4 Signs Refinancing Is The Wrong Move

4 Signs Refinancing Is the Wrong Move

Refinancing your mortgage can bring your interest rate down, lower your monthly payments and generally save you some money. With rates still low, you may be pondering whether now’s the right time to try for a better deal on your home loan. But you don’t want to pull the trigger too soon. If any of the following apply to you, you may want to think twice before jumping on the refinancing bandwagon.

Compare refinance mortgage rates. 

1. Your Credit’s Not in Great Shape

Refinancing when you’ve got a few blemishes on your credit report isn’t impossible, but it’s not necessarily going to work in your favor either. Even though lenders have relaxed certain restrictions on borrowing over the last year, qualifying for the best rates on a loan can still be tough if your score is stuck somewhere in the middle range.

If you took out an FHA loan the first time around, you might be able to get around your less-than-spotless credit with a streamline refinance, but approval isn’t guaranteed. Interest rates are expected to rise toward the end of the year, but that still gives you some time to work on improving your score.

Getting rid of debt, limiting the number of new accounts you apply for and paying your bills on time will go a long way toward improving your number so that when you do refinance, you’ll be eligible for the lowest interest rates.

Related Article: refinance closing costs.

3. A No-Closing Cost Loan Is Your Only Option

4 Signs Refinancing Is The Wrong Move

If you don’t have a few thousand dollars to spare to cover the closing costs, you can always look into a no-closing cost loan. With this type of refinance, the lender folds the costs into the loan itself so you don’t have to pay anything extra out of pocket. While that’s a plus if you’re short on cash, you may be really putting yourself at a disadvantage in the long run. Increasing your mortgage (even if it’s just by a few thousand dollars) means you’re going to pay more interest over the life of the loan.

For example, let’s say you refinance a $200,000 mortgage at 4 percent for 30 years. Altogether, you’d pay $143,000 in interest if you don’t pay anything extra. Your closing costs come to 3 percent but you roll them into the loan so you’re refinancing about $206,000 instead. That extra $6,000 would cost you another $11,000 in interest so you have to ask yourself whether the monthly savings from refinancing justify the overall added expense.

4. Compare Your Refinance Loan Options

Once you’re ready to refinance, it’s important to take the time to compare what’s available from different lenders carefully. Checking out the rates and fees each lender charges ensures that you won’t spend any more money on a refinance loan than you need to.

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The post 4 Signs Refinancing Is The Wrong Move appeared first on SmartAsset Blog.

Source: smartasset.com

Podcast #13: Commercial Lending and Real Estate

podcast 13 commercial lending and real estate
For this podcast about commercial lending I sat down with Angie Hoffman at U.S. Bank.  During the podcast we discussed investing in real estate, commercial lending, and how commerceial mortgages can help investors.  If you want to learn more about commercial loans this is a great pdocast for you.
I hope you enjoy the podcast and find it informative.  Please consider sharing with those who also may benefit. Listen via YouTube: You can connect with Angie on LinkedIn.  You can reach out to Angie for more information on their lending products by emailing her at angela.hoffman@usbank.com.
You can connect with me on Facebook, Pinterest, Twitter, LinkedIn, YouTube and Instagram.
About the author: The above article “Podcast #12:  Hard Money Lending” was provided by Luxury Real Estate Specialist Paul Sian. Paul can be reached at paul@CinciNKYRealEstate.com or by phone at 513-560-8002. If you’re thinking of selling or buying your investment or commercial business property I would love to share my marketing knowledge and expertise to help you.  Contact me today!
I work in the following Greater Cincinnati, OH and Northern KY areas: Alexandria, Amberly, Amelia, Anderson Township, Cincinnati, Batavia, Blue Ash, Covington, Edgewood, Florence, Fort Mitchell, Fort Thomas, Hebron, Hyde Park, Indian Hill, Kenwood, Madeira, Mariemont, Milford, Montgomery, Mt. Washington, Newport, Newtown, Norwood, Taylor Mill, Terrace Park, Union Township, and Villa Hills.
TRANSCRIPT
Commercial Lending Podcast
 
