The Lindley Team, Mortgage Lenders | 503.475.2004
Renting vs. Owning: Honest advice from local mortgage experts
Smaller amount of cash up front.
Probably, not definitely. Most landlords require that you pay a sum equal to the first and last month of your rental agreement. You might also need to pay an additional security deposit for things like having pets.
Say the apartment you want to rent is $2100 a month and have managed to find a rental that allows your doggos. On the low end for this lease, you’re going to pay $4200 (1st and last months’ rent).
If your landlord is the type to worry about pet damage, and most are, you will probably be charged either an additional deposit or an additional monthly fee. It’s not uncommon to have to pay both. Most pet deposits are at least $400. Additional payments are often per pet so let’s pretend you’re lucky enough to only pay $20 per pet.
Your initial payment before you can move in is now $4640. The old standard is 20% for a down payment on a mortgage and $4640 is 20% of $23, 200, which is obviously won’t get you a house in Portland or in most other areas.
If you’re still leaning toward a house of your own, keep reading, because we’re going to talk about the down payment myth.
Hey, free spirit. Are you not the type to settle down in one place for more than a year? Are you always trying out new states and cities because you call planet Earth your home?
We get that. Renting does give you a little more freedom when it comes to moving elsewhere. You don’t have to put your home up for sale. You don’t have to wait as long.
You will have some obligations to your landlord, though. If you break a lease agreement, there is almost always a hefty fee involved and you’re probably going to lose your security deposit.
There are also ways to stay “mobile” while owning a home, without having to put it up for sale if you decide to relocate. Read on.
Most landlords will take care of a certain amount of upkeep and maintenance. Your lease will outline what the landlord agrees to fix, replace, maintain, etc. Sometimes this includes all large appliances, other times it includes very little. Some landlords will take care of lawn work. This might sound great to some of you while it might sound a little invasive to others.
In most rental agreements, you’re not going to be responsible for things like leaking roofs, major plumbing, etc. You could, however, get stuck waiting on some things like air conditioning and window replacement, flooring, laundry appliances (if you’re lucky enough to have one in your unit), etc. A landlord is only required to replace certain appliances and features and it varies by location.
The Benefits of Owning
The Myth of the Downpayment
Let’s get back to that upfront payment we talked about. It might seem that renting is always the most inexpensive way to go but there’s also a lot of misinformation out there about mortgage down payments.
While 20% is the number you’ve heard from your parents, and grandparents, and other blogs, it’s not really the standard because there is no standard. There are many different types of mortgages and the same goes for down payments. Of course, saving up for a down payment is good advice. However, you don’t want to put all your money into the down payment and end up “house poor.”
If you’re just starting out, you’re going to want to know some numbers. Take a crack at our calculator or reach out to us and we can point you in the right direction. As local Portland lenders, we’re especially helpful with local rates and policies. You could be closer to the amount you need than you think you are!
Where rentals often charge extra for pets or prohibit them entirely, your house is your home and your pets are your family so they’re obviously welcome! Not only are your pets allowed in your own home, but you’ll often have more room for them to roam.
If you’re in a single family unattached unit, you’ll also stress less about your dogs barking while you’re gone or your cats scratching at the walls, attempting to dig through to your neighboring apartment, because they’ve been ignored for the 10 minutes you’ve been missing, and they’ve already decided to run away because they deserve better.
If you’re looking for a Portland mortgage, you’re in even more luck because we’re a very pet friendly city! Also, we’d love to hear about your pets when you call. No, really. We would. Tell us about your pets. Then tell us more about them. Please. Also, bring a picture. It’s important in the mortgage process that we see your goodest boys. Science or accounting or something. Totally legit.
Yeah, this was on the rental benefits list, but a different kind of freedom deserves a place on the mortgage benefits list.
When you buy a house, you have a lot more freedom to make it a home. If you’re like what seems to be everyone ever right now, you’re probably into some kind of fixer upper or home improvement show, and you’ve got a Pinterest full of plans. Rentals usually have a very limited number of things that can be modified if any at all.
More importantly, however, you have secured yourself freedom from every having your rent raised on you. You have an asset that will appreciate over time with a fixed monthly payment (most likely – depending on the loan you choose).
