* $800,000 | 30-Yr-fixed | Credit Score 800+ | 25% Down Payment
Set out on your journey to homeownership in Salem with a dedicated ally by your side. Sammamish Mortgage has been helping Salem’s community realize their dreams of owning a home for over three decades. From the picturesque Willamette Valley vineyards to the historic charm of downtown Salem, our expertise in the local market ensures a seamless and informed mortgage process for you.
As you explore Salem’s welcoming real estate market, keep in mind that mortgage rates can fluctuate due to various factors:
Securing the most competitive mortgage rate in Salem requires partnering with a lender who values honesty and clarity. At Sammamish Mortgage, our Loan Officers are professionals who focus on your needs first, offering customized, straightforward advice.
Salem presents a range of housing options to suit all preferences, from quaint cottages in peaceful neighborhoods to contemporary homes close to the city’s bustling center. The variety ensures that every homebuyer can find a place to call home.
Reflecting the varied needs of its residents, Salem benefits from our comprehensive range of loan programs. Whether you are purchasing your first home or are interested in refinancing, we are prepared with the right solution to meet your goals.
Looking for a transparent mortgage rate? Working with the right mortgage company can help you save thousands. While it can be tempting to just go to your community credit union, they won’t be able to give you as many options. Likewise, avoid “mortgage brokers” and look for a full-service lender. Preferably, choose a mortgage bank that has a team of highly experienced Loan Officers. You want the best advice possible on the right mortgage for you, not just the biggest loan.
Salem borrowers have plenty of real estate loan options. Check out these different types of popular loan programs and compare details:
30-year fixed-rate conventional loans make it easy for Oregon home buyers to afford a home, with low monthly mortgage loan payments in trade for more interest paid over the loan term.
Active service members, surviving military spouses, and veterans can all apply to get a VA loan. These are very attractive since you may not need a down payment.
A first-time home buyer can benefit from an FHA loan, especially if you need some flexibility to make up for low income, a low down payment, or a below-average credit score.
Borrowers living in a pricey zip code can benefit from a jumbo loan that can get around conventional loan limits and help you purchase a home in the best location.
Mortgage lenders in Oregon typically consider your credit score, income, debt-to-income ratio, employment history, and savings.
Common home loan types include fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans.
Generally, a score of 620 or higher is preferred, but some programs may accept lower scores.
Down payment requirements vary; conventional loans often require 3-20%, while FHA loans may require as little as 3.5%.
Common loan term lengths are 15, 25, or 30 years.
Closing costs are fees paid at the closing of a real estate transaction. These typically include lender fees, title insurance, and appraisal costs. Expect to pay 2% to 5% of the purchase price in closing costs.
Yes, self-employed mortgages are available in Oregon. But lenders may require additional documentation, like tax returns and profit-loss statements.
Mortgage insurance is a type of policy that protects the lender if the borrower defaults, often required for down payments less than 20%.
A lower DTI ratio improves your chances of loan approval with a lower rate; most lenders prefer it to be below 43%.
Typically, the process takes 30 to 45 days from application to closing.
You’ll likely be asked for proof of income, bank statements, tax returns, and photo ID.
Yes, refinancing can lower your interest rate, reduce payments, or change loan terms.
A pre-approval is a lender’s conditional commitment to lend you money, which strengthens your offer when buying a home.
At Sammamish Mortgage, we offer unique perks, including competitive rates, $1 lender fees, hundreds of positive client testimonials, and in-house underwriting for fast approvals.
Whether you’re buying a home or ready to refinance, our professionals can help.
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