Paul Sian: Hello everybody. This is Paul Sian, Realtor with United Real Estate Home Connections, licensed in the State of Ohio and Kentucky. With me today is Angie Hoffman with US Bank. Angie how are you today?
Angie Hoffman: I’m doing great Paul. How are you?
Paul Sian:  Great. Thank you for being on my podcast. We’re gonna start off. Today’s topic is ‘Commercial Lending’. Angie is a commercial lender with US Bank, as I mentioned. Angie, why don’t you tell us a little bit by your background. What you do with the US bank, and how did you get started in that field?
Angie Hoffman: Sure. So, I am a Cincinnati resident, have been my entire life. Was previously with a company called the ‘Conner group’, which is located out of Dayton, Ohio. They’re a private investment real estate firm. I was with him for about five plus years, just learned a ton of information, really loved the financing portion of their group. So, that turned me to the banking portion, which I ended up going with US Bank just because of the knowledge and the breadth of what they can do as well. Just the culture within US Bank has been phenomenal. I’ve actually been with us Bank now for five years; in the last three years I’ve been within the commercial real estate side as well as the business banking side.
Paul Sian: Okay. Your primary focus is commercial loans.
Angie Hoffman: Correct. Yes, both investment real estate as well as owner-occupied and small to medium businesses. 
Paul Sian:  Okay. The investment side, I represent a lot of buyers of multifamily. I know with the form below we do, the conventional space generally, and then when you’re in the five units and above. You go into the commercial space, which is your space. I have also heard it being covered with mixed-use buildings, industrial properties, is there something else that commercial loans would cover?
Angie Hoffman: Correct. I mean it can really be quite an array of properties, office is one that we see pretty often, and can tend to be either hot in certain areas, whether it’s office Class B or Office Class A. Retail strip centers, we’ll look at Triple Net properties, and absolute not properties. We are very popular, if you’re looking at diversifying a multi-family portfolio and adding in some triple net properties. We also do, obviously owner-occupied properties too. When you have that small business or medium business owner who wants to own their own real estate. We do that as well, and that’s again part of what my position entails, and then we will also look at portfolios will do single-family homes. 
I’m actually working with somebody now who has a portfolio of several single-family homes, that were looking to kind of restructure and refinance for him. We can even utilize current equity and properties to purchase additional properties to help you grow your portfolio. We do try to have a full understanding of your portfolio or a full understanding of what your strategy is. How partner with you, as you continue to grow that portfolio short- and long-term goals.
Paul Sian: For our listeners, who don’t know. What Triple Net means, do you mind explaining that.
Angie Hoffman:  Sure. So, Triple Net is gonna tend to be your properties that have the tenant itself is paying the taxes, the insurance, you may have some pretty minimal depending upon the property, responsibilities that are usually restricted to the exterior of the building. It may be like a roof or a parking lot. Type of maintenance but generally speaking the great thing about the triple net is that for some clients, it’s a property that you can basically own, and you have to do pretty much nothing with. So, you’re gaining that income without having to do a very minimal type of responsibility or maintenance. 
The downfall of that is that typically they’re gonna be somebody, who is gonna be a longer-term lease, which is great. However, you still have the issue that it’s a bigger square footage generally. So, five, ten, twenty thousand plus square feet. If you lose a tenant obviously, that can be very impactful. It just depends upon your, again your focus of your portfolio, and if you want to add in that. But it can be great opportunity, but tends to again be a little bit less of a return. Because of the minimal responsibilities.
Paul Sian: Going back to single family. That is similar, I am using the same term your bank use but to ‘wrap mortgage’. Is that what you use for single families?
Angie Hoffman:  We do have the ability, from the perspective of what you say wrap mortgage.  We’re typically calling that like an umbrella, if you’re grouping all, let’s call it, if there’s ten single family homes. You’re grouping this all into one, it lies together. We have the ability to do that depending again on the structure that the client is looking for. 
We also have the ability to separate out those facilities, and do a simultaneous closing for each one of them to have them separated out from each other. Obviously, there’s some contingencies but that the properties itself have to be able to cash flow by themselves, things along those lines that we would underwrite to. But we do have ability to look at it from both perspectives.
Paul Sian: Okay. The biggest advantage of that if someone has reached the maximum ten convention mortgage loanlimit. They can step into your space there and you could cover them, and they can either restart that or. With something like that, let’s say somebody does get ten properties, and are they able to finance in additional properties into that same loan or is that has to re-finance each time?
Angie Hoffman: No. We would be able to add in. I mean, if you’re asking like if they want to refinance these properties, and they’re also looking to maybe either use some of the equity in them or they’re also buying at the same time. We can do all of that together, so that’s not an issue at all.
Paul Sian: Let’s say to somebody new coming to investment. What is the typical down payment on commercial loans? That are looking to buy in the mixed-use space or multifamily space?
Angie Hoffman: So, generally speaking. We’ll go up to 80% loan-to-value. The biggest factor within that is gonna be how much the capability of the property to hold that debt. We’re gonna have, we have a pretty. I don’t want to say complex but we do have  multiple factors that go within our cash flow, and net operating, income calculation, that we’re gonna want to see. It balanced to a certain point for it to be able to hold the debt at an 80% loan to value. Again, we tend to partner with our clients. I have several clients who will send me properties on a daily basis, that they’re interested in. We will let them know what the debt capacity would be on that property.
Paul Sian: Okay. Income from the rents per sale, let’s say, something’s got a ten-unit building. Then you’re looking at the rents that are coming in. You’re also considering the buyers income level, income to debt ratio, all that as well.
Angie Hoffman: Yes. When I talk about the capacity, the debt for the property is being the one of the first things we look at is. In order to get to that 80% LTV, if you’re looking at the actual depth, they’re wanting the property to take on. Compared to other rent they’re taking in and the expenses, as well as some vacancy factors, things like that. That’s what we’re looking at to have a certain ratio, then on top of that. When we get to the next step would be look at the client globally, and their personal debt to income, and that factor too.
Paul Sian: Looking at that commercial mortgages, can buyer use the mortgage to upgrade property, to build in some equity in the property. Does the building of the equity get taken into account, and do you have a loan that allows them to do that?
Angie Hoffman: That question is kind of twofold. If you have a property, let’s say, it’s multiple unit, and you’re continuing to kind of do some improvements and renovations. If the property has the equity, we can look at small lines of credit to help with that renovation cost. Then once everything’s complete to be able to wrap that together. If you’re looking at a property that’s completely distressed, and doesn’t have any type of income. Then that’s gonna be something that generally we’re gonna have a harder time with. Because it’s a speculative type of scenario, and we want to typically see the actual income.
Paul Sian: How about converting something, I am interested in buying warehouse, either in retail space or multifamily. Do you offer products for that, or is that a similar situation when you’re looking at the risk as being a little high?
Angie Hoffman: Yes. So, that is gonna be a similar situation. Once the actual project would be completed again from a speculative standpoint, it just it becomes a little bit more difficult from a risk perspective. However, we’ve been in scenarios where we’ve worked with clients and partnered clients, people we know who work in that space more than we do. We can look to, guide them to what we would look at if we wanted to refinance that once it was completed, and there were leases in place.
Paul Sian: Okay. So, that is one of the benefits working with a big bank like US bank, is you can reach across departments there, and tap other resources within your organization.
Angie Hoffman:  Even if it’s within the organization, we have other resources whether it’s our private wealth or wealth group, have some capabilities that are different than what we have as well as from a CUI or network basis. It may be somebody just within my network that I know works within that space to introduce that way and hopefully can get that client taken care of.
Paul Sian: Are you able to comment on the underwriting process of commercial loans compared to residential. Is there a big difference in that process? 
Angie Hoffman: So, yes and no. I know we touch on it already a little bit. One of the biggest differences is obviously we’re gonna look at the actual collateral in a very different way, especially on the investment real estate side. When you’re looking at investment real estate, the factors that the net operating income as well as the cash flow of the property become factors. Whereas, when you’re buying a home, obviously it’s a lot more about the loan to value of the property. However on the other side of that, if we are looking at a property that’s gonna be owner occupied by a small to medium business. It becomes a lot more about the loan-to-value as well. So, it can depend upon the situation.
Paul Sian: Okay. How important is the person’s experience when they come to loan, get a loan for you. If it’s a new first-time investor looking at multi families versus somebody who’s already got five to ten units and then either self-managing or running it for a couple years.
