* $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.
It’s somewhat competitive, though not extreme. Currently, Salem is a seller’s market, meaning demand exceeds supply.
Construction costs are a general driver of higher home prices across Oregon, as increased material/labor costs push new home prices upward and limit supply.
Inventory is tight. Salem is currently in a seller’s market, meaning demand outstrips supply.
Yes, fixed-rate mortgages are far more popular than adjustable-rate mortgages (ARMs) in Oregon, as the most popular mortgage type in the state is the 30-year fixed-rate loan. Fixed-rate mortgages are favored for their predictability, with a stable interest rate for the life of the loan, which appeals to homeowners who prioritize long-term budget certainty.
The mortgage rate you’re offered is influenced by factors such as credit scores, down payment, loan-to-value (LTV) ratio, loan type, and loan term.
Whether it’s worth it depends on how long you plan to hold the mortgage — if you’ll stay long enough to recoup the upfront cost via lower payments.
There isn’t a perfect time, but many homebuyers lock rates when the market shows signs of rising rates or inflation pressure. Late fall/winter sometimes sees lower competition. Always best to watch rates and talk to lenders.
For conventional loans, minimum down payment is often 3% to 5%, depending on the lender, creditworthiness, and whether PMI (private mortgage insurance) is required. For FHA loans, the minimum is 3.5%. For USDA/VA loans, down payments may not be required if you qualify.
For conventional loans, higher scores (680+) will result in better interest rates and terms.
Many conventional lenders accept total DTI ratios of up to 43%, depending on credit, reserves, other factors.
In Salem, average closing costs are around 2% to 5% of the home’s purchase price.
Recurring homeownership costs include property taxes, homeowner’s insurance, HOA fees, maintenance, utilities, landscaping, and repairs.
Sammamish Mortgage offers competitive rates, personalized service, and a streamlined digital process tailored to homebuyers in the Pacific Northwest. We also offer convenient tools, including our online loan calculator and Rate Quote tool. We also provide specialized programs, including our Diamond Homebuyer program, Cash Buyer program, and bridge loans.
Whether you’re buying a home or ready to refinance, our professionals can help.
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