And remember that "mobility" issue we were talking about earlier? One aspect potential home buyers don’t often consider is that if you want to relocate, you can always rent out your home – because it’s YOURS! Not only do you have an appreciating asset, you have the ability to produce income off of that asset. Amazing, right? Now – this is an over simplification of everything to consider, but our goal here is to expand your mind with possibilities, and the reality of a lot of home owners.
Don't stress. We're here to help.
Obviously, any sort of home purchase or rental is a big, important decision and no single choice fits every person. We get that and that’s why we take a big-picture approach to the process. When you talk to us, we’ll learn about your current situation and your future goals and we’ll help you make plans. We’ll be with you for the entire process no matter how long it takes.
Instead of juggling a dozen different office trips and phone calls, just start with one.
Give us a call and we’ll help you get where you want to be, in a home that fits your style. We’re the mortgage experts so you don’t have to be.
Don’t forget the dog pictures. Seriously.
The Lindley Team - Mortgage Lenders at Mortgage Express - 503.517.8641
Market Update - Portland, Oregon - September 2018
Buying a home for the first time can be an overwhelming task, especially since this will most likely be the biggest expense you ever have. Therefore, it is important to be organized and plan appropriately before you begin the home search process. This starts with reviewing past market statistics for the area you want to move to and comparing them to current prices, that way you have a better understanding of where the prices might head in the future.
So, to help you get started, your local Portland mortgage lenders, the Tammi Lindley Team, have listed the most current market update and have compared the median listing price and the median price per square foot over the past three years.
Median Listing Price
In reference to Realtor.com, the median listing price in Portland has continuously increased over the past three years. In June 2015, the median price was listed as $370,000 and increased approximately 15% the following year to $425,000. By June 2017, the listing price was $459,900 and increased an additional 7.6% to $495,000 by June 2018.
Since the prices have consistently increased over the past three years, it is safe to assume that the median listing price will continue to rise in the near future. Therefore, if you are looking to purchase a home and would like to apply for a Portland mortgage, we would highly recommend locking in a rate now with your local lender before they increase again.
Median Price Per Square Foot
The median price per square foot has also steadily increased over the past three years. In June 2015, the median square footage price was $191 and rose 12.5% one year later to $215. By June 2017, the median price per square foot was $233 and increased an additional 6.4% by June 2018. The current median price per square foot is $248, which is a 6.4% increase from the year prior and approximately a 30% increase over the past three years.
With this consistent increase in price per square from June 2015, it is safe to assume that throughout the years, real estate in the Portland area is becoming more valuable. This means that Portland would be an excellent place to invest in a home.
For more details on the local housing market, please contact your Portland mortgage lenders, the Tammi Lindley Team with Mortgage Express at 503-517-8641.
If you are looking for a Portland mortgage lender, there are a few things you should be mindful of when before choosing a company to work with. To help you get started, the Tammi Lindley Team has listed 4 characteristics that make up a great mortgage lending team.
#1. Have Your Best Interest
When applying for a Portland mortgage, you want to be sure the people administering your loan have your best interest. Share your financial goals with them and see if they genuinely want to help you achieve your dreams. Be mindful of the lenders that only wish to make a sale and do not care about your personal needs.
Having your best interest also means that your mortgage lenders will provide you with the best rates on the market. They will work diligently, compare rates with different lenders, and will negotiate on your behalf to ensure you get low affordable rates.
#2. Work Well Together
It is no secret that getting approved for a mortgage is a long, drawn-out process, therefore, you want to be sure that your mortgage lending team works well with you. If your personalities clash then this could be a sign that they are not the right people for the job.
Not only should the lending team work well with you, but they should also work well with each other. A strong team that works well together can help get the job done quicker and ensure you have the best experience as a first-time homebuyer.
#3. Knowledgeable In Their Field
Another characteristic of a great mortgage lending team is that they are knowledgeable in their field. Your Portland mortgage lenders should answer all your questions in an easy to understand manner, and they should educate you throughout the entire loan process so you can confidently choose the best loan for your financial situation.
#4. Are Always Honest
Honesty is always the best policy. The best mortgage team will be upfront about any extra fees you will have to pay throughout this process and will not try to hide anything from you.
The Tammi Lindley Team with Mortgage Express will always put your financial needs first and we will educate and assist you every step of the way. Our team of experts work well together and will provide the best services and the lowest rates on the market. We are always honest and would truly love to work with you and make your dreams of homeownership come true.
So don’t wait! For more information on Portland home loans or to get started on your application today, please contact our office at 503-517-8641.