Angie Hoffman: I mean, generally speaking, if you have somebody brand new, one of the biggest things is if you’re not familiar in the scope. You don’t have experience, you gonna be partnering  potentially with a property management company or somebody else who is maybe a partnership within the LLC or the property that you’re buying that has the experience. Just being able to show you may not have previous experience in this but you are partnering with a property management company that has historical success in these properties. You’re partnering with somebody, for instance, who has historical success in the properties.
Paul Sian: So, yeah boils down to your team then. What you’re bringing to the team. What kind of document requirements are there to start a commercial loan process with US bank?
Angie Hoffman: Generally speaking, in every situation is different, every request is different, client is different. But it’s typically going to be two to three years of taxes, personal and business, personal financial statements pretty standard as well. If it’s a purchase, we’re gonna want to see a purchase agreement or understand the purchase agreement as well. As you’re gonna want to have financials whether it’s profit loss or the rent rolls preferably a Schedule E or 8852 from the client. Showing what the historical trends of that property of have been. That’s where we really try and partner with our clients of understanding their portfolios, understanding what purchase they’re trying to make. So, that, does it fit, and is there anything we see because we see them on a very regular basis that. Maybe we need to discuss or let the client know that we are suggesting maybe prying a little bit more information.
Paul Sian: How important is ones credit score when they come to apply for loan with you?
Angie Hoffman: It is a factor, I mean. In any type of just like the traditional mortgage, it is gonna be a factor. But there are so many different factors that, it’s only one of many.
Paul Sian: One of the important things when it comes to purchasing real estate is I always tell the buyers that have a pre-approval letter ready. Is there something similar in the commercial loans place? A pre-approval letter, pre-qualification letter. Just something that says, somebody sat down with you, they started the initial process. They’ve got access to certain amount that they can borrow to purchase this property. Do you have something like that?
Angie Hoffman: We do. So, on the commercial side it’s gonna be called a letter of interest, and it basically lays out that we are working with a client. We have a price range or up to a price range that we’re looking for with the client, and depending upon the collateral. We are looking to work with him on the financing, again depending upon what the collateral is, and then we also have once we’ve actually maybe gone through a more official process of underwriting and submitted an actual financial package. We do have, depending again on what the financing contingency is for that client. 
We do have a letter of commitment, which lays out that there is an approval but it goes through all of the conditions as well like your appraisal certain things like that, that we’re gonna have to clear.
Paul Sian: Okay. How long does that process take? If you are writing an offer today for a client, and then usually you have to write in how many days we’re gonna close in. 30 days, 40 to 45 days. I know conventional, it’s usually a little quicker, a little easier. So, we can do it in 30 days or so. I mean, what would you recommend for a commercial loan?
Angie Hoffman: I think 45 days is very practical. One of the biggest things that I always talk about with my clients is that 45 days really is incumbent of me having a full financial package, meaning those two years of tax returns. The financials, I spoke about from the client that you’re purchasing, and or if you’re refinancing. To me, having that full financial package is really the key and then, again from there it’s gonna be some of the factors of the appraisal as well as the title work that would go along with it. But generally speaking, 45 days to close is pretty.
Paul Sian: Reasonable.
Angie Hoffman: Yes.
Paul Sian: You mentioned the documents that was my blog article documents for the conventional mortgage process. You mentioned W2s, 1040, tax returns, that is pretty similar the document requirements for commercial loans that it is for residential space?
Angie Hoffman: Yes. It’s very similar. With the PFS is gonna be one of the biggest as well as the two years of tax returns. Potentially three years depending upon, again the request size. Like you said, I mean, if they’re a W2 income type of employee, then we may need additional pay stubs. like I said, for any client, it could be very different depending again on what their history is. If they’re a business owner, then we may mean some more details but generally speaking, again it would be two to three years of personal business has returns, personal financial statement, and potentially obviously purchase agreement or additional documentation from that side.
Paul Sian: Okay. When it comes to partnership, people coming together, those documents from everybody. Correct?
Angie Hoffman: Correct. So, depending on what the ownership structure is. Generally, if somebody’s over 20% ownership within the property, then we’re going to need that financial information from them as well.
Paul Sian: Okay. I know with the conventional space. Lending into an LLC is generally impossible. Most lenders will not allow conventional borrowers to use an LLC. How does that work on the commercial side?
Angie Hoffman: The vast majority of the lending that I do is going to be through an LLC in a holding company. The clients are still a personal guarantor but the lending itself in the title is all within the LLC.
Paul Sian: Is it a requirement in LLC or is it an option for the buyer?
Angie Hoffman: It’s an option. I mean, one that again depending from an attorney’s perspective, if you’re talking about liability. It may be a best-case scenario to have an LLC with that property. But we always reference stuff talk to your attorney about what makes sense for you.
Paul Sian: How much, do you have any minimum loan requirements and your maximum loan requirement?  
Angie Hoffman: Up to ten million on the investment real estate side, and then once it’s beyond that, we do have a commercial group that we would work with a real estate group as well as our middle marker group that would potentially be involved. As far as minimum typically, again if it’s under 2,50,000. It’s still something that we would do. It just, we pull in a different partner to work with us on that too, because it kind of goes into a little bit different of a space.
Paul Sian: Is there, under 250,000$ or is there a lower minimum. I know some conventional lenders won’t touch anything fifty thousand and under.
Angie Hoffman: It’s pretty common. Yes, under fifty thousand is gonna be a little bit more difficult. 
Paul Sian: 50,000 to 2,50,000, and above that.
Angie Hoffman: But keep in mind too. I mean, if you have properties itself. It may be again, you see this more with the single-family home portfolios. You may have multiple properties that are under fifty thousand. But we’re looking at the entirety of the portfolio, makes a little bit different of a scenario. I would caution that anything that somebody is looking at from the perspective of either total lending amount or even individual property. We’re happy to take a look at it, have an understanding of what you’re looking to do, and if for some reason it’s not something that is in our world necessarily. Again, from an internal and external standpoint. We typically have somebody who I can contact.
Paul Sian: Discussing interest rates from general perspective, everybody’s situation is different and unique. But in terms of paying more, having a lower LTV, 60% LTV rather than 80%. People get themselves a better interest rate or is it generally, can we same and more just depending on credit and history.
Angie Hoffman: So, from an interest rate standpoint, the commercial side is a little bit different. Then maybe the mortgage or lines of credit side, then you then you generally see. Ours is based off of what banks cost the funds are, and then there is a spread that is on top of that. That’s where you get the percent from. Right now, cost of funds are pretty minimal. So, interest rates are extremely competitive. But from that perspective, it doesn’t necessarily factor in the actual loan it saw or the guarantor itself or the property itself.
Paul Sian: So, there’s some risk-based consideration towards interest rates. I guess a little higher risk project is that something you would price a little higher in the interest rate or generally that it’s not considered as much?
Angie Hoffman: No. That’s not considered as much, generally.
Paul Sian: Okay. Great. That’s all the questions I have for you today Angie. Did you have any final thoughts to share with the group?
Angie Hoffman: Sure. One thing I would say is if anybody has any questions about property specific, cash flow, if this property may fit into their portfolio or something that we would look to land up to 80%.I’m happy to partner with anybody on that side as well, and be resource for them. On top of that, I did want to mention that obviously US Bank is across the country. That gives us the ability even, if I’m your contact in Cincinnati to lend out-of-state borrowers.
I’ve worked with quite a few clients obviously from California that are buying in Cincinnati as well Chicago. So, those are people that I’ve worked with quite frequently as well.
Paul Sian: That is perfect. I’ve got a number of out of state clients to. That is one of the biggest challenges that I’ve faced with some local lenders is that they don’t lend to out of state. That’s a great ability to have.
Angie Hoffman: So, the key with in that too is just as I want to mention too. I mean, anytime that scenario comes up. We are happy to discuss it. One of the biggest factors with out-of-state lenders is that we do look for them to be within US bank footprint. So, we are very much on the west coast and Portland, all of those areas. If they’re somewhere you’re not familiar, if we’re within that area, please reach out. Let me know, and I’m happy to take a look.
Paul Sian: Great. Thank you again. I will leave your contact information on my blog post once it gets published live. Thanks again for being on the podcast.
Angie Hoffman: Thanks for having me. 

