Tigard, OR is located in the Tualatin Valley in the Oregon Cascade Mountains. It is located just 11 miles from Portland. Tigard is a growing community of over 47,000 people. The growth rate is partly due to it being recognized as a high tech center.
Tigard was founded by Wilson M. Tigard and his family in the mid-1800’s. It officially became a city in 1961.
The community is serviced by two school districts: Tigard-Tualatin School District and Beaverton School District. The majority of Tigard students attend Tigard-Tualatin School District.
Being only 80 miles from the Pacific Ocean and 70 miles from Mt. Hood, recreational and outdoor activities are plentiful.
If you are relocating to the area or are already a resident and are interested in a refinance loan or a home equity loan, you can benefit from financial advice.
Steps to Obtaining a New Mortgage
Be prepared to provide personal and financial information to your lender. He or she will need to know your current and past income, your housing expenses, credit history, tax returns and information regarding your assets.
A Verification of Employment form will be filled out by your employer and a Verification of Deposit form will be sent to your banks.
Gathering all this information will help determine the size of your loan, the interest rate which will determine your monthly mortgage payment, and the length of the loan.
Loan Types
There are many loan types available and include fixed rate, adjustable rate, balloon, and interest only.
A fixed rate loan is just what it says – the interest rate never changes during the term of the loan. This ensures that your monthly payments will never fluctuate. These loans usually are for 15 or 30 years.
Adjustable rate loans have interest rates that fluctuate depending on what the interest rate is at the time of specific intervals. These intervals can be at 1, 3 or 5 years. Your monthly payment will either go up or down at the end of these intervals.
Balloon loans start out at a low interest rate with the loan duration of 5 years. At the end of 5 years, full payment is expected. You can accomplish this with either the sale of the home, refinancing, or a lump sum payment.
With an interest only loan, your mortgage payments go toward the interest only for the first 10 years. At that point your payments will include both interest and principal.
The one that is right for you will be determined by your circumstances at that time of application.
Existing Home Owners and Their Options
If you are already a homeowner in Tigard, OR, you may qualify for a refinance loan or a home equity loan. With either of these options, you will have money available to you for unexpected expenses, tuition costs, remodeling or repairing of your home, or even a family vacation.
The procedure to qualify is much like that for obtaining a new mortgage. Providing your personal and financial information will allow your lender to obtain your refinance loan or home equity loan in a timely manner.
Refinancing can help to change your interest rate to a lower rate and also enable you to actually change your loan type. Either of these could, in turn, help to lower your monthly mortgage payment.
Home equity loans come in two different forms: a lump sum or a line of credit. The duration of a home equity loan is usually shorter than your initial mortgage.
Finding a Lender
Doing your research will provide you with a lender you feel comfortable with, one who will guide you through the loan process from beginning to end, and one who will help you obtain the loan that works best for you.
Contact our office and let one of our knowledgeable and experienced loan officers assist you in obtaining a new mortgage, a refinance loan, or a home equity loan.
