Real Estate Thought of the Day

CNN/Money today listed its Top 100 Best Places to Live.  They rate these small cities according to criteria such as unemployment rate, outdoors activities, etc.  The Portland Metro area doesn’t come into play until #64, where they list West Linn.

Here’s my question–isn’t it a bit misleading to rate a quality of life based on the unemployment rate?  If a small city had a 50% unemployment rate, and people were still moving there, wouldn’t one assume that the quality of life must be extremely good, rather than extremely bad?  After all, if the quality of life were poor, why would people move there?

Green Print in the NY Times

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For people looking to move to Portland (or for those already living here), the local company Green Print was featured in the NY Times this past weekend.  You can see the article hereGreen Print makes cross-platform software that cuts down paper waste by asking users to specify exactly which pages need printing in large documents.  It’s a fitting product for a city like Portland that promotes environmentalism.

What Does a Mortgage Banker Do?

“What Does a Mortgage Banker Do?”  That was my question eight years ago, when I first considered entering the industry.  I was from New York, where people pay $500,000 for a condo the size of a closet, and none of my friends owned or even considered owning their own homes.  Hardly anyone spoke of homeownership because the prices were so high, and the down payment requirements were high as well.  Still, I wish I had known about mortgages back then.  A home would have been a great investment for the four years I lived in New York as a professional.

In a nutshell, here is what we do: Mortgage bankers help people become homeowners.  It’s actually quite simple–we provide financing for home purchases (we also do refinancing…but let’s talk about that later).  The average price in the Portland area is around $250,000, and most people don’t have $250,000 in cash lying around and waiting to be spent.  In most cases, it’s easier to borrow money from the bank.  By analyzing your credit, assets, and income, we determine whether or not you fit the criteria set by our bank, and if you do, we take care of the paperwork necessary to secure your home loan.

The transaction takes place in three steps:

1. You and your Realtor find a home.

2. You make an offer on the home, and the seller likes it, she accepts it.

3. The mortgage banker finds the financing, you sign the disclosures necessary to secure the loan, we close the loan, and you become a homeowner.

It’s really that simple.  With mortgages, it’s best to apply early so that we can resolve any potential issues early in the transaction.  By providing the financing for your home purchase, we mortgage bankers enable people to leverage their credit, assets, and income to own real property.

Happy Independence Day!

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Pic from here.

Happy Independence Day, everyone.

Happy Birthday to our country, which is 233 years old.  I hope you are all celebrating with your friends and family.  Thank you to all who have said nice things about my site since it went live a few days ago.  We’ll start the mortgage related discussion next week!

Portland’s Waterfront Blues Festival

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Saw this in the Oregonian–the Safeway Waterfront Blues Festival begins today and will run until Sunday.  For more information, see here.   With the rockin’ good weather, it should be a great party.  They’ve got an accomplished roster of performers.

Why “MetroWagon?”

Welcome to MetroWagonPDX. 

I hope to use this space to educate people about residential home mortgages, as well as to allow contributors to talk about what’s going on in Portland and Oregon.  As some of you may be aware, I have been active in the political blogosphere, but this is my first attempt to cover the loan industry and local Portland.  I’m hoping that people will use this site to meet one another and to learn about the great things we have going on here.  For CA and WA readers, I am also licensed in CA and WA, so if you are interested in a mortgage loan in either of these two states, let me know–our rates are very competitive.

I had my very first conversation about this site yesterday with a lawyer friend.  He asked me the name of my new site, and I told him “MetrowagonPDX.” 

“Wagon?” he asked.  “Shouldn’t it be something like “MetroMortgage” or “Metrohome?”

I didn’t have an answer for my friend at the time, but here it is now: I wanted to use “wagon” because I think it’s the perfect word to illustrate modern America’s relationship with their homes and their money.  When I think of a typical mortgage or Realtor sales pitch, I think of late night infomercials that promise to teach people how to get rich on very little work and very little money down.  These commercials always have images of people sleeping in late, working a few hours a day, and making time to play golf and get fat on bon bons, a similar lifestyle to that of the citizens of the Roman Empire right before the Fall.

Homeownership, of course, does represent financial freedom.  Real estate has created more millionaires in this country than any other industry, and it continues to a foundation of our economy.  However, in this modern age, especially as we’re climbing out of a recession, I believe most people want more.  People want stability, but people also want to remain active, engaged, and empowered.  “Wagon,” to me, represents movement and conveys the idea that even after purchasing a home, customers want to go somewhere.  They want to do more with their money, more with their time, and more with their energy. 

This is my thought for the day.  Check back for more updates, and if you have a topic that you would like me to cover, let me know.

Thanks for visiting!

B.