Willamette Valley Home Loan

Fixed-Rate Loans

The fixed-rate mortgage is the most popular mortgage program in use today. Fixed-rate loans offer the borrow a fixed interest rate for the life of the loan, typically 15 to 30 years. Borrowers have peace of mind knowing that their monthly payment will not change over time. Conventional fixed-rate mortgages have underwriting requirements established by Freddie Mac and Fannie Mae, and require certain down-payment and debt-to-equity ratios to qualify. Fixed-rate loans are especially attractive to buyers who plan to stay in their home for more than a few years.

Adjustable Rate Loans

With an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, and payments go up or down accordingly. Rates are tied to an index that reflects the cost of money at any given point in time. Generally speaking, lenders charge a lower initial interest rate for the ARM than for the fixed rate mortgage. If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you. Adjustable rate loans are attractive for buyers who expect to be in the home for a short period of time.

FHA and VA Loans

The Federal Housing Administration (FHA), offers loans for low-to-moderate-income home buyers. FHA loans have lower down payments, and have relatively easier requirements than conventional fixed-rate mortgages. FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcy does not necessarily disqualify borrowers from using this program!

In addition, the Department of Veterans Affairs (VA) offers a zero-down mortgage program. To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. One of the biggest benefits of this program is that it eliminates the need for private mortgage insurance!

Local Homebuying Program

There are often many state and local programs available. These programs offer down-payment assistance and programs for local home ownership. Learn more about these local programs, recommended lenders, and other finance options by contacting us today!

• 

  5 Tips for Deciphering Your Home Loan’s Good-faith Estimate

  Knowing how to read your good-faith estimate can help you save money on your home loan. Read

• 

  7 Homeowner Tax Advantages

  When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership. Read

• 

  4 Tips to Determine How Much Mortgage You Can Afford

  By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read

• 

  7 Tips for Improving Your Credit

  Here’s how to clean up your credit so you get the least-expensive home loan possible. Read

• 

  Find the Home Loan that Fits Your Needs

  Understand which mortgage loan is best for you so your budget is not stretched too thin. Read