Portland Mortgage Lender: 11 Tips to Find the Ideal Match

October 1, 2020
Last updated:
January 4, 2022
Portland Mortgage Lender: Get Preapproved Today
In This Article

When buying a new home in Portland, it’s important that you take some time to find yourself an experienced Portland mortgage lender when applying for a mortgage. A home loan is one that you will be tied to and responsible for repaying for many years to come, so you want to be sure that you choose wisely when it comes to the lender you work with and the mortgage product you take out.