Chinook Mortgage Ltd.   541-302-3210

Great!  Call us to see if it makes sense to refinance.  A rough rule of thumb is to consider refinancing if you are planning to stay in your home for 3+ years and if current rates are at least 1% under your current rate.    

It means you don't qualify for this special refi program but you may still qualify for a standard qualifying refi.  An appraisal will determine whether you have enough equity to qualify. Call us for a quick and free consult.

Yes!  Part of this program allows for a 2nd mortgage already in place to be resubordinated.  That's lender-speak for "if your existing 2nd mortgage holder will agree to stay in 2nd position you can leave it in place".  You will need to verify with the 2nd mortgage holder that they will agree.  Our experience is that most will since the refi will put you in a better position to make their payment too!

Not on this program. 

No.  If you didn't need it to start with (ie. if you put down 20% originally) you won't need it for this program.  For example let's say you bought your home in 2005 for $200,000 and borrowed $160,000 and now the value is down to $180,000 you can still do this with no mortgage insurance!

It depends of course on the size of your loan, the number of years remaining and the new rate.  A rule of thumb is that your payment will be $5.37 per $1000 borrowed for a new 30 year loan at 5.0%.  So, a $200,000 loan at 5.0% will run about $1074 per month for principal and interest.  Don't forget to add 1/12th of your taxes and insurance to that figure to get your full PITI payment!  This is  a hypothetical example.  Please call for today's rates.

This will depend on several factors such as your loan size, whether or not an appraisal is required, etc.  Another rough rule of thumb is about $3000 for a loan amount of $100,000 and about $4500 for a loan amount of $200,000.

We don't collect up front for any fees!  Most lenders collect up front for the credit report and appraisal.  We front those fees for you so you can get to closing w/out money out of pocket.  Plus, If all your fees are financed you may close your loan at, or close to, zero out of pocket!

It does as long as the reduction in your payment more than offsets the cost.  Personally, I've refi'd our home several times, each time shaving hundreds off the payment.  My rule of thumb is if the refi pays for itself in less than 2 years it is almost certainly worth it. 

The only way we can tell is to run it through our automated underwriting engine.  If the approval comes back w/no appraisal required you can close faster and at less cost.

Yes. Plus rates on 15 year loans tend to run 1/2% lower than comparable 30 year loans.  You can also go from an adjustable rate to a fixed rate loan.

Yes. 

A LOT!  The program was recently ammended to allow loans up to 125% loan to value meaning a home you bought for $250,00 (with a loan of $200,000 or less)need only have a current value of $160,000!

Call us for a quick quote.  There are sites on the internet that can tell you generic historical rates like Bankrate.com and others but to get a specific quote for your particular loan you need to call.  Rates are tiered based many more variables than in the past.  Obviously, to qualify for the best rate now you need to be the lowest risk to the banks.

Yes and no.  Fannie Mae allows them but we don't currently have any lenders that will accept them. 

You don't technically skip a payment but your new loan payment won't be due for at least 30 days so in effect you can end up financing one payment.  For example if you were to close on October 15th your first loan payment won't be due until Dec 1st.  It's not a free lunch however, the lender is charging you interest from the day they close your loan. 

Good question.  In some cases it's actually better and in some cases it's worse.  For example if your new loan puts you at 85% of your current value and you have a 720 credit score you may end up better off w/this program AND still have no mortgage insurance.  If you have a large 2nd mortgage that must be subordinated you could be hit w/a rate that's higher than the best available.  We can give you a current rate for your specific situation.

Sorry, no.  They are working to patch this much needed part of the program.  Stay tuned! 

Yes.  They do have certain limitations and an added fee so it's harder to justify the expense but they can be done on 1-4 unit properties.  2nd homes also qualify and lenders do not typically add the extra fee to those.