Summary: Finding the right mortgage company for an Oregon home purchase is not easy. This article provides a few concrete tips on how to make the proper selection when it comes to partnering with a mortgage company for this type of purchase. The article also provides information on market trends at the statewide level and for several specific Oregon cities.
With its nationally renowned coastal cities and pleasant scenery, the State of Oregon boasts some of the more attractive places to reside in the country. Located in between Washington and California, Oregon has long been considered something of a gem in our union. The state’s largest city, Portland, has multiple major sports teams, and regularly draws visitors from all over the nation. For those who are currently in the market for a new home, the State of Oregon should be given serious consideration. Oregon presently has several very desirable real estate markets. If you consider a home in Oregon for your purchase, one of the biggest decisions you’ll make is the mortgage company you’ll partner with. Finding the right mortgage company in Oregon is not an easy task. There are many variables you have to think about. Before you select a mortgage company, it’s imperative that you do enough research beforehand, because making a poor decision could cost you large sums of money in the long run.
In this post, we will give you concrete tips on how you can go about finding the right mortgage company in Oregon. We will begin by briefly going over some of the recent trends in the major markets of the state. Then we will highlight the importance of shopping for rates. Finally, we will emphasize the importance of finding a company which has a broad foundation of knowledge which it can use to guide you through the home buying process.
If you’re serious about becoming an Oregon homeowner, we recommend checking out our Oregon first time home buyers’ guide for 2019. This contains a lot of very usable information for first time Oregon home buyers. Also view our Oregon Mortgage programs and Loan Options.
To recap, we will cover
- The State of Oregon has a number of highly desirable real estate markets
- When you choose a mortgage company, it’s imperative that you shop for competitive rates
- Be sure that you select a mortgage company with a broad base of expertise
- Reach out to us for additional information
Oregon Boasts Many Desirable Markets
The State of Oregon as a whole appears to be on an upward trajectory when it comes to home values. According to Zillow, median home values are projected to rise by 1.7% over the next year. They rose by 4.6% during the previous 12 month period. Though the rate of increase is projected to slow, clearly we can see that Oregon’s markets are on the upswing.
Several markets within the state merit individual attention. Although Portland has seen a very small dip in median home values during the last 12 month period, the city still boasts median home values which are substantially above the statewide median. Currently, Portland’s citywide median home value is $422,500, as of April 2019. With its easy access to the coast, educational opportunities and other perks, Portland is undoubtedly an attractive market. Along with Portland, the cities of Bend and Eugene have both shown very healthy gains recently. Bend currently has a median home value of $440,400, up by 8.1% during the previous 12 month period. Bend is expected to see an increase of approximately of 3.7% in the coming year. Eugene has a median home value of $313,200, up 7.1% from last year, and is expected to increase by 3.8% over the next year. These markets should be given due consideration if you’re thinking about Oregon as your new home.
Shop Around for Competitive Rates
One of the main keys to finding the right mortgage company in Oregon is shopping around for the best possible rate. When you search for the right company, there’s plenty of variables to be aware of, but a good interest rate is among the most critical. Different lenders will be able to offer different rates. Before you lock yourself in with one particular company, be sure to see and consider what other companies may be able to offer.
Many factors determine the type of interest rate you’ll be able to receive. Your interest rate reflects the totality of your present financial condition, past behavior and projected future behavior. For instance, your current credit score will undoubtedly impact your interest rate, as will your debt-to-income (DTI) ratio, cash reserves, and other factors. Different lenders may place differing levels of emphasis on certain factors, and so you may obtain a better rate with one lender over another. This is why you need to do copious research and shop around before making a commitment. You don’t want to accept a rate from one mortgage company and then later discover that you could’ve received a far better rate if you had simply searched a bit more diligently.
Find a Company with Broad Expertise
The home buying process is quite involved. To those who are new to the process, the whole thing may seem overwhelming. There are lots of unfamiliar concepts, strange terminology and unusual language throughout the home buying process. This is just as true for Oregon home buyers as it is for others. This is precisely why you need to partner with a mortgage company which has vast expertise with which it can counsel and guide you through the entire process. This expertise can help you in so many different ways. For instance, as you may know, you can select between many different mortgage products when you buy your home. There are conventional (i.e. non-government insured) loans, VA loans, FHA loans, and so forth. These loans have very different requirements and so they may have varying levels of compatibility with your particular situation. Finding a mortgage company which can counsel you in this area is invaluable. Be sure to check and double check the backgrounds and credentials of the professionals employed by the mortgage company you are considering.
Ideally, you want to find a company with as much expertise as possible. Try to find a company which can offer guidance on market trends, product types, financial planning, and so forth. The more expertise your chosen company has, the better your company will be able to assist you through the whole process.
Reach Out to Us Today
Clearly, searching for the right mortgage company in Oregon is far from an easy task. You’ll need to do your homework if you want to place yourself in the best possible position. There’s a lot of work involved, but when it’s your future home on the line you should be willing to put in the extra effort. Sammamish Mortgage has been in the mortgage loan industry for over 20 years, and we proudly serve the entire Pacific Northwest: WA, OR, CO and ID. The fact that we cover so much territory gives us a special advantage. We are able to see trends on a greater, macro level, and deliver exceptional guidance to our customers. When it comes to selecting a mortgage company for your Oregon home purchase, you have options to choose from. But you need to choose a company which has firm roots in this area and a specialized knowledge of the local market.