The Lindley Team at Mortgage Express | 503.517.8641
If you’ve read our previous posts, you know several reasons to speak to a local Portland mortgage broker before you start house-hunting.
You know that your first step will be contacting us, so we can set you on the right path without the mistakes and missteps that other home buyers suffer.
We’ve still got plenty of tips and tools to share with you, but we realize we might be overlooking a segment of our readers. We realize there might be a good two or three people out there who don’t know why Portland is an awesome place to live.
Don’t worry. We see you under that rock.
Here are 7 quick reasons why you should buy a house in Portland!
No Sales Tax!
In a world where everything seems hidden in the fine print this can be refreshing. The price you see is the price you pay.
Mountains (volcanoes!), forests, rivers, beaches, and gorgeous city architecture. Portland is in a unique spot that allows quick and easy access to a wide variety of landscapes and scenery.
Portland is also a great city to people-watch!
Beer & Wine!
Portland has amazing breweries, bars, and pubs to choose from! From Gigantic Brewing Co. to Occidental, there’s a good stretch of beverage.
These are the big names that newcomers hear about first. The ones that are full of fantastic Yelp reviews.
Of course, there are also smaller, well-loved breweries that locals prefer. We’d be happy to give you our own favorites!
More of a wine drinker? Lucky you.
The Willamette Valley is at your fingertips and is flourishing with old and new wineries that rival the best in the world.
Weather you like an old world pinot from Archery Summit, award winning Chardonnay from Domaine Serene, or modern sparkling from Argyle Winery, we never take the wine and the views in the valley for granted!
The fun is in finding your favorite with the perfect atmosphere, people, location, or taste.
Speaking of taste …
You’re gonna need to eat. You can seriously get any kind of food in Portland.
Seafood, doughnuts, steak, burgers, Indian, French, doughnuts, Southern, Soul, Cajun, and authentically Portland local spots, like Voodoo Doughnuts (for the tourists) or Bluestar Doughnuts (for the locals) just to name a few.
While the vast majority of Portland dining is accessible and casual, we do have our fare share of highly acclaimed and award winning chefs - Andy Ricker of Pok Pok, Greg Denton and Gabrielle Quinonez Denton of Ox, Gabriel Rucker of Les Pigeon (and others) are just a sampling of the incredible talent and innovation in food happening in PDX.
We’ve all got our favorites so feel free to ask us when you come in.
We’re probably going to tell you about doughnuts (so good).
Ok, we know.
“I hear it rains all the time there.” It does rain a lot.
But Oregon residents spend a ton of time outdoors. We really do have four seasons and within a short drive you can experience mountain air, ocean breezes, or shady forest hikes.
A lot of people like the rain, believe it or not, but if you’re not a pluviophile, take heart!
The best part for most is the mild climate! The average high is around 63 degrees and the average low is around 45! Portland gets over 140 sunny days per year.
Portland has a whole year of outdoor opportunities!
Even if you’re not a rain-lover, you’ll appreciate its effects. Oregon is beautifully green and lush, and Portland’s roses are breathtaking. The meaning behind Portland’s nickname of “City of Roses” is part romance, part science and we’d love to tell you about it when we meet.
You’re gonna want to check out the Rose Testing Garden.
All that rain doesn’t make for a dark, gloomy city. Portland is vivid, beautiful, and blooming.
If you’re moving to Portland for a job, you might already be aware of some of the awesome companies with headquarters here.
Move over Silicon Valley because the Portland area is where the cool jobs are now. Perhaps you’ve heard of little companies like Nike or maybe Intel?
You should look them up. We hear they’re going places.
We could go on and on...
These are just 7 brief teasers of what Portland can offer a resident. Portland is perfect for families, singles, professionals, and more.
Writing up all the reasons that Portland is a great place to buy a home would take ages and not only are we too busy experiencing the awesome things Portland has to offer, but we’d rather tell you in person! We love to gush about this city!
Give us a call and we’d love to give you more information about our favorite things about Portland while we help you make the first steps toward becoming a homeowner.
We’re your local Portland mortgage lender so we’re experts on mortgages and Portland.
You’ve got roses to see and mountains to hike, beers to try, and donuts to taste. We’ll be the mortgage experts, so you don’t have to.