Source: cincinkyrealestate.com

Here’s What You Need To Know About Becoming A Cosigner

Are you thinking about becoming a cosigner for someone? Have you ever been asked to cosign on a loan before? 

becoming a cosignerMany people have been asked to cosign loans for family members and even friends. However, many people do not understand the full cosigner meaning, and becoming a cosigner is never something you should do unless you completely understand what it means.

If someone asks you to cosign a loan for them, you might be hesitant to say yes at first. You also might not want to offend the person or make them mad.

Whatever you may be thinking, I want you to fully understand what you are getting yourself into.

Becoming a cosigner can actually turn into a big financial mistake if you do it without really thinking it through.

Okay, now some of you may think that I’m a mean person for saying that, but I’ve heard many stories from people who’ve had their credit wrecked, have been stuck paying a loan for someone else, and even had their relationships ruined.

All of that from cosigning a loan.

Perhaps you have cosigned before and it went fine, or you know a friend of a friend who has done it. Perhaps you think that things won’t go bad for you or that you are hurting the person by not cosigning for them.

But, I want you to be careful before becoming a cosigner. I’m saying this to help you!

No matter how well you think you know someone, mixing money and relationships can change things. What you may have thought was a wonderful friendship or family relationship can turn into a nightmare.

It may seem very innocent – you’re just helping a good friend or relative get a loan. 

Really, if it was that simple, I’d tell everyone to do it. But, becoming a cosigner is a major financial decision that you need to seriously think about before agreeing to.

Before you cosign a mortgage or another type of loan for someone, it is always wise to be 100% positive of what cosigning a loan actually means and how it may affect your relationship with the person getting the loan.

Surprisingly, many people don’t know exactly what happens when they agree to being a cosigner. Many people just think that all you’re doing is helping a person get approved, but that’s not just it.

Sorry to break it to you, but the bank, landlord, etc., does not care if the applicant has a friend with a good credit history. 

There’s more that comes with being a cosigner.

As the cosigner, what’s actually happening is that you are taking on the full responsibility of the debt if the original applicant is unable to pay.

And, that happens more often than you might think.

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According to a survey I found on CreditCards.com, 38% of cosigners had to pay some or all of a loan that they cosigned for because the primary borrower failed to pay. This is a HUGE percentage of cosigners, so please keep that in mind.

Other statistics I found about becoming a cosigner include:

  • 28% of cosigners saw a drop in their credit score because the person that they cosigned on a loan for paid their loan late or skipped a payment.
  • 26% of cosigners said that cosigning damaged the relationship with the person that they cosigned a loan for.
  • 90% of private student loan borrowers who applied for cosigner release were rejected. So, if you think that you are going to cosign for a loan and then remove yourself from the loan later, that is much more difficult than you probably think. Stat from Consumer Financial Protection Bureau)

So, who is finding cosigners for loans?

According to the survey mentioned above, 45% of cosigners are cosigning for their child or stepchild. And 21% of cosigners are cosigning for a friend.

The rest is a mixture of cosigning for spouses/partners and parents.

Today, I am going to answer common questions about becoming a cosigner for a loan.

What to know about becoming a cosigner.

 

What is a cosigner?

If you’ve been asked to become a cosigner on a loan, you may not know what that fully entails.

A cosigner is someone who agrees to be on a loan with another person so that they are more likely to be approved. 

A cosigner may be needed for different things such as a:

  • Car loan
  • Student loan
  • Mortgage
  • Apartment or other type of rental home

And more.

Here’s an example of when someone may want a cosigner: if your child wants to buy a car but doesn’t have a long enough credit history to be approved for the car loan. Your child may ask you to cosign their loan so the lender takes your credit score and financial information into account. This improves your child’s chances of being approved.

Other reasons you might be asked to be a cosigner is if the borrower doesn’t have a high enough credit score or doesn’t make enough money to pay the loan (that is a red flag right there).

However, as a cosigner, you are agreeing to pay off the debt if the original borrower is unable to pay it in the future. So, even if the original borrower doesn’t pay a penny, the cosigner would have to make all of the payments or risk being sued, having credit report damage, and more.

In that example I gave, the parent would be responsible for the car loan if their child could no longer make their payments. Not only that, if the child for some reason refused to make payments (I’ve heard of situations like this), the parent would be responsible.

