The Lindley Team | 503.517.8641 (click to call)

We recently wrote about the importance of talking to a local Portland Mortgage lender before you start shopping for houses. If you haven’t read that, head on over there [click here] and read it first.

It’s important to us that we help you take the right steps in the sometimes-overwhelming process of homeownership. The information in that post will explain why you need to take a big deep breath and get started on the right foot.

Don’t worry. It’s easy to follow. Really, go read it [click here] now. I’ll wait!

Welcome back! Do you feel better informed about your first steps toward a healthy happy mortgage experience?

Hopefully, you have a little bit of a better understanding about what we do as Portland mortgage experts and why you should chat with us before you start a serious search for your future home.

Our job is to make this whole process less stressful for you. We’re here to help.

Now, while we stress the importance of talking to a Portland mortgage lender or broker before you start shopping, there is a tool you can use before visiting us.

We totally understand that you might want to dip your toes in the mortgage waters before stopping by. That’s why we have a handy tool for you to play with!

Meet our Portland Mortgage Calculator!

She’s sleek, smart, and very pleased to meet you!

Because the whole point of the calculator and the info we provide for you in this blog is meant to help you become an informed homebuyer, let’s make sure you understand the helpful information it’s giving you!

You’ll see at the top of the page that we invite you to call us if you have any questions.
We mean that! If you don’t want to play with the mortgage calculator and you would rather just get right to the experts, give us a call.

We’re experts so you don’t have to be.

If you are ready to give the mortgage calculator a try, here is a list of words and phrases you’ll see on the tool and what they mean.

Portland Mortgage Calculator Guide

Purchase Price

• The price of the home you want to buy.
• Does not include closing costs.

Term

• ​The number of years in which your mortgage and its conditions are legally in effect.
• The most common term is 30 years for a fixed rate mortgage.

​​​​​Property Tax

• The tax you pay for owning your house and its land.
• Helps fund schools, libraries, parks, etc.
• Assessed annually by the county.​

Property Insurance

• Similar to car or health insurance.
• You pay the insurance company and are reimbursed if our home suffers damage or theft included in your policy.

​Down Payment

• This is the money you save up and have ready at the time of closing on your new home.
• Goes to the seller of the house, and the remaining amount of the purchase price is what your mortgage covers.

Ex: You purchase a house for $300,000.

• You have a down payment of $9,000 available
• Your mortgage will be for $291,000

Interest Rate

• The amount you pay in interest on top of your principal is determined by the interest rate.
• The interest rate is determined by factors such as:
  • Credit Score
  • Debt to Income Ratio (certain debt payments measured against overall income)
  • Loan Amount
  • Down Payment
  • Etc.

PMI

• Private Mortgage Insurance
• Protects the lender in situations where homeowners stop paying their mortgage
• Only applies to certain loan types, and when you have a smaller down payment.

Amortization Schedule

• A table that shows your monthly loan payments and the breakdown of principal and interest over the life of the loan.

​
Keep these terms handy while you play with our Portland Mortgage Calculator.

Next step? Give us a call! We’re looking forward to meeting you! The sooner we get started as a team, the sooner you’ll be buying your dream home!