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Turnkey Mortgage is a full-service mortgage broker dedicated to providing tailored loan solutions to meet the diverse needs of our clients. With a wide array of loan options including FHA, VA, USDA, Jumbo, Conventional, Commercial, Reverse Mortgage, Non-QM, and Bridge Loans, we are committed to helping individuals and families achieve their homeownership dreams. Our experienced team understands that each client is unique, and we work closely with them to find the best possible loan solution that fits their specific financial goals and circumstances. Whether you are a first-time homebuyer looking for the right loan option or an experienced homeowner seeking to refinance, Turnkey Mortgage is here to guide you every step of the way.
Located in Oregon City, Turnkey Mortgage is proud to serve the residents of this vibrant community. As a first-time homebuyer, navigating the mortgage process can be overwhelming, but our dedicated team in Oregon City is here to simplify the process and provide the support you need to secure your First Time Home Buyer Loans. We understand the local real estate market and are committed to helping you find the right loan solution to make your homeownership dreams a reality.
In Milwaukie, Turnkey Mortgage is dedicated to serving the needs of homebuyers in this beautiful city. Our team in Milwaukie understands the unique challenges that first-time homebuyers may face and is committed to providing personalized guidance and expertise to help you navigate the mortgage process with confidence. Whether you are interested in FHA, VA, or other loan options, we are here to assist you in finding the best fit for your individual needs.
In Portland, our team at Turnkey Mortgage is deeply rooted in the local community and is dedicated to providing top-notch service to homebuyers. If you are a first-time homebuyer in Portland, our experienced professionals are here to help you explore the various loan options available, including First Time Home Buyer Loans. We are passionate about helping individuals and families achieve their homeownership goals and are committed to guiding you through each step of the mortgage process.
At Turnkey Mortgage, we are dedicated to providing exceptional service and tailored loan solutions to the residents of Oregon City, Milwaukie, and Portland. Whether you are a first-time homebuyer or an experienced homeowner, we are here to help you achieve your homeownership dreams.
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A conventional loan is a type of loan that doesn't have government backing or insurance, unlike FHA, VA, and USDA loans, which are insured by the government. Conventional mortgage loans, whether conforming or non-conforming, usually require a slightly larger down payment than some government loans. However, conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.
On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
We understand the mortgage and refinance process can be stressful. That's why we're here as your partners to finance the home of your dreams with full transparency and clarity