Remember, like I stated above, 38% of cosigners had to pay some or all of a loan that they cosigned for because the primary borrower failed to pay. 

And in some circumstances, even if the borrower files bankruptcy, while their other loans might be discharged, the cosigner may still be responsible for paying the cosigned loan.

Related: Everything You Need To Know About How To Build Your Credit Score

 

How does a co signer work?

Here’s what happens when you agree to become a cosigner for a friend or family member. 

You will start by giving your personal information to the bank or lender. This is information like bank statements, tax returns, paycheck stubs, and so on.

You will also have to complete the loan application, and once you agree with all of the loan terms, then you sign it.

But, becoming a cosigner doesn’t mean that you will own or have partial ownership of the vehicle, house, or whatever else you are cosigning for. It does mean that you are taking full financial responsibility and promising to pay the loan yourself if the borrower does not pay.

Becoming a cosigner is nothing to take lightly.

 

Does cosigning hurt your credit? Is it bad to be a cosigner?

Becoming a cosigner can hurt your credit score and prevent you from future loans in some circumstances.

Here’s why:

  • If the person doesn’t pay the monthly payments on time, then you may be rejected for a loan in the future. Missed payments can damage your credit score and your credit report.
  • As a cosigner, you are increasing your debt-to-income ratio. So, even if your friend/family member pays every single bill on time, a lender will still see this as YOUR debt. Unfortunately, this may prevent them from approving your loan because they will think you have too much debt on your plate.

If you might be buying something soon that will need financing (house, car, etc.), you should think long and hard before you decide to be a cosigner on someone else’s loan.

 

Can cosigning a loan hurt a relationship?

Unfortunately, many cosigning relationships go sour. 

I have heard many stories where someone cosigned a loan for someone else and then didn’t talk to them for years or even decades because of a falling out of some sort.

I have always been a firm believer that money and relationships do not mix well. 

If you are going to cosign or lend money to someone, then you should consider it a gift because there is a chance that you will never see that money again.

 

Can you remove yourself from a loan as a cosigner?

Remember the statistic above – 90% of private student loan borrowers who applied for cosigner release were rejected. 

There’s not much you can do to remove yourself from a loan that you cosigned on. If the person isn’t making payments, you are stuck with it for the most part.

The loan would have to be refinanced to take yourself off the loan, and there are many horror stories out there where the original borrower refused to refinance because then they wouldn’t be able to force the cosigner to continue to pay the monthly bill.

Plus, there are instances in which refinancing is impossible because of the value decreasing, the economy changing, a person’s financial situation getting worse, and so on. 

So, while the original borrower may be okay with getting you off of the loan and refinancing, it’s still up to the lender whether or not they will refinance the loan.

 

How do I protect myself as a cosigner?

There is no guarantee that becoming a cosigner is going to work out, but if you’re determined to do it, you will want to know both of these two things for sure:

  1. That you can trust the person you are cosigning for.
  2. That YOU can make the payment.

Many people who are thinking about becoming a cosigner may not think about that last one, but it is just as important as the first one. Being stuck with the loan payment would be awful, but not being able to make the payment could cause you to go into serious debt and destroy your credit.

You may be certain you won’t be stuck making the payment, but you don’t want to be stuck in a bad financial situation.

 

Should I cosign a loan?

Even though those cosigning horror stories are real cautionary tales, most people don’t believe they would ever happen to them. 

However, don’t you think most (if not all) cosigners felt the same way in the beginning?

It’s up to each person to decide if they will cosign, and you should never feel forced to do it. However, I want you to remember that if you cosign, then you should make sure that you can afford to make the monthly payment.

You never know, one day those payments are being made and everything is going well. The original borrower may be a great person, but then they may lose their job, have an unexpected expense come up, or something else that prevents them from paying their bills.

Then, what if something happens to you and you can’t make those payments either? Unfortunately, being unprepared and not really knowing what you are getting into can turn into a disastrous situation.

Cosigning a loan may not always be bad. However, I believe it’s better to realize what the consequences are before going into something that can negatively impact your life. It’s always better to be prepared!

 

Is it a bad idea to cosign for someone?

Cosigning a loan doesn’t always have to be a bad thing.

However, I want you to remember that there is a chance that you will be on the hook for the loan.

So, if you cosign, whether that be for a car, mortgage, apartment, student loan, or something else, you should make sure that you can afford the payment as well. Because, there is a chance that you may have to pay it one day.

Everyone has a different situation, and ultimately, you have to do what’s right for you. 

What do you think of becoming a cosigner for a mortgage or other type of loan? Would you ever do it?

The post Here’s What You Need To Know About Becoming A Cosigner appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Nevada County, California VA Loan Information

Table of Contents

  • What is the VA Loan Limit?
  • How to Apply for a VA Home Loan?
  • What is the Median Home Price?
  • What are the VA Appraisal Fees?
  • Do I need Flood Insurance?
  • How do I learn about Property Taxes?
  • What is the Population?
  • What are the major cities?
  • About Nevada County
  • Veteran Information
  • Apply for a VA Home Loan
  • VA Approved Condos

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Nevada County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Nevada County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Nevada County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Nevada County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock-in your interest rates
    • Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of March 31st, 2020, the median home value for Nevada County is $477,219. In addition, the median household income for residents of the county is $63,240.

How much are the VA Appraisal Fees?

  • Single-Family: $600.
  • Individual Condo: $600.
  • Manufactured Homes: $600.
  • 2-4 Unit Multi-Family: $850.
  • Appraisal Turnaround Times: 7 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Nevada county, the mountainous terrain reduces flood hazard areas to small areas surrounding bodies of water.

How do I learn about Property Taxes?

  • Sue Home is the Nevada county tax assessor. Her office can be reached at 905 Maidu Avenue Suite 290 Nevada City, California 95959. In addition, her office can also be reached by calling 530-265-1232.
  • The state of California offers various incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are California Competes Tax Credit which offers qualifying businesses tax credit and the New employment Credit program which offers a tax credit for taxpayers who hire full-time employees. These and many other programs help in further diversifying the state’s economy.

What is the Population?

