Answers to some Frequently Asked Questions……….
How much equity do I need?
We can loan up to 50% or ½ of the value of your property. For example if your property is worth $100,000 and you owe $25,000 we can loan you an additional $25,000 or a total of 50% of the value. Unfortunately we don't do second mortgages, so we would pay off your existing mortgage and give you a new one.
How do I know what the value of my property is?
We use the market value as indicated by your local county Tax Assessor. This is a quick and free way of obtaining a value for your property without resorting to a costly and time-consuming appraisal. If you feel that your value is higher than the county Tax Assessor, an appraisal can be arranged, although this is a cost that you would be responsible for.
What types of property do you loan on?
Homes.
Mobile homes with land.
Rental properties. In a nutshell we loan on any type of property.
Lots.
Acreage.
Timberland.
Commercial property.
Industrial property.
Loans on contracts.
Loans on partial interests.
What if my credit is a mess?
Your credit is unimportant to us. W know there are a lot of good reasons why peoples credit is damaged, many of them are beyond their control. With Oregon Land Mortgage your credit will not be an issue in whether you receive a loan. Remember we base our decision on the property value not on your credit.
The Bank said "no" because I didn't show enough income. Are your income requirements different?
Yes! We don't have set income requirements. We know that many Oregonians have income form sources that are not reported or vary from year to year, such as self-employed individuals. Basically if you feel you can make the payment we're not going to second-guess you. That decision is up to you.
What are your interest rates and fees and other terms?
Upon request we can send you a "Good Faith Estimate." This is a one-page information sheet that will list all the information on your particular loan, such as rates, fees, closing costs, and monthly payment. This is a free service to our perspective customers. Just call and we'll be happy to send you one.
Will I have to pay a penalty if I pay off early?
No! There are no penalties for paying off your loan early. We have never felt that a customer should be penalized for their ability to pay off a debt as quickly as they can.
How long does the process take and how does it work?
After you've received your Good Faith Estimate and decided to go ahead, it takes approximately 10 business days. We will get some basic information over the phone regarding the property, which takes about 5 minutes and your done. We then order a title search and a few photos of the property.
You're in Roseburg. Do I have to come down there?
No, your loan papers are sent to the Title Company closest to you. When the papers arrive the local title company will call you to make an appointment. Many times it's a Title Company that you're already familiar with.
Chris would be happy to answer any questions you may have. You can reach
us by phone or email;
1-800-922-4422
