Welcome to my Frequently Asked Questions (FAQ) page. As a mortgage broker, I understand that the process of buying a home or refinancing an existing mortgage can be overwhelming and confusing. That’s why I have created this page to provide you with the answers to some of the most common questions I receive from our clients.
I believe that an informed client is a happy client, and my goal is to help you feel confident and knowledgeable about your mortgage decisions. I have put together a comprehensive list of questions and answers and subjects that cover a range of topics related to mortgages, so you can have all the information you need to make informed decisions about your mortgage options.
1. Do you work with clients outside of Tigard?
Yes, we work with you outside of Tigard and serve all of the Portland metro and Oregon, Washington and Idaho. We can do a fast video or phone call to help you get a loan from far away. We are so glad to help you out now.
2. What are the basic requirements to qualify for a mortgage in Tigard?
To get a home loan in Tigard, you need a good credit score, a steady job, and a down payment. Banks also look at your debt and income. The exact rules will vary by the loan you pick out.
3. How much down payment do I need for a home loan in Tigard?
You need 3.5% to 20% down for most home loans in Tigard. Normal loans need 5% to 20%, while an FHA loan asks for 3.5%. If you get a VA or USDA loan, you may pay zero down on a home.
4. What is the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?
A fixed loan keeps the exact same rate and payment for the whole term. An ARM starts out with a lower rate, but it can go up or down later on based on the market. A fixed loan is safer.
5. How does my credit score affect my mortgage approval in Tigard?
Your credit score sets your loan approval and rate in Tigard. A high score gets you a low rate and great terms. A low score means you will have to pay much higher rates and fees for your new home.
6. What are the closing costs, and how much should I expect to pay?
You pay 2% to 5% of the home price in closing costs. These are fees you pay to close your loan. They pay for a home appraisal, title insurance, and the basic lender fees to set it all up for you.
