Portland Refinance Help

Portland Refinance Help was created to share info with you and to aid you whether you want to buy a house for the first time ever, or if you’re already a homeowner and are simply looking for help with your Portland refinance. We hope you will find the information here helpful in your quest.

Considering that mortgage rates are hovering in the 5% range, you need to ask yourself not only when you’re going to refinance, but how to get the best deal.

People everywhere are asking the same question; how to get in on these incredibly low mortgage interest rates. The thing is, most people aren’t even able to get through to their existing lender when they try to call. They’re pretty frustrated.

Believe it or not, it could take as long as 3 months for the mortgage market to be back to working normally, according to what one expert at Fannie Mae believes. He expects mortgage interest rates to remain in the low 4’s to mid 5 percent range for the year.The takeaway here: Be patient – there will be lines.

Some things to remember

1. Realize this is a great opportunity

There are no 2 ways about it – this is a great opportunity. Thirty-year fixed mortgages are below 5%.Historically, that rate is 8%. And that is significant.

Let us have a closer look at it. Let’s first consider a 4.6% rate on a 30 year fixed home mortgage. If you took out a 30-year fixed loan of $170, 300 (this is about average for a home loan across the US) with a 5% mortgage, your monthly payment would be right around $915.With an 8% mortgage rate, your payment would be $1250. The savings? Three hundred thirty five dollars per month; that’s about $4000 a year.

2. Be cautious

There’s a very good chance that it will take longer to get refinanced now than it normally does. That’s just something you’re going to need to accept.And according to bankrate.com, Fannie Mae and Freddie Mac have increased their fees.

So don’t be surprised to find that you’re paying one to two percent more of the loan amount in the way of fees, possibly even more than that in addition to all the closing costs normally accounted for.

3. Find the best rates

Having enough equity is one of the biggest obstacles. Today you’ll need 20% or more in equity to qualify for the best rates.

Another thing you’ll want to do is make sure your credit score remains as high as possible. Take a look at your credit report first, to make sure there aren’t any errors. You can get a free copy at annualcreditreport.com.

Talk to multiple lenders to be sure you’re getting the very best rate you can. Make sure to have all your paperwork ready for you lender in advance. Here’s a basic list of what you will need to get started:

Your completed application (also referred to as a 1003; pronounced ‘ten-oh-three’ in the industry jargon), tax returns for the past 2 years, pay stubs for the past month, three months of asset statements (checking, savings, mutual funds), the most current mortgage statement you have and a copy of the deed.

Please consider doing these things that have been outlined above in preparation for your Portland refinance or purchase loan, and you will likely be in excellent shape to get what you are looking for in a mortgage.