working with numerous lenders
▪Negotiating the best loan for you
▪Assisting with document collection
▪Filling out and submitting lender application form
▪Answering questions that arise
▪Explaining any legal disclosures
▪Submitting all documentation to lender
Because a mortgage broker will be so important in the process, it is essential that you find the perfect one for your loan. Ask not only about interest rates and closing costs, ask about the time it might take for your loan to close as well. Talk with your broker about how available they might be during the process, and ask them how long they’ll lock in the interest rate as you shop for other brokers. Don’t forget to get a copy of both the interest rate and the closing costs in writing as you talk to each broker.
We want to do the legwork for you. Whether you are in need of a mortgage, refinance loan, or home equity loan, one of our experienced mortgage brokers will be able to assist you. Contact us today by filling out the form below for help with your lending needs.