  • The county’s population of 99,755 is 84% White, 9% Hispanic, and 3% two or more races.
  • Most county residents are between 18 and 65 years old, with 17% under 18 years old and 28% older than 65.
  • In total, the county has about 40,904 households, at an average of two people per household.

What are the major cities?

The county has two cities and one town, including Nevada City which serves as the county seat. The two other cities in the county are Grass Valley and Truckee.

About Nevada County

Formed in 1851, 13 years prior to the neighboring state of Nevada attaining statehood, Nevada County was actually the first area of the United States to include the stand-alone word Nevada in its name. The term’s etymology is from the name the Sierra Nevada, Spanish for snow-covered. Nevada County is known for its involvement in the California Gold Rush. The early years of California are featured prominently throughout the county. The Nevada Theatre, built in 1865 making it the oldest theater in the state continues to operate to this day. Many notable figures have performed on the stage at the Nevada Theatre, ranging from Mark Twain to Motley Crue.

Further providing Nevada County notoriety is its place as the birthplace of Arcade Video games, with the inception of Pong. The creation of Pong led to the county being nicknamed the “Silicon Valley of the Sierras.” The first cell phone for commercial usage, with the capability of taking photos, was developed in the county seat of Nevada City. Currently, over 1,000 software designers and developers reside in the county.

Our nation’s 31st President, Herbert Hoover once lived in Nevada City, earning a living as a miner, fresh out of Stanford University.

The timber industry, government services, and tourism are the driving forces of the local economy.

Tourism based on the history of this country is reflected in many of the museums found in Nevada County. These museums put the history of the Gold Rush, mining, and the railroad at the forefront. The county is also home to numerous state parks including Malakoff Diggins State Historic Park, Grass Valley’s Empire Mine State Historic Park, and Donner Memorial State Park.

A veteran property tax exemption exists for veteran homeowners in Nevada County, amounting to $4,000. A disabled veterans exemption which is for a far greater monetary sum is accessible for disabled veterans with a total disability, blindness or the loss of use of more than one limb. This exemption is also available for the surviving spouses of disabled veterans.

Veteran Information

The county is currently home to 8,319 veterans, and they all have access to:

  • Nevada County is home to one VFW post:
    • Post-2655 Banner Mountian: 415 North Pine Street, Nevada City, CA 95959.
  • County Veteran Assistance Information
    • Nevada County Veteran Services Office: 988 McCourtney Road Grass Valley, CA 95949.

Apply for a VA Home Loan

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

Name (ID): THE BOULDERS (000151)
Address: 
10844 CINNABAR WAY
TRUCKEE CA 96161
NEVADA
Status: Accepted Without Conditions
Request Received Date: 05/13/2015
Review Completion Date: 06/02/2015

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/

The post Nevada County, California VA Loan Information appeared first on VA Home Loan Centers.

Source: vahomeloancenters.org

Options for Teacher Student Loan Forgiveness

Loan forgiveness is a trade-off. It’s about incentivizing graduates to work in low paying or otherwise undesirable positions in exchange for erasing or significantly reducing their student loan balance. Without these programs, important community institutions would be severely understaffed.

If you’re a teacher or education student reading this, those criteria probably sound familiar.

Many school districts struggle to fully staff their schools, especially when it comes to certain positions. Loan forgiveness programs are one of the best ways for them to attract job candidates and retain them for long enough to make an impact.

Teachers have several options when it comes to loan forgiveness. Here’s what you should know about each one.

Teacher Loan Forgiveness

The Teacher Loan Forgiveness Program is the only federal loan forgiveness program specifically designed for teachers. Math or science teachers who teach in secondary schools or special education teachers can have up to $17,500 worth of loans forgiven. Any other kind of teacher can only receive up to $5,000 worth of loan forgiveness.

The program has strict requirements. Teachers must hold a license or certification in their state and teach for five consecutive years in a school that primarily serves low-income students. A list of eligible schools is available here.

Teachers qualify even if they work at different schools for each of the five years, but each of those schools must be eligible.

Teacher Loan Forgiveness is only available for Direct Subsidized and Unsubsidized Loans, as well as Subsidized and Unsubsidized Federal Stafford Loans. Perkins loans are not eligible.

If you have a Direct Consolidation Loan or a Federal Consolidation Loan that includes a Perkins loan, that portion won’t be eligible for Teacher Loan Forgiveness. PLUS or graduate school loans are also not eligible for Teacher Loan Forgiveness.

Public Service Loan Forgiveness

The Public Service Loan Forgiveness Program (PSLF) is arguably the best forgiveness option for teachers. Unlike the Teacher Loan Forgiveness program, borrowers don’t have to work consecutive years to qualify. This is especially helpful for teachers who take a year or two off.

Teachers can work for an elementary or secondary school, in either a public or private school setting. They must work at least 30 hours a week to qualify. After 120 qualifying payments, they can apply to have their remaining loan balance forgiven. There is no limit on how much will be discharged, and teachers won’t owe taxes on the forgiven amount.

Only Direct Loans are eligible for PSLF. If you have FFEL or Perkins Loans, you’ll have to consolidate them into a Direct Consolidation Loan to qualify.

Teachers should submit the PSLF employer certification form every year, which will verify the employer and calculate how many qualifying payments have been made.

PSLF can be used with Teacher Loan Forgiveness, but borrowers will only receive credit for one program at a time. If $5,000 of your loans is forgiven after five years through Teacher Loan Forgiveness, those five years’ worth of payments will not count toward PSLF.

While working toward PSLF, teachers will have to choose from one of the income-driven repayment plans. These options will lower your monthly payment.

Perkins Loan Teacher Cancellation

Teachers with Perkins loans can have their loan balance entirely discharged. To be eligible, they must work full-time in a school with low-income children or as a special education teacher. Teachers can also become eligible by teaching a subject that has a shortage of teachers in their state.

Private school teachers and those who have two part-time teaching jobs also qualify. Preschool and kindergarten teachers may only be eligible if their state considers those grades to be part of elementary education.

Unlike PSLF or the Teacher Loan Forgiveness program, teachers can earn partial loan forgiveness. They’ll get 100% forgiveness after five years of service.

