How to Get a Home Loan When You Are Self-Employed

If you’re self-employed and applying for a home loan, you may have heard that it is next to impossible to secure one. But fear not, the idea that self-employed people aren’t eligible for home loans is a common misconception.

The U.S. Bureau of Labor Statistics estimates that roughly 14 million people in the United States are self-employed. These people, like you, are hardworking individuals who need to buy homes and cars and secure lines of credit. The truth is, you’re as apt to get a mortgage as a traditional W2 employee. The second truth is, since you can’t produce the same documentation as “traditional employees,” you may have to provide a little more documentation to secure the same loan.  Read more

What You Need to Know about a Conventional Mortgage

Applying for a home loan can be confusing and nerve-wracking for anyone, especially first-time home buyers. You work hard and go through a gamut of emotions just to find your dream home, and then comes the part where you have to complete the financing process! One of the most basic concepts home buyers need to grasp is the different types of loans available to them. In this post, we’ll cover the basics about a conventional mortgage.

Part 1: What is a Conventional Mortgage?

When you apply for a home loan you have several of different products available to choose from, but the most common are conventional loans or government insured loans. Government insured loans, such as VA, FHA, AND USDA loans, are insured by agencies within the federal government. Conventional loans, on the other hand, are Underwritten to the guidelines of Fannie Mae (the federal national mortgage association or FNMA) or Freddie Mac (the federal home loan mortgage corporation, or FHLMC) who provide the backbone for the secondary mortgage market.  Fannie Mae and Freddie Mac purchase loans from primary lenders to help them fill their coffers and make more home loans to consumers. Conventional loans, on the other hand, are insured through private companies.

Conventional mortgage loans meet Fannie Mae and Freddie Mac guidelines for the size of the loan and your personal financial situation. Conventional mortgages are attractive to most borrowers because they often feature more attractive terms than jumbo or government insured loans.

Conventional Mortgage Rates

Conventional home loans are available in both fixed or adjustable rate options. A “fixed-rate” mortgage refers to a product that offers an interest rate that won’t change for the life of your loan. This is a great option people who plan on living in their home for many years and want to know exactly what their monthly payments will be for the duration of the loan. Read more

ODVA Home Loans - What All Oregon Veterans Should Know

ODVA Home Loans – What All Oregon Veterans Should Know

If you’re a veteran thinking of a primary home purchase in Oregon, do not overlook the Oregon Department of Veterans Affairs (ODVA home loans) and the ORVET home loan, also commonly referred to as the ODVA loan. This loan product offers some incredibly attractive incentives to veterans in Oregon that in some regards are more attractive even than conventional loans and certainly should be considered as an alternative to the Federal VA loan.

After WWII, Oregon citizens voted to establish the program out of gratitude and respect for our returning veterans and to honor their service and sacrifice. Oregon remains one of only five states to offer the program, which was written into the state constitution within Article X1-A, and has been in existence ever since, celebrating 70 years of serving Oregon Veterans in June of 2015. Over the lifetime of the Program, more than 334,000 Oregon veterans have received home loans totaling more than 7 billion.

Simply put, ODVA loans are loans provided by the State of Oregon, that stay in the state of Oregon, to thank veterans who call Oregon “Home,” by providing low rate, common sense loans for eligible veterans. And Mid Oregon Lending, Inc is proud to be an approved ODVA Loan provider.

Some of the key benefits of the ODVA loan are the following:

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3 Steps to Getting a Home Loan & Mistakes to Avoid

Navigating the home loan process is not particularly difficult when you are paired with a skilled loan officer. However the process can be tedious. With a little knowledge of the process and common issues to avoid you can improve your mortgage loan experience.

3 Steps to Getting a Home Loan

Step 1: Meet with a loan officer to get pre-qualified.

The loan process starts with a meeting with a loan officer to properly review your financial picture and qualify you into the optimal loan program. For pre-qualification 3 areas are reviewed:

  1. credit
  2. down payment (liquid assets)
  3. income.

Step 2: Find your future home.  Read more

Rapid Credit Score Increases – Real Case Studies

The following case studies or rapid credit score increases are based on real scenarios. Identifying information has been removed to maintain privacy. Numbers and dates have been adjusted in order to further preserve privacy. All numbers and timelines are very accurate for a situation and have not been exaggerated. Terms for the below scenarios were accurate at the time each scenario occurred. Mortgage guidelines, pricing and policies constantly change and the below scenarios may no longer be valid.

Case 1:

$3595 credit card payment results in a $5000 benefit plus a balance reduction of $3595 for no net cost to the applicant.  Read more

How to Raise Your Credit Score Fast

If you need to raise your credit score fast, don’t lose heart – it’s possible.

Credit card balances have a significant impact on credit scores.

As a loan officer I regularly bump into the following statements. “I have perfect credit, I pay my credit cards off every month” “my credit score is low due only to past late payments.” Unfortunately many times there are other areas impacting the credit score. This article will discuss credit score impacts resulting from credit card usage.  Read more

Should You Refinance Your Home Loan?

When is the best time to refinance your home loan?

I am surprised at the headlines and stories I read which supply a canned answer to this question, as if there is an answer which applies to everyone equally. Many articles discuss how to refinance a home loan, but give no attention to the question, should you refinance? The decision to refinance is an individual one, and should be answered by looking at your personal circumstances, as well as overall financial goals. The old belief that you should only refinance your home loan if you can obtain a rate a percentage point or so lower than your current one isn’t necessarily true. Refinance home loan rates are only part of the equation.

Here are some points to consider when you are deciding to refinance your home:

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Don’t Believe these 5 Mortgage Myths

As a mortgage broker, educating prospective home buyers is my favorite part of the job. And even after many years in the industry, I’m still surprised by some of the things I hear about why my clients are hesitant about the process of getting a home loan. 2015 should be another robust year in the housing market in Central Oregon and for those considering a home loan in the near future, here are the top 5 misconceptions about home loans, Demystified!  Read more