Hello again....I am back with more tips and information for people moving to the beautiful city of Portland, Oregon. Welcome!
In Part 1 of my tips for Portland newbies, we covered such topics as DMV and car registration, the different power companies, all those bridges, food carts, and more.
Today, I want to feature information for those of you who may not even need to register a car. The public transportation in Portland is fantastic. The Tri-Met bus lines are affordable and stretch throughout the region, running on a very regular basis. The MAX is a wonderful lightrail system that will zip you from the far reaches of Portland metro to downtown, the airport, the zoo and many other important destinations. You can even ride the MAX line through downtown for free! To supplement these two great systems are the Portland Streetcar, connecting OHSU and PSU to the Pearl District and NW 23rd, and the WES line, connecting commuters from Beaverton to Wilsonville.
And, you can easily get around this town on foot and by bike. It is highly walkable and rideable. The pedestrian and cyclist communities are very well-organized and vocal, working hard for bike lanes and safety. Check out Portland Afoot and Bike Portland for more resources. We also enjoy the walks suggested in the book Walk There.
Through a combination of public transportation, walking and light driving, I only put gas in my car about every two weeks or so, which makes me happy and healthy.
Another interesting thing you should know about Portland is that it is in fact included in two different counties: Multnomah County and Washington County. In fact many cities in the Portland metropolitan area straddle two counties. Because of that, there is an additional government entity here, simply called Metro, an elected government that coordinates activities and resources between cities and counties throughout the region.
Speaking of elections, Oregon is a "vote by mail" state, meaning that there are no polling places on election day. Your ballot is mailed to you in mid-October, and you must mail it or return it to your county election board in time for election day. While this is convenient and has led to higher voter turnout, I must admit that I miss the excitement of the polling place on election day.
Time for a quick pronunciation guide:
Couch Street="Kooch Street"
Willammette="Wil-LAMB-et"
Glisan="Glee-son"
Aloha="uh-LOW-uh"
Be careful out there...Portland has a number of place names with interesting pronunciations. Saying them incorrectly will mark you as a newbie or tourist!
That is it for today's guide to settling in to Portland. There is always more to share and learn, and I will back soon with part 3.
In the meantime, if you ever have questions about moving to Portland or settling in to town, please let me know. I'm always happy to help!
Wednesday, September 15, 2010
Wednesday, September 8, 2010
The Simpsons are...going to Portland!
One of the best reasons to live in Portland is because The Simpsons are from here. Yes, The Simpsons. Those Simpsons. Not those other Simpsons, but The Simpsons.
For years, it was debated which Springfield was the actual Springfield that The Simpsons live in. Upon the release of The Simpsons Movie, Fox announced that Springfield, Vermont was the actual Springfield, but that was just a publicity stunt. Portland, Oregon is the real Springfield, because this is where creator Matt Groening grew up, and Portland inspired many characters and places in the series. And, here is the proof!
--Ned Flanders is named after NE Flanders.
--Reverend Lovejoy is based on Lovejoy Street, and AJ Lovejoy, one of the city founders.
--Montgomery Burns may have lived on SW Montgomery or near Montgomery Park.
--Mayor Quimby is inspired by both NW Quimby and Ramona Quimby, as seen in the children's literature of fellow Portlander Beverly Cleary.
--Principal Seymour Skinner is a combination of SW Seymour and Eugene Skinner, another Portland pioneer.
--Sideshow Bob's last name is Terwilliger, as in SW Terwilliger.
--Milhouse Van Houten is named for N Van Houten in North Portland.
--Also hailing from North Portland is Wayland Smithers of N. Wayland Street.
--And, of course, SE Simpson Street.
There are many others, which you can peruse right here at The Simpsons Archive.
If you want to know even more Simpsons-iana and the Portland connections, read this great reminisence by Matt Groening about his formative years in Portland, via the Portland Tribune.
There are so many wonderful things about living in Portland, and this is just one more of them. If you ever have questions about living in Portland or Portland real estate, just let me know. I'm always happy to help.
For years, it was debated which Springfield was the actual Springfield that The Simpsons live in. Upon the release of The Simpsons Movie, Fox announced that Springfield, Vermont was the actual Springfield, but that was just a publicity stunt. Portland, Oregon is the real Springfield, because this is where creator Matt Groening grew up, and Portland inspired many characters and places in the series. And, here is the proof!
--Ned Flanders is named after NE Flanders.
--Reverend Lovejoy is based on Lovejoy Street, and AJ Lovejoy, one of the city founders.
--Montgomery Burns may have lived on SW Montgomery or near Montgomery Park.
--Mayor Quimby is inspired by both NW Quimby and Ramona Quimby, as seen in the children's literature of fellow Portlander Beverly Cleary.
--Principal Seymour Skinner is a combination of SW Seymour and Eugene Skinner, another Portland pioneer.
