The Lindley Team | 503.517.8641 (click to call)
We recently wrote about the importance of talking to a local Portland Mortgage lender before you start shopping for houses. If you haven’t read that, head on over there [click here] and read it first.
It’s important to us that we help you take the right steps in the sometimes-overwhelming process of homeownership. The information in that post will explain why you need to take a big deep breath and get started on the right foot.
Don’t worry. It’s easy to follow. Really, go read it [click here] now. I’ll wait!
Welcome back! Do you feel better informed about your first steps toward a healthy happy mortgage experience?
Hopefully, you have a little bit of a better understanding about what we do as Portland mortgage experts and why you should chat with us before you start a serious search for your future home.
Our job is to make this whole process less stressful for you. We’re here to help.
Now, while we stress the importance of talking to a Portland mortgage lender or broker before you start shopping, there is a tool you can use before visiting us.
We totally understand that you might want to dip your toes in the mortgage waters before stopping by. That’s why we have a handy tool for you to play with!
Meet our Portland Mortgage Calculator!
She’s sleek, smart, and very pleased to meet you!
Because the whole point of the calculator and the info we provide for you in this blog is meant to help you become an informed homebuyer, let’s make sure you understand the helpful information it’s giving you!
You’ll see at the top of the page that we invite you to call us if you have any questions.
We mean that! If you don’t want to play with the mortgage calculator and you would rather just get right to the experts, give us a call.
We’re experts so you don’t have to be.
If you are ready to give the mortgage calculator a try, here is a list of words and phrases you’ll see on the tool and what they mean.
Portland Mortgage Calculator Guide
Keep these terms handy while you play with our Portland Mortgage Calculator.
Next step? Give us a call! We’re looking forward to meeting you! The sooner we get started as a team, the sooner you’ll be buying your dream home!
Congratulations on deciding to become a homeowner. The Tammi Lindley Team at Mortgage Express understands that this is a great commitment and might possibly be the biggest purchase you ever make. Therefore, it is important to always be up to date on the recent residential market trends so you know when the best time to buy is. As your Portland mortgage lender, we will always inform you on the current market and will give credible advice throughout the home loan process.
Median listing price
According to Realtor.com, the median listing price has fluctuated over the past three years. In March 2015, the median price was listed as $350,000 and rose 14% to $400,000 the following year. By March 2017, the listing price was $440,000, and the current listing price has not changed. The current price of $440,000 is a 25.7% increase from March 2015 and is a 10% increase from 2016. This consistency in price from 2017 to 2018 states that the market is currently stagnant. If you are looking for a new home and need a Portland mortgage, now would be a great time before the market rises back up.
Median price per square foot
The median price per square foot in March 2015 was $194 and rose over 12% to $218 the following year. By March 2017 the median square footage price was $238 and the current price is $250 per square foot. This suggests that the real estate in Portland is becoming more valuable
Median days on the market
Homes are selling at a slower rate now compared to the past three years. In March 2015, the median days on the market was 49, and the current amount of time homes are listed for is 63 days. This suggests that buyers are taking their time throughout the purchasing process to figure out exactly what they want, instead of making a quick buy.
Knowing what the price of homes over the past three years are can help predict where the market will head in the future. As your mortgage broker in Portland, we can help inform you on the market and find you the best rates out there. For any questions on the market update or to get started on your loan application today, please call our office at 503-517-8641.
Talk to a Portland mortgage lender before you visit a single open house .
Buying a house in Portland is an exciting experience. It’s beautiful here and we think everyone should want to live in the Pacific Northwest!
Hold up, though. You’re probably skipping an important first step.
Before you even hop on that first realtor website, you need to talk to a Portland mortgage lender or mortgage broker. Let me explain.
Why you should talk to a Portland mortgage lender before you shop.
Picture this. You’ve been shopping around online for a house in Portland. You’ve researched neighborhoods, schools, and commutes. You’ve narrowed down the area you want to live in and you’ve started to visit a few open houses.
The last house on your list today looks good on paper. You step inside, grab a cookie from the kitchen counter, and take a tour. You fall in love. This house must become your home.
Now what? How do you make this happen? Can you even afford this house? What if someone else makes an offer first?
Let’s rewind. Now picture going into your shopping experience armed with all the information you need about your credit score, financial health, mortgage affordability, and more. When you go to make your offer, you know you’ll be taken seriously by all involved because you’ll have a credible pre-approval letter and a lender to back you up.
Why is this version such a breeze? Because before you even decided how many bathrooms you want, you spoke with a mortgage lender.
Mortgage brokers, lenders, and correspondents.
To put it simply, a mortgage broker acts as your mortgage guidance counselor.
High School guidance counselors look at your grades, your extracurriculars, your strengths, weaknesses, likes, and dislikes. She uses that information to guide you toward the post-graduation path that’s right for you.
A mortgage broker will take all your financial strengths and weaknesses, your likes and dislikes, your values, and your goals into consideration when matching you with the perfect mortgage lender.
A mortgage lender, of course, is the institution that lends to you directly. If you travel back to 1960, dress up and head to a bank to ask for a loan, you’re talking directly to a lender. In the guidance counselor example, the lender is the college.
