Oregon Loan Guide

Oregon not only wants to get new homeowners situated in their homes, they want to assist existing owners get out from under mortgagees that are consuming their family budgets. In partnership with federal aid programs, Oregon has the Mortgage Assistance Program, which provides counseling and assistance to households on the brink of foreclosure.

Oregon Home Loans

A very popular way to get the most out of your home loan is to choose a mortgage plan that fits your needs today, but allows you some flexibility for the future. An Adjustable rate Mortgage today will offer you lower initial interest rates, and you can refinance the home to a fixed rate in a few years when the ARM begins to rise in costs. In both cases, the term of the loan is going to have a profound effect on how much interest you pay on the loan.

Oregon Refinancing and Restructuring

Loan modification programs have been specially developed to help families who are not able to afford their existing mortgage rate increases. The requirements for a loan modification are more strictly defined than for a refinancing loan, often requiring the borrower to live at the premises, among other conditions. Refinancing requirements are generally similar to new mortgage requirements, but you will be able to apply equity from the home against the loan.

Oregon Home Equity Loans

If refinancing is not to your tastes, home equity loans are available which can convert home equity into immediate capital. This money can then be used to pay off credit card debt, build a home addition, or even pay for college tuition, along with many other useful applications.

Oregon FHA Loans

The FHA is currently offering assistance to potential home buyers in all states. If you qualify for assistance, you may be eligible for up to $10,000 in down payment fees, courtesy of the government’s objective of helping people get into homes and improving the overall economy of your state.

Oregon Mortgage Tips

Compare not only Fixed and Adjustable rate mortgages, but the term of the mortgages being offered, how much money you will have to put down, and what the total cost of the loan will be over time. Remember that ARM’s are subject to rising interest rates, but consider also that getting an ARM while the rates are low can get you situated in your new home.

Oregon Helpful Links

HUD Oregon
Oregon Department of Consumer and Business Services – Foreclosure Information
Oregon Foreclosure Prevention Programs

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