Canby, Oregon Real Estate
Canby is located around 8 miles south of its larger cousin Oregon City and is a very pleasant place to put down roots (pun intended). Known for its rich soil, mild climate, and the rustic farms and equestrian properties that dot the countryside, Canby is an excellent place to thrive and grow. The farming and ranching community of Molalla is to the south of Canby while a pleasant country drive north quickly gets you to Oregon City and the Portland Metro Area. If you love gardening, clean air, horses, elbow room, or any combination thereof you’ll want to take a long look at everything Canby has to offer. And, whether you are interested in buying, selling or need a Realtor’s help with short sale you’ll be happy to know that our experience means you’ll be in good hands at every step of the way. Want to learn more? If you’re new to acreage properties we’ll help you get familiar with the process and help you through the processes of everything from obtaining county records, arranging for testing and inspections to make sure the well and drinking water is safe, and also arranging for inspections of sanitation systems. There’s quite a bit that goes into purchasing a country property and our experience can help you protect your family and protect your bottom line. Give us a call to get more information on listing or purchasing in and around Canby, Oregon.
Real Estate Mortgage Calculator
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The Limitations of a “Mortgage Calculator” & Important Loan Fees*
When using a mortgage calculator or speaking with a loan officer it’s often very helpful for clients to have a bit of background information. First, know what type of loan payment and about additional fees that may be added into your actual loan payment. The calculator above will show you the Principal & Interest (abbreviated PI) loan calculation which doesn’t include the property taxes or mortgage insurance that will often be added to your mortgage payment. The total mortgage payment including taxes and insurance is called Principal Interest Taxes & Insurance (abbreviated PITI). In these situations the bank pre-pays the property taxes out of an escrow account and the borrower pays the taxes in monthly installments added onto their mortgage payment. The “Insurance” portion of the mortgage payment usually refers to Mortgage Insurance (abbreviated MI) which is an added policy that protects the bank, not the home or home owner. In certain cases flood insurance or disaster insurance may also be included in this as well.
More Info On Mortgage Insurance
MI, or mortgage insurance is the bank’s insurance policy which protects the bank against some of the financial risk of giving a home owner a loan. The federal government offers various mortgage insurers through FHA (Federal Housing Administration), Fannie Mae, and even USDA (United States Department of Agriculture). If you put 20% or more as a down payment on the purchase of a home you may well be able to avoid mortgage insurance all together. In addition to government insured mortgages, the private sector also offers PMI (Private Mortgage Insurance). Be sure to check out different rates on different mortgage programs because sometimes Realtors or loan officers may not be familiar with options that could save you thousands over the life of the loan.
At the time of this writing, USDA financing offers cheaper rates much lower than FHA for those who qualify and also if the property will qualify for USDA financing. Perhaps the best part about USDA financing is that it is a zero down home loan. There are income limitations as well as some very exacting criteria that the property must meet in order to be eligible but for houses that qualify it’s a great way for buyers to keep their down payment and use that as personal savings. In years past, USDA loans were not available to properties that had barns or other outbuildings because it was thought that such buildings were for commercial purposes. But, as the people of Canby and rural Clackamas County know well, there are many horse properties and farms that will never be used for business. As such, USDA has started to relax this strict no-barn stance and will review such properties on a case by case basis.
There are a multitude of other financing options for homes, farms, manufactured homes on acreage, acreage with crops or salable timber and much more. Call us to learn more about Canby, Oregon and let us know how we can help you.
*NOTE: As real estate agents we are knowledgeable about loan and financing options in general but we are not mortgage experts and if you are financing a purchase you’ll want to discuss the particulars of your situation with a mortgage banker or loan officer. Our clients frequently ask for our advice and we cooperate with the loan officer and bank throughout the process so we’re a resource for general information and education. Probably the best way to use the information you glean from us is by showing you “what questions to ask”. For example, as we discuss rural housing options and USDA financing you may now have enough information for you to sit down with a rural mortgage specialist and find out more about how USDA and other loan programs can work for you.
A little Background About the Town of Canby, Oregon
This town has deep roots and a long heritage in Oregon’s rich history. Later named for the noteworthy Civil War general Edward Richard Sprigg Canby, the town was originally known as Baker Prairie when pioneers first settled the area in the year 1857. The town of Canby, Oregon was platted in the year 1870 but wasn’t properly incorporated by Oregon’s government until the year 1893. Parts of Canby feature panoramic vistas of the Willamette and Molalla Rivers and is also known for its close proximity to the historically significant town of Aurora. According to the latest census figures, 15,829 people currently live in the town, although the figure is probably at least somewhat higher today because the most recent census data is from the year 2010. The town’s nickname is “Oregon’s Garden Spot” while its motto is Home of the Good Earth” which is high praise for a state known for it’s rich soil, heavy vegetation and green appearance. The town also hosts the annual Clackamas County Fair which occurs every August. Homes within Canby’s neighborhoods give way to rural properties on hobby farms and acreage lots. Horse properties, gardens and hobby farms are all popular uses for the many lovely country homes which surround Canby’s city limits.
Realtors Serving Clackamas County, Oregon: Our Mission
We’re proud of our firm’s longstanding commitment to helping our community with real estate brokerage services. As the largest independent brokerage firm in the state, we’re big enough to have all of the latest technology and yet small enough to get to know you and help you make your real estate dreams into reality. With almost seven decades of providing only the best quality service we stand behind our reputation and know that once you’ve done business with us once, you’ll want to come back for life.
Our fiduciary duty to serve our clients best interests in good-faith is more than a legal obligation; it’s a matter of pride. Our experience means we generally know the solution to issues that arise while our commitment to offering the best in service means that if on the outside chance you do happen to stump us we’ll work tirelessly so that we can provide you with an informed, accurate response. Please note that as Realtors we’re not experts at things outside the scope of our expertise however we routinely work with industry-leading experts and inspectors and builders so your transaction is successful and smooth. At Oregon Realty Company we still believe in a firm handshake and we’ve got almost seven decades of excellence in service to back it up. Call us when you’re ready to make your big move.
Real Estate Broker
Licensed in Oregon
Oregon Realty Company