There are many good mortgage calculators on line, so I won't try to duplicate here. An easy and convenient way to calculate mortgage payments is to use the calculator on the Complete MLS Searchable List page. When you have entered your search criteria and listings appear, just click on the house picture. The next page will contain all the information on that house and also a mortgage calculator. If you have any questions just give me a call or e-mail.
I highly recommend using a local lender with a proven track record and knowledge of our local taxes and lending practices. Virtual lenders are often difficult to work with, sometimes unreliable and won't save you time or money. I have included a couple really good local lenders, who are available to answer any of your questions.
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Jay Bennett |
Scott Munds |
All loan approvals are credit driven and your interest rate is determined by your "FICO Score". A FICO score is a number between 300 and 850, which is assigned by the credit reporting agencies. The better your credit history, the higher your FICO score. The higher the FICO number, the lower the interest rate. The best rates require a minimum score of 680. Loans can be obtained for lower scores at slightly higher cost or interest rate.
Checking your credit report in advance is a good practice. Effective December, 2004, individuals living in the Western States are entitled to a free copy of their credit report each year. You can receive this free report by going to www.annualcreditreport.com.
If you want your credit score, not just a credit report, you can purchase the credit score www.myfico.com or receive the score through your mortgage lender.
Property Taxes in Oregon
Property is assessed on the Real Market Value (RMV = the lowest amount a property would sell for during the assessed year.) Once Real Market Value has been set by the county, the assessed value cannot increase by more than 3% per year. Oregon's tax system is primarily a rate-based system. In the Portland Metro area mill-rates range from $14.00 per thousand to $20.00 per thousand. For example: a home assessed at $200,000 with a mill-rate of $15.00 would owe annual taxes of $3,000.
State Income Taxes in Oregon
State government is largely supported by personal income and corporate excise taxes. Local governments and schools are largely funded by property taxes. The state income tax is 9% for individuals with incomes over $6,500 and 9% for those filing jointly on incomes over $13,000. A Good source of information is the Oregon Department of Revenue. They also provide an online brochure answering the most common questions concerning Oregon Taxes.
Sales Tax
Oregon is one of only 5 states in the nation that levies no sales tax or use tax. You can actually write a check while standing in line. There have been numerous attempts to institute a sales tax but Oregonians continue to vote against the proposal.
..."and where all the children are above average," in the words of Garrison Keillor.
Oregon's children are above average! Oregon has ranked in the top five in the nation from 1995-2009 on SAT scores. In the 1990's Oregon adopted major reforms to better prepare our children for the 21st century. Complete with standards and benchmarks, the reforms are meant to ensure that each child has learned the required curriculum. Students are tested in grades 3, 5, 8 and 10. They work towards a Certificate of Initial Mastery (CIM) and Certificate of Advanced Mastery (CAM). More information is available at the Oregon Education Department. If you would like to view the report card for a particular school go to The School Report.
The Oregon Statewide Assessment Test (OAT) is different from national, norm-referenced tests used in many districts and states. The Oregon Statewide Assessment is a criterion-referenced test. (Wickipedia defined). As a result, the types of scores produced from the OAT are somewhat different from those produced by national, norm-referenced tests, such as No Child Left Behind.
The annual Oregon school report cards differ from the No Child Left Behind ratings. The state judges schools on average student performances, while the federal rating scrutinize individual group such as limited English, minority, and special education students. If one of those groups doesn't meet performance targets, the school is downgraded. You can view the NCLB results on the Department of Educations web site at:
No Child Left Behind results: AYP Report
Portland Metro Area SAT scores 2007-2009 (PDF)
Any questions or comments just e-mail or phone and I'll try to answer all of your questions.
DreamStreet Real Estate
4500 SW Kruse Way. Suite 100, Lake Oswego, OR 97035
(503) 577-9350
Equal Housing Opportunity. JoAnne Forman is licensed in the State of Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified. All Properties of information contained on this site are subject to prior change, modification, sale or withdrawal from the market. Original contents
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