A mortgage correspondent is like your guidance counselor who also happens to be the dean of all of the colleges on your top 10 list. The mortgage correspondent has the capacity to lend and broker in order to get you the ideal loan for you needs, wants, and financial circumstances.
Why a local Portland mortgage lender?
A Portland area mortgage broker is going to have established relationships with Portland mortgage lenders and out-of-area lenders. Working with a broker in Portland will put you face to face with your mortgage expert. He or she will understand the local housing climate.
Those relationships she’s cultivated with Portland mortgage lenders will make it easier for her to match you with the right lender for your needs.
If you want to know where to get the best fish tacos in town, you ask the locals, right? If you want the best lenders for your mortgage, which is somewhat more expensive than a street taco, you ask the local Portland mortgage professionals.
Of course, if your broker happens to be a mortgage correspondent, then you’re already working face to face with the mortgage expert. That local you asked about fish tacos happens to be a chef, a guidance counselor, and a college dean. How convenient!
Ready to start? We can help!
House shopping should be an exciting adventure. With the help of an experienced, professional Portland mortgage lender you can focus on the fun stuff knowing you’re ready for the next step. When you find that perfect property you’ll be ready to act. Happy Hunting!
We’d love to help you on this journey.
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Buying a house means you most likely need to get a mortgage. With the variety of home loans on the market, it can be confusing trying to figure out which option is best for you. As your local Portland mortgage lenders, we have compiled a list of the most common loan options and have briefly explained what the benefits to each loan are.
With multiple different home loan options on the market today, it is important you talk to your mortgage broker in Portland so you know exactly which option is ideal for you and your unique financial story. The Lindley Team at Mortgage Express can answer all your questions and help you achieve your dream of homeownership.
So don’t wait, call our office today at 503-517-8641 to get started!
The Lindley Team | 503-517-8641 (click to call)
Congratulations on deciding to purchase a home. The Lindley Team we understands that this can be a difficult and stressful process, which is why we've provided a checklist below to help you stay organized in the Portland mortgage process.
Make sure you have all your general information and documents together, this includes:
Also make sure that you have your credit report reviewed:
In some instances, we'll need to document additional assets/income, in which case you will also need to provide additional financial information:
As your local Portland mortgage lender, we hope this checklist can ease the process of obtaining a mortgage. There is a lot to take in when shopping the market for Portland home loans, and we are here to make this process as simple and stress free as possible.
For more information or to get started today, please contact us at: 503-517-8641.
As Portland mortgage lenders, we pride ourselves in staying up-to-date on the latest Portland mortgage and real estate statistics and trends to prepare as best as we can to help you realize your dream of owning your own home. We are always researching, evaluating and anticipating current to determine the best way to help our clients.
The Portland housing market saw housing prices appreciate by 10%-14% in 2016, while in 2017 the average appreciation was 8.9%. For 2018, analysts have forecasted that the Portland housing market will have an average appreciation of 4%-8%. During 2017, we also have seen the number of sales decrease from 2015-2016 to now being closer to the national average.
The forecast for the Portland housing market in 2018 shows that the market is going to cool. Don’t worry though, as this “cool” is a very relative term. Portland-area home prices saw some of the highest increases nationally in the last year, second only to Seattle. Even though the market is predicted to cool compared to previous years, it is still above national average and is going to be stable in the near future.
The forecast for 2018 is expected to be around 4%-8%, which will be down from the previous years, which saw huge growth! While this may scare you, it is important to look into what is expected to happen in 2018.
1. Portland has been under-building for years, and that is one of the reasons why homes are in such demand and why the prices have been so high. Local builders are trying to keep up with the demand to meet the needs of the new wave of buyers.
2. Portland will experience steady but slow population growth, that is above the national average in 2018. This means that Portland real estate will still be in demand as people continue moving to the city.
3. Portland mortgage rates are at a historic low and at this point they are not forecasted to see a great increase.
Portland remains one of the fastest growing cities in the United States. With such consistent price jumps, the Portland market may not seem like a great buy for prospective buyers. However, it’s quite the opposite. The real estate market in Portland has consistently experienced above average upward trends for years. While the prices in Portland are not going to drop in 2018, prices are starting to slow which means the market is stabilizing and that now is the time to buy!
With such a competitive buyer’s market, it is a good idea to consult a Portland mortgage expert in order to ensure you are fully prepared and aware of what you are getting. The Tammi Lindley Team are Portland mortgage lenders who can assist you with reviewing your current financial situation and detailing all of your possible options!
Many experts are saying that the Portland housing market has switched from a seller's market to a buyer’s market, and now is the time to take advantage of the record low Portland mortgage rates and realize that 2018 could be the year your dream of owning a home becomes reality!
For more information or to get started today, contact the Tammi Lindley Team today!
Not a commitment to lock or lend. Terms and restrictions apply. Not all applicants will qualify. Mortgage Express, LLC. NMLS Company ID: 40831 | www.mtgxps.com | Licensed in OR/WA/CA. Licensing in CA by the Department of Business Oversight under the Residential Mortgage Act. Mortgage Express is an Equal Housing Lender. Questions and concerns may be directed to email@example.com, or 10260 SW Greenburg Road, Ste. 830, Portland, OR 97223.