Are you struggling to find a property that you can afford, here are a couple of suggestions: First, use a mortgage broker. Our interest rates and fees are typically less than our competitors. Recently, we had a buyer working with a local lender, and that lender’s interest rate was .75% higher than what we could get them, and their fees were $2,200 higher than ours. That .75% in rate could be a breaking point for buyers. Secondly, take a look at other loans/interest rate programs to help with affordability, like a 2-1 Buydown. With a buydown, you can purchase a home with lower monthly mortgage payments to start. The payment is temporarily reduced as if the rate were ‘bought’ down for the first 1-2 years of the loan. Having a lower payment for the first few years is great for you if you need to ease into a mortgage and are expecting to be in a better financial situation a little down the line. Lastly, look at single premium mortgage insurance, which could possibly be paid by the seller. We have other suggestions as well. Please contact Stepping Stone Mortgage at 541-683-3300 with any questions you may have about mortgage home loans.
Rents in Oregon will be increasing soon!
In the State of Oregon, Starting Jan. 1, 2023, landlords in Oregon are allowed to legally increase rents by up to 14.6%. If you are paying $1600 in rent, it could increase to $1833 a month.
We do have a few home loan programs that could get you out of renting and into a home.
Please give us a call at 541-683-330 with your questions or click on the link below and apply!
Applying for your loan is easy!
Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your questions. Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.
Senior Citizen Property Tax Deferral
Disabled and senior citizens can "borrow" money from the state of Oregon to pay property taxes. To apply or find out more about this deferral program, please click on the following link State of Oregon tax deferral programs
Lane County has other property tax exemption programs available
Lane County has property tax special assessments for
To apply or learn more about the other property tax exemption or assessments, please click on the following link Lane County Assessment and Taxation or you can reach them at 541-682-4321. OFFICE HOURS: Monday-Thursday from 10:00 am to 3:00 pm
Give us a call at 541-683-3300 and we would be happy to answer any questions you may have!
DO: Make sure your loan is approved, not just pre-approved or pre-qualified.DON’T: Go house shopping without knowing what you can afford.
DO: Understand your credit and know your credit scores.DON’T: Open or close credit lines without first consulting with your Loan Originator.
DO: Keep the lines of communication open.DON’T: Be slow to respond to your Loan Team.
DO: Make a Savings PlanDON’T: Make major purchases or open credit cards/loans.
DO: Maintain your current employment and incomeDON’T: Make major changes such as quitting your job or changing jobs.
DO: Have a paper trail for funds coming in and out of your account. DON’T: Make large cash deposits into your bank account other than your paycheck.
DO: Keep good records.DON’T: Be surprised if you are asked for additional documents.
DO: Ask questions.DON’T: PANIC! (Let your Loan Originator at Stepping Stone Mortgage handle it!!)
Whether you are refinancing, buying or selling, you will
want to make you home picture perfect for the appraiser and Lender. The house is clean and bright without clutter
throughout and outside looks parklike. Picture
perfect! The appraiser is taking
pictures to show the lender what your house is about. You want to make sure your amenities look its
Make sure that you give yourself enough time to get your
items fixed on your to do list.
appraiser will look at Improvements to kitchens and baths, windows, the
roof and the home’s systems (heating, electrical and plumbing) over the
previous 15 years that make the home more up-to-date, functional and livable by
today’s standards. Exterior amenities
such as patios, RV parking, garden area.
what you can. Broken windows, holes
in walls, open electrical wires, all have to be fixed. Make sure that your
water heater is strapped and that you have smoke and carbon monoxide detectors
up Paint that might be peeling or faded.
should be contained and smells masked. You don't want the appraiser to be
rushed to get out.
Get your home ready for the Appraiser!
is clean throughout and the lights are on for it to be nice and bright.
is mowed and yard is clean of clutter.
Coming up with value. The appraiser will look at similar
comparables that have sold within the last 6 months within a ¼ of mile from
Credit inquiries have little to no impact on your
score. They are the least important
factor in your credit score. The 3
bureaus confirm that borrower scores will not drop when a mortgage lender pulls
their credit more than once. It’s only
temporary drop and your score will be back up in 2-3 months.
The important concept is when someone is shopping for the
best rates and applies with several mortgage lenders, they won't get
"dinged" for multiple inquiries because the credit bureaus will lump
them into an inquiry during that short period of rate shopping. Credit scoring
models typically count mortgage, or auto loan, inquiries made over a short time
period, such as 2 weeks, to be one credit inquiry for credit scoring purposes.
Applying for multiple credit cards/loans in a short period
of time will have more of an effect on your credit score. Reason being, you will have the option to use
all credit cards that were opened, then with the mortgage applications, you will
only get an approved once.
Your credit score is made up of the following: payment history makes up 40% of your score,
while credit utilization is 20%. The length of your credit history contributes
21%, and a total amount of recently reported balances 11%. Finally, new credit
accounts are responsible for 5%.
Soft inquiry: Checking your own credit report with the major
credit bureaus will not lower your score.
If you apply for a job and they pull a credit report does not affect
Hard inquiry: Applying for mortgage loans, credit cards,
personal loans, auto loans are hard inquiries.
Credit inquiries do remain on your credit report for the
last 2 years.
You can schedule a meeting with your mortgage
broker at a time that is most convenient for you.
We can offer greater flexibility in our loan
products, and great responsiveness to our clients, while the big banks and
lenders are focused on mass marketing.
We know and seek out niches that the Big
Banks/Lenders don't bother with.
We are able to guide you through the lending
process in the most efficient, and effective way.
We are personally involved in qualifying you for
We are more likely to roll up our sleeves and do
the digging that's necessary to get your mortgage approved.
By having a number of different lenders to
choose from, we can work with lenders that have streamlined their closing
in the local real estate market!
We understand the local real estate market and
are available to answer any questions and guide you through the loan
We are a part of the local and regional economy,
so we know what's going on here – and use that knowledge to help you guide
We work with local real estate agents, that want
to work with buyers whose lenders know the local market and have a reputation
for getting deals done. This can be
reassurance to the listing agent, and the sellers that their sale will close.
business in our community and using our local companies will keep the community
strong and growing!
Call Stepping Stone Mortgage today at
541-683-3300 to schedule an appointment with licensed loan originator to have all
your questions answered.
There are many reasons having higher credit scores will help you in the home-buying process. If you are looking to do a Conventional Loan, it will be important to have good scores. FHA/VA Loans are much more forgiving to lower scores and financing will still be available to you. Here are some of the less known ways your credit scores can affect your mortgage payment:
Having higher credit scores can substantially change what your interest rate may be. If your credit scores are lower it may indicate more of a risk to the lender and raise your interest rate. A lower interest rate is still obtainable but would be at a cost that may not even be recaptured depending on how long you plan to own your home.
Usually when you have lower credit scores, your mortgage insurance premium will be higher in turn raising your total monthly payment. The difference in premiums from one credit score range to another can be significant. In fact, it can amount to tens of thousands of dollars over the life of your loan.
Having bad credit can even affect your homeowners insurance. Insurance companies will review your credit to help predict losses by determining if you are a risky customer and if you are more likely to file claims. If you have lower scores, this may affect your annual premium, raising your total monthly payment.
If you are looking to purchase or refinance and you have lower credit scores, it will be beneficial for you to work on raising your scores. You may still be able to obtain a mortgage with less than perfect credit by going either FHA or VA. But if you are looking to do Conventional you will end up saving money if you raise your scores. If you have questions about how your credit scores will affect your mortgage or would like to know ways to help raise your scores, give us a call at 541-683-3300.