Real Estate Blog - Blog Archive: March, 2017

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March 2017

Found 5 blog entries for March 2017.

We've launched a podcast!

We'll be checking in weekly to let you know what's going on in the Portland Real Estate market. In this week's episode, Phil and Bob talk about which market trends do and don't affect mortgage rates, including the Federal Funds Rate, GDP, and inflation, and what this all means for your home buying timeline.

 

 

If you missed our first episode, you can find it on Soundcloud. Let us know what you think!

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The Federal Funds Rate & Fixed Mortgage Rates

The Federal Funds Rate sets the interest rate banks charge each other on overnight loans made to meet reserve requirements. The Federal Funds Rate also determines the Prime Rate, upon which many business and consumer loans are based. When the Federal Funds Rate is low, the Fed is attempting to promote economic growth. When it is high, the Fed is attempting to dampen inflation. Manipulating the Federal Funds Rate is one way the Federal Reserve manages its dual charter of fostering maximum employment and maintaining stable prices.

U.S. mortgage rates are not set by the Federal Reserve. There is no direct connection. Want proof? In November, 2008 the average thirty year mortgage rate was 5.70% higher than

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The Portland rental market is booming. Portland publications raised alarms when the average Portland rental cost hit $1400 last summer. These days, average monthly rent for a 1 bedroom in the city exceeds $1500. Even as new apartment complexes open, demand for rental housing continues to grow on pace, so we can expect the Portland rental market to remain tight. A headache for renters, perhaps, but this scarcity of apartments is a great opportunity for home buyers looking to foray into property management.

Plan to build an ADU, or accessory dwelling unit, while buying your home, and include the cost of ADU construction in your home mortgage. The Portland Home Team knows the Portland regulations for ADUs, and can help you buy a property appropriate for adding an ADU.

One investment option is to build an additional home on an existing property. Accessory Dwelling Units, or ADUs, are complete living spaces under 800 square feet and less than 75% the size of the main home which can be built on residential lots

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We all know that searching for and viewing potential homes is the fun part of the home-buying process. The not-so-fun part? The mortgage.

But if you don't pay attention to the details, your mortgage can end up dragging down the enjoyment of your new home and cause some major regrets. Here are a few mistakes to avoid to ensure that you love your mortgage terms as much as your hew home.

Don't find your home first: Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It'll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won't feel rushed to

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