503-799-3711  juleef@rate.com
All kinds of useful info
Link Library...
Throughout our site, we’ve linked to a number of useful outside resources, forms and information. We’ve also linked to some, well, less useful things. We’ve corralled all of these outside links here.

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

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

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

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

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

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© copyright 2017 Julia Felsman. This website is not a solicitation for business. All information provided in website is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. There is no guarantee the quality, accuracy, completeness or timelines of the information on this website. While efforts are made to verify the information provided, the information should not be assumed to be error free. This website in no way represents the views of Guaranteed Rate, Inc.