Here’s how much will be forgiven each year:

  • 15% forgiven after one year of work
  • 15% forgiven after two years of work
  • 20% forgiven after three years of work
  • 20% forgiven after four years of work
  • 30% forgiven after five years of work

State Forgiveness Programs

Your state may have its own teacher forgiveness program. Go here to see what options are available. You can also try Googling your state and “teacher forgiveness program” and see what comes up. You may have to teach in an underserved area or teach a specific subject to qualify.

Options for Private Student Loans

Teachers with private loans rarely have access to loan forgiveness. Here are some options available to them:

Refinance private loans

If you want to save money on private loans, your best option is to refinance to a lower interest rate.

Private lenders often require a credit score of 650 or higher to qualify for a refinance. Some lenders may also have an income requirement, but this depends on the specific lender. For example, LendKey accepts borrowers with low salaries.

When you refinance private loans, make sure you understand the term you’re signing up for. For example, if you have five years left on your private loans and refinance to a 10-year term, you may end up paying more interest over the life of the loan because the term is doubled.

If you can afford it, keep making the same payments as you were before. Assuming you haven’t significantly changed your budget or lost your source of income, this should be doable. Keeping the same payment rate will let you repay the loan faster and save on interest.

Take out a home equity loan

If you’re a homeowner, you can withdraw extra equity from your house and use it to repay your student loans. Generally, you’ll need to have 80% or more equity in the home to qualify.

Home equity loans may have lower interest rates and longer terms than private student loans. It may also be easier to qualify for a home equity loan because the bank has collateral behind it.

The downside to this strategy is that if you default on a home equity loan, the bank may repossess your house. Comparatively, refinancing your private student loans has much lower stakes.

The post Options for Teacher Student Loan Forgiveness appeared first on MintLife Blog.

Source: mint.intuit.com

What Is a Stafford Loan and How Do You Qualify?

How do you qualify for a stafford loan?

If you’re in search of financial help for higher education, you may have explored different scholarships and grants to pay the way. Gifted money is a great way to pay for school without having to worry about paying it back after graduation. However, if you don’t have all your expenses covered through scholarships and grants, you might need to consider student loans to fill in the gaps. If you’re exploring federal aid, Stafford loans might be an option. Here’s what they are, how much they cost and how to know if you qualify.

What Is a Stafford Loan?

A Stafford loan is a federal student loan provided by the government to help pay for your education while you’re attending a university, community college, trade or technical school. 

Stafford loans are now referred to as direct subsidized loans or direct unsubsidized loans. The difference between subsidized and unsubsidized loans is who pays for the accrued interest of the loan while you’re in school and how much you may be able to borrow.

A subsidized loan is only available to undergraduate students in financial need. The U.S. Department of Education pays the interest that adds up on your behalf while you’re in school at least half-time, as well as during the six-month grace period after graduation and during deferment or forbearance periods. The limit on how much you can borrow is $3,500 for the first year, $4,500 for the second and $5,500 for the third and fourth years. The aggregate loan amount is capped at $23,000, which is lower than unsubsidized loans.

An unsubsidized loan is available for both graduate and undergraduate students and isn’t based on financial need. The student is responsible for the interest that builds up while in school. Payments could be more costly than those for a subsidized loan because of that accrued interest.

If a subsidized loan doesn’t cover all your college costs, you can take out an unsubsidized loan, too. The aggregate loan amount for unsubsidized loans is capped at $31,000 for undergraduate students considered dependents and whose parents don’t qualify for direct PLUS loans. Undergraduate independent students may be allowed to borrow up to $57,500, while graduate students may be allowed to borrow up to $138,500.

These types loans have fixed interest rates determined by the government, come with a fee and allow the student to borrow for up to 150% of the length of the program they’re enrolled in. For example, if you’re attending a four-year college, you would be able to borrow these loans for up to six years.

How to Qualify for a Stafford Loan How do you qualify for a stafford loan?

What you need to get a Stafford loan depends on your financial standing.

Students or parents of the student must first complete the Free Application for Federal Student Aid (FAFSA). Next, you’ll receive an award letter that details if you qualify for a Stafford loan. Your financial need determines if you’ll get a direct subsidized loan. If you don’t qualify, then you may receive a direct unsubsidized loan.

If you do qualify for one of these loans and you’re ready to accept the federal aid, you’ll need to submit a Mastery Promissory Note (MPN). This is a legal document which states that you promise to pay back your loans in full, including any fees and accrued interest, to the U.S. Department of Education. The school of your choice will determine how much money you’re eligible to receive and the funds go straight to your school – not to you. Since you can receive money based on your need or school enrollment – not your credit score – only your application is required.

Stafford Loan Alternatives

If you’ve exhausted all of your financial aid options, it might be time to explore other means to pay for school.

Direct PLUS Loans

Direct Plus loans are federal loans that are available to graduate or professional students, or parents of undergraduate students. They require a credit check and you might be required to make payments while you or your child is in school. However, you could request deferment and make payments after you or your child graduates or drops below half-time.

Private Student Loans

If you can’t get any further federal aid, you may consider private student loans. Instead of coming from the U.S. Department of Education, these types of loans are issued from private issuers, such as banks, credit unions or online lenders.

If you’re not sure where else to look, contact your school’s financial aid office. It may have scholarships, grants or other small loans available that you might qualify for.

The Bottom Line

How do you qualify for a stafford loan?

College is expensive and not everyone can afford to pay for it out of pocket. Tapping into financial resources, including Stafford loans like subsidized and unsubsidized loans, as well as direct Plus loans and private student loans, may help. Don’t be afraid to contact your school’s financial aid office for even more resources to pay for school.

Tips for Student Loan Borrowers

  • If you’re not sure of the best strategy for securing student loans, consider working with a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Interest rates for private student loans are often higher than those for federal loans. If you or your child is struggling to pay private student loans, consider student loan refinance rates available now.

Photo credit: ©iStock.com/William_Potter, ©iStock.com/utah778, ©iStock.com/BrianAJackson

The post What Is a Stafford Loan and How Do You Qualify? appeared first on SmartAsset Blog.

Source: smartasset.com

Mortgage rates remain at record-low levels

After falling to the lowest rate in Freddie Mac’s Primary Mortgage Market Survey’s near 50-year-history last week, the average U.S. mortgage rate for a 30-year fixed loan remained at a survey-low 2.67% this week.