Call us today at 503.517.8641 (click to call)
The Lindley Team | Mortgage Express 503.517.8641
If you are starting the home buying process for the first time, you may be overwhelmed or a little nervous about knowing what to expect. The Tammi Lindley Team at Mortgage Express understands how you feel because these emotions are completely natural for new buyers. So to help ease this process, your local Portland mortgage lenders have listed some helpful tips for your first meeting with a mortgage professional.
Tips For Your First Meeting With A Mortgage Professional
Tip #1: Be Honest About Everything
Do not try to hide the fact that you have a low credit score or that you are in enormous amounts of debt. The Tammi Lindley Team wants you to know that regardless of your financial situation, they are going to work diligently to ensure you still become a homeowner. Therefore, be honest about everything. During the home buying process, your lender should be your go-to person for every financial matter. So if you are nervous about the fact that your income is low or that you have filed for bankruptcy in the past, just voice your concerns and know that your lender will do everything they can to ensure you get a Portland mortgage with affordable rates.
Tip #2: Arrive With All Your Financial Documents Organized
Make your first impression with your mortgage professional a lasting one. This can be done by arriving with all the pertinent documents in regards to your financial history. If you can, make sure you have at least two years proof of income, assets, and current debt with you for your first meeting.
Tip #3: Ask Questions
Don’t be afraid to ask questions if you are unsure about something. Obtaining a Portland home loan is a long process and there are countless different mortgage options available on the market, so we understand how confusing everything can be. We will help educate you and explain everything along the way, but if something seems unclear to you, please tell us so we can address the confusion.
Tip #4: Come In Knowing Your Financial Goals
Mortgage lenders like to know what your financial goals are so they can assist you in finding the perfect loan. Let them know if your goal is to pay off your loan as quickly as you can or if you would like to have cheaper payments over a longer period of time. Whatever the case may be, your lender can provide the best option for your situation.
For more tips on your first meeting with a mortgage professional or to get started on your Portland mortgage application today, please contact the Tammi Lindley Team at 503-517-8641.
The Lindley Team at Mortgage Express | 503.517.8641
We’ve talked about the steps you need to take before you start house-shopping. We’ve told you why you should get pre-approved (not just pre-qualified) before you step foot in the first open house.
Today, we’ve got a list of seven reason why you should start your mortgage process with a local lender instead of a national big-name business.
Buying a House? 7 Big Reasons to Call a Local Lender
Look at it this way. You’re on the phone with a loan officer from a big, national corporation. They’re going to have a lot of questions right away. They’re going to want to know about your finances and they’re going to want to know about the area you wish to buy your future home.
If you’re lucky, this national giant will have agents who specialize in regions, so they might only have to sift through a few states worth of regulations and numbers before they get to the info that matters for you and your mortgage.
Or, you could sit at a desk, face to face with an expert who sits in an office in the state (even the county or city) where you plan to buy. They don’t have to “look into it” to start your case. They already know it.
Local lenders work with people buying houses locally all day, every day. They’re probably serving your future neighbors!
Nothing is more frustrating than thinking you’re well on the road to the house of your dreams and hitting a roadblock caused by a big name national lender who was unaware of a law or guideline in the specific area you need a mortgage.
When you call, you won’t be one file out of a billion. Even if the person who answers the phone isn’t your contact at the local office, they’ll know who is and get you to them right away.
Your contact will know you when you talk to them. You won’t have to spend half of the conversation repeating your personal information just so they can figure out who you are. With a local lender, every conversation will be a comfortable step forward in your process.
Buying a house involves a lot of people. From the buyer (you!) to the lender to the realtor and beyond, the process of obtaining a mortgage takes teamwork, and referrals are a big part of the game.
Referrals are more important to local businesses where people are likely to put more trust in a business that comes from another professional they already trust.
Speaking of teamwork …
Need an outside source on something? They already know just the guy. Need to know which schools in the area are best? They might have kids who go there. Need to know which local restaurant has the best pizza or wings? You might start an argument in the office, but you’ll get options.
If you look at a local community of businesses and consumers as a giant team, you’ll understand why each separate team member wants to work well with the others. They’re all part of the same game.
A national giant has no stake in the local game.
Business like local mortgage lenders are still local businesses and their success flows right back out into the very community where you’re buying your home.
A quick google search will find countless stories of hopeful buyers who end up losing their dream home because the seller could no longer approve a national giant’s extensions. The seller doesn’t have to wait and there are always other buyers waiting in line. Sticking to a timeline is a big deal.