
General reference & tools
This is terrific site for creating and tracking a budget:
https://www.youneedabudget.com/
For properties within Portland city limits, portlandmaps.com will blow our mind with endless information:
http://www.portlandmaps.com/
To calculate a monthly payment or figure the interest on a loan, you need an amortization calculator. Here is our favorite:
http://bretwhissel.net/amortization/
FEMA’s flood insurance site, with information and risk and cost estimators:
http://www.floodsmart.gov/floodsmart/
The 10-year Treasury bill is the bellwether for mortgage rates and a great way to track the market:
http://finance.yahoo.com/echarts?s=%5ETNX+Interactive#symbol=%5ETNX;range=5d
Loan programs
The Mortgage Credit Certificate (MCC) is a tax credit program loan for low-to-moderate income buyers in the City of Portland. Here is general MCC program information:
https://www.portlandoregon.gov/phb/61008
And MCC program eligibility details:
https://www.portlandoregon.gov/phb/article/430027
If you have an MCC and sell within 9 years of buying, there is the potential for a recapture tax:
https://www.portlandoregon.gov/phb/article/443384
The Oregon State Bond Program (OSB) is a below market rate loan for low-to-moderate income first-time buyers. General program information and current rates:
http://www.oregon.gov/ohcs/Pages/SFF_OregonBondHome.aspx
OSB Program eligibility details:
https://www.portlandoregon.gov/phb/article/430027
The OSB Program affidavit you’ll sign at closing, does a great job of summarizing things:
http://www.oregon.gov/ohcs/HD/
SFF/forms/oregon-bond-form-affidavit-addendum.pdf
The Oregon Department of Veterans Affairs (VA) offers a below market-rate program for qualifying veterans. General program information can be found here:
http://orvethomeloans.com/
Details about VA eligibility:
http://orvethomeloans.com/eligibility/
And here is the form you’ll need to establish your VA eligibility:
http://www.oregon.gov/odva/docs/pdfs/loandocs/0409-me_eligibility.pdf
The USDA program offers low-to-moderate income homebuyers in rural communities a government guaranteed loan with zero down. Map of eligible areas and an income eligibility tool here:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Sample forms & documents
The form you use to present your offer to a seller is a Purchase and Sale Agreement (aka Earnest Money Agreement). Here is the form for Oregon:
http://www.orefonline.com/docs/
formschange/
2014/OREF-001.pdf
And for Washington:
http://www.realtyassociation.com/files/
purchaseagreement.pdf
Most sellers will provide you a disclosure statement. Here’s how it looks in Oregon:
http://www.orefonline.com/docs/
formschange/
2014/OREF-020.pdf
and Washington:
http://www.cityclosers.com/pdf/
17_SellerDiscl.pdf
Once you find a home, we’ll put your loan and closing costs onto a Good Faith Estimate:
http://www.hud.gov/offices/
hsg/ramh/res/gfestimate.pdf
At closing, the final, official itemization of all costs comes on a HUD-1 settlement statement:
http://www.hud.gov/offices/
hsg/rmra/res/hud1.pdf
The detailed financial terms of your loan will wind up in a promissory note, which you’ll sign when you close. Here’s an example for a fixed rate mortgage:
http://www.freddiemac.com/
uniform/doc/3200-MultistateFRNote.doc
And an adjustable rate mortgage:
http://www.freddiemac.com/
uniform/doc/5531-Multistate
ARMNote%28A-AIP%29.doc
At closing, a trust deed will be recorded in public record, connecting that attaches the mortgage to the property you are buying in public record is a trust deed. Here’s an example of one for Oregon:
http://www.freddiemac.com/uniform/doc/
3038-OregonDeedofTrust.doc
And for Washington:
http://www.freddiemac.com/uniform/doc/
3048-WashingtonDeedofTrust.doc
And a warranty deed, when recorded in public record, is what makes the property yours:
http://www.stevensness.com/
store/examples/
633_prvw.pdf
IRS information & tax forms
We will verify your prior two years’ tax filing with the IRS using form 4506-T:
http://www.irs.gov/pub/irs-pdf/f4506t.pdf
Most homeowners are able to itemize deductions on their tax returns. Here is general information about itemized deductions:
http://www.irs.gov/taxtopics/tc500.html
And the specific rules for mortgage interest deductions:
http://www.irs.gov/pub/irs-pdf/p936.pdf
And a Schedule A is the form you file to itemize:
http://http://www.irs.gov/uac/Schedule-A-%28Form-1040%29,-Itemized-Deductions
If your mortgage came with a Mortgage Credit Certificate (lucky you!), here’s the form to file to claim it:
http://www.irs.gov/uac/Form-8396,-Mortgage-Interest-Credit
But remember that you may owe a recapture tax when you sell, and here’s the form for that:
http://www.irs.gov/uac/Form-8828,-Recapture-of-Federal-Mortgage-Subsidy
If your new property is a rental or vacation rental, here are the IRS rules:
http://www.irs.gov/publications/p527/
The form you’ll use to report your rental income is a Schedule E:
http://www.irs.gov/uac/Schedule-E-%28Form-1040%29,-Supplemental-Income-and-Loss
Most people don’t owe tax on the profits from the sale of a primary residence, but nonetheless, it is good to know the capital gains tax rules:
http://www.irs.gov/uac/Reporting-Capital-Gains
And more specifically for the sale of your home:
http://www.irs.gov/taxtopics/tc701.html
Capital gains tax on the sale of an investment property can be deferred through a Like-Kind Exchange under Section 1031 rules: http://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031
After you close…
Here’s a link that’ll help you cut down on all junk mail that rolls in after closing (and spam and unwanted phone solicitations):
http://www.consumer.ftc.gov/articles/0262-stopping-unsolicited-mail-phone-calls-and-email
If you are paying for private mortgage insurance on a monthly basis, you’ll want to cancel it as soon as possible. Tuck this information away for future reference:
http://www.mgic.com/pdfs/71-42554_cancelling_MI.pdf
After your loan closes, the bank collecting payments from you is called your loan servicer. The Consumer Financial Protection Bureau has put together a nice FAQ on loan servicing:
http://www.consumerfinance.gov/askcfpb/
search?selected_facets=category_exact:
mortgages&selected_facets=tag_exact:servicer
Property tax information
Clackamas County:
http://www.clackamas.us/at/bill.html
Clark County:
http://www.clark.wa.gov/assessor/faq.html
Columbia County:
http://www.co.columbia.or.us/departments/
property-taxes/property-taxes
Multnomah County (use the Guest Login):
http://www.multcoproptax.org/
Multnomah County statement guide: https://multco.us/file/8262/download
Washington County:
http://www.co.washington.or.us/
AssessmentTaxation/
taxstatements.cfm
Washington County tax statement FAQ:
http://www.co.washington.or.us/
AssessmentTaxation/
TaxStatement/faq.cfm
Yamhill County:
http://www.co.yamhill.or.us/assessor
Licensing
The site for our parent company, Guaranteed Rate, Inc.:
https://www.guaranteedrate.com/
And you can apply online here:
https://www.guaranteedrate.com/loan-expert/JuleeFelsman
And Julee’s:
http://www.nmlsconsumeraccess.org/
EntityDetails.aspx/INDIVIDUAL/120831
And David’s:
http://www.nmlsconsumeraccess.org/
EntityDetails.aspx/INDIVIDUAL/228792
And Jason’s
http://www.nmlsconsumeraccess.org/EntityDetails.aspx/
INDIVIDUAL/939341
Useless but fun
Not every link needs to be useful, right?
Aren’t you glad you’re working with us and not Carol?
http://www.youtube.com/watch?feature=
player_embedded&v=WOdjCb4LwQY
GIGO:
http://en.wikipedia.org/wiki/
Garbage_in,_garbage_out
It’s okay—stalk your new house. Everybody does it.
http://www.youtube.com/watch?feature=
player_embedded&v=FG6iF7fPzkU
Do you hear crickets?
http://www.youtube.com/watch?v=K8E_zMLCRNg
It’s quiet… too quiet.
http://www.youtube.com/watch?feature=
player_embedded&v=G7JYIskhzU4
There are better ways to pay your mortgage. Just saying.
Kermie!!!
http://www.youtube.com/watch?feature=
player_embedded&v=tv4KQbDaCfM