Last week’s announcement of a 2.67% rate broke the previous record set on Dec. 3, and was the first time the survey reported rates below 2.7%.

The average fixed rate for a 15-year mortgage also fell this week to 2.17% from 2.19%. One year ago, 15-year average fixed rates were reported at 3.16%.

“All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more than one percentage point over the last twelve months, driving housing market activity in 2020,” said Sam Khater, Freddie Mac’s chief economist. “Heading into 2021 we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth.”

Freddie Mac has reported survey-low rates 16 times in 2020, proving beneficial to borrowers looking to buy or refinance a home amid economic turmoil outside of the industry.

Mortgage spreads continue to compress, per Freddie Mac officials, with the 10-year Treasury yield remaining at or above 90 basis points through the beginning of December.

This week’s 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.71%, down from last week when it averaged 2.79%. That’s another sharp drop-off from this time last year, when the 5-year ARM averaged 3.46%.

The Federal Open Market Committee revealed earlier this month that the Federal Reserve plans to keep interest rates low until labor market conditions and inflation meet the committee’s standards. Overall, Fed purchases have helped to drive mortgage rates and other loan interest rates to the lowest level on record by boosting competition for bonds.

Higher rates may be around the corner, as the calendar flips to 2021 and the promise of a second COVID-19 stimulus check along with a vaccine reaches consumers. The Mortgage Bankers Association has forecasted rates for 30-year fixed-rate loans rising to an average of 3.2% by the end of 2021.

But if the virus is not controlled in the new year, investors may remain cautious and consumer confidence could wane – keeping rates low, according to the MBA.

The post Mortgage rates remain at record-low levels appeared first on HousingWire.

Source: housingwire.com

Benton County, Oregon VA Loan Information

Table of Contents

  • What is the VA Loan Limit?
  • How to Apply for a VA Home Loan?
  • What is the Median Home Price?
  • What are the VA Appraisal Fees?
  • Do I need Flood Insurance?
  • How do I learn about Property Taxes?
  • What is the Population?
  • What are the major cities?
  • About Benton County
  • Veteran Information
  • Apply for a VA Home Loan
  • VA Approved Condos

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Benton county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Benton County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Benton County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Benton County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock-in your interest rates
    • Pro tip: Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of August 31st, 2020, the median home value for Benton County is $385,002. In addition, the median household income for residents of the county is $58,655.

How much are the VA Appraisal Fees?

  • Single-Family: $775.
  • Individual Condo: $825.
  • Manufactured Homes: $825.
  • 2-4 Unit Multi-Family: $950.
  • Appraisal Turnaround Times: 10 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Benton County, most flood hazard areas are located along the Willamette River which borders the county to the east. Several other creeks within the county are also prone to flooding. However, one of the most significant flood hazard areas is Marys River which floods areas within the city of Corvallis.

How do I learn about Property Taxes?

  • The Benton county tax assessor’s office is located at 4077 S.W. Research Way Corvallis, Oregon, 97333. In addition, the office can also be reached by calling (541) 766-6855
  • Oregon offers businesses that invest and hire within enterprise zones the option to be exempt from property taxes for at least three years. In addition, the Oregon Investment Advantage encourages new businesses to start and relocating to the state. For example, the program offers income tax subtraction, and it can also eliminate state income liability for new businesses for many years.

What is the Population?

  • The county’s population of 93,053 is 79% White, 7% Hispanic, and 7% Asian.
  • Most county residents are between 18 and 65 years old, with 16% under 18 years old and 17% older than 65.
  • In total, the county has about 35,056 households, at an average of two people per household.

What are the major cities?

The county has five cities, including the city of Corvallis, which serves as the county seat. In addition, there are four other cities Adair Village, Albany, Monroe, and Philomath.

About Benton County

Benton County is located in western Oregon and is home to a friendly local community and excellent dining options. Fun in the Oregon wilderness is waiting at any of the beautiful outdoor spots in the county. Many fun and interesting attractions can be found all over the area, including museums, art galleries, golf courses, and much more. Don’t miss out on any of the exciting festivals held in the county, where you can truly celebrate like a local! Benton County was officially founded on December 23, 1847, and was named after Thomas Hart Benton, who served as a U.S. Senator. The current population of the county is 90,951.

Enjoy all the beauty of the Oregon landscape at any of the scenic outdoor spots in Benton County. The E.E. Wilson Wildlife Area is the perfect place to get away from it all, featuring beautiful hiking trails and scenic campsites. For some of the best hiking and rock-climbing opportunities, be sure to check out Mary’s Peak, which offers majestic lookout points. Bring your friends and family to Riverfront Commemorative Park, which features walking paths, picnic areas, and much more. Other scenic outdoor spots in the county include the Alsea Falls Recreation Site and the Beazell Memorial Forest.

A great time is waiting at any of the amazing attractions in Benton County. The Arts Center is a can’t-miss for art-lovers, featuring a huge variety of paintings and sculptures made by talented artists. The Arts Center also hosts workshops, rotating exhibits, and special events. If you are interested in local history, then be sure to visit all the amazing exhibits and artifacts housed within the County Historical Museum. Check out the beautiful Darkside Cinema, which is independently owned and showcases both independent and art films. Other great attractions in the county include the Majestic Theater, Art in the Valley, and the LaSells Stewart Center.

A fun time for the whole family is waiting at all the exciting events held in Benton County. The County Fair and Rodeo bring out most of the local community to enjoy carnival rides, fun games, and delicious local food. Try a multitude of delicious drinks at Corvallis Beer Week. Other great events held in the county include the Corvallis Fall Festival and the Red Blue and Riverfront Festival.

Veteran Information

There are about 5,249 veterans currently living within Benton County, which offers assistance to veterans through:

Benton County is home to one VFW post:

  • Post 3957 Monroe Post – 605 Main Street, Monroe, Oregon 97456.

VA Medical Centers in the county:

  • Benton County VSO – 777 NW 9th Street, Suite 202, Corvallis, Oregon 97330.
  •  

VA Home Loan Information

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are currently no VA approved condos in Benton County, Oregon. However, if you’re interested in getting a condo through the approval process give us a call at (877) 432-5626. We can help you through the condo approval process.   

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/

The post Benton County, Oregon VA Loan Information appeared first on VA Home Loan Centers.

Source: vahomeloancenters.org