--Sideshow Bob's last name is Terwilliger, as in SW Terwilliger.
--Milhouse Van Houten is named for N Van Houten in North Portland.
--Also hailing from North Portland is Wayland Smithers of N. Wayland Street.
--And, of course, SE Simpson Street.
There are many others, which you can peruse right here at The Simpsons Archive.
If you want to know even more Simpsons-iana and the Portland connections, read this great reminisence by Matt Groening about his formative years in Portland, via the Portland Tribune.
There are so many wonderful things about living in Portland, and this is just one more of them. If you ever have questions about living in Portland or Portland real estate, just let me know. I'm always happy to help.
Wednesday, September 1, 2010
FHA is Changing The Rules of Mortgage Insurance
On October 4th, Your FHA Buying Power is Going Down.
FHA loans will have higher monthly payments after October 3rd due to rule changes regarding Mortgage Insurance (MI). Both Upfront and Monthly MI are changing.
For example, this means that if you can afford a $225,000 house today, you will only be able to afford a $216,500 house in October.
The Good News: Upfront MI, which is usually added onto the loan amount, is going down from 2.25% to 1.0%. Since this cost is usually added onto the total loan amount, your total loan amount will be noticeably lower.
The Bad News: Monthly MI, which used to be determined by a factor of .55, is going up to .90. That means a monthly amount equal to 90 cents for every thousand dollars on the loan. This affects the monthly payment. For most borrowers taking advantage of the low down payments of FHA insured loans, the monthly payment usually has more impact than the total amount of the loan.
Let's look at a home that you want to purchase for $225,000. The FHA down payment of 3.5% would be $7,875, leading to a base loan amount of $217,125. The Upfront MI will actually reduce from $4,885 to $2,171. Remember, this amount is added to the loan, and results in a monthly payment about $13 less. However, the Monthly MI will increase from $99.52 to $162.84.
This all comes down to a monthly payment, including principal and interest plus MI, of $1,273.98, which is about $50 more per month than current rates. This is a reduction in your buying power, and results is the rough equivalent of being able to buy a house for $225,000 now or only being able to afford a $216,500 house after October 4th. Of course, these numbers will change for different loan amounts, so please let me know if you have any questions.
Argh...it is hard to write narratively about numbers. So....if you would like a handy flyer with an easy-to-read chart, please let me know and I can send it along.
Now, it is not too late to get the current FHA MI payments.
Your FHA loan doesn’t have to be complete by October 4th, but it must have an FHA Case Number, and an FHA Case Number can be obtained once your offer to buy is accepted.
This is a complicated issue to write about, so please let me know if you have any questions. This is an important change for a popular loan product, and I want you to know more about it. Thanks to Kristin Brown at Mortgage Trust for her valuable information and guidance on this topic.
FHA loans will have higher monthly payments after October 3rd due to rule changes regarding Mortgage Insurance (MI). Both Upfront and Monthly MI are changing.
For example, this means that if you can afford a $225,000 house today, you will only be able to afford a $216,500 house in October.
The Good News: Upfront MI, which is usually added onto the loan amount, is going down from 2.25% to 1.0%. Since this cost is usually added onto the total loan amount, your total loan amount will be noticeably lower.
The Bad News: Monthly MI, which used to be determined by a factor of .55, is going up to .90. That means a monthly amount equal to 90 cents for every thousand dollars on the loan. This affects the monthly payment. For most borrowers taking advantage of the low down payments of FHA insured loans, the monthly payment usually has more impact than the total amount of the loan.
Let's look at a home that you want to purchase for $225,000. The FHA down payment of 3.5% would be $7,875, leading to a base loan amount of $217,125. The Upfront MI will actually reduce from $4,885 to $2,171. Remember, this amount is added to the loan, and results in a monthly payment about $13 less. However, the Monthly MI will increase from $99.52 to $162.84.
This all comes down to a monthly payment, including principal and interest plus MI, of $1,273.98, which is about $50 more per month than current rates. This is a reduction in your buying power, and results is the rough equivalent of being able to buy a house for $225,000 now or only being able to afford a $216,500 house after October 4th. Of course, these numbers will change for different loan amounts, so please let me know if you have any questions.
Argh...it is hard to write narratively about numbers. So....if you would like a handy flyer with an easy-to-read chart, please let me know and I can send it along.
Now, it is not too late to get the current FHA MI payments.
Your FHA loan doesn’t have to be complete by October 4th, but it must have an FHA Case Number, and an FHA Case Number can be obtained once your offer to buy is accepted.
This is a complicated issue to write about, so please let me know if you have any questions. This is an important change for a popular loan product, and I want you to know more about it. Thanks to Kristin Brown at Mortgage Trust for her valuable information and guidance on this topic.
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