Archive for the refinancing your home Category

Bi-Weekly Mortgages vs “Over-Paying” Your Mortgage!

"I Dreamed a Dream" - Susan Boyle You may have received offers in the mail from various lending institutions regarding setting up a bi-weekly mortgage payment, thus, paying down your mortgage at a faster rate.  Of course, any way you can contrive to pay less interest and/or pay off your mortgage loan more quickly can be a good thing (but, not always, there are a lot of factors)(I believe it's a good financial move IF it's your primary residence; investment properties give a better ROI/return on investment by using OPM/other people's money)!!  Lending institutions will generally charg… Read More

What Determines the Interest Rate on My Mortgage?

Kwanzaa Songs Kujichagulia Self Determination Today's post is a re-post from Eric Newman of NW Mortgage Group.  It contains interesting and very informative FAQ's  if you are considering purchasing a home or investment property.  This includes a very g… Read More

Did You Know? You Can Help a Family Member with a Purchase or a Re-Finance?

"How Will I know?" - Whitney Houston Did you know????   A non-occupying borrower may purchase or refinance a primary residence for the benefit of an elderly parent or disabled adult child who will be the occupying party (or, in the case of a refinance, is currently an occupant). In order to be eligible for financing, the Underwriter must determine that the occupying party is either unable to work or has income that is insufficient to support a reasonable housing payment. Tax returns for the occupying party and a detailed letter explaining the situati… Read More

Major “Don’ts” in the Home Mortgage Process!!

"Don't Worry"/Playing for Change/Song Around the World A list of possible "pot-holes" in your road to a successful mortgage transaction.  These were compiled by Jerry Baker of NW Mortgage Group.  You can talk in detail with Jerry at 503-452-0001 or :   Don’t deposit “Gift Funds” into your account Gift money must be properly documented in a very detailed and specific way. Speak with your mortgage broker or lender about receiving and documenting gift funds. Don’t deposit checks or funds OTHER than your paychecks Sources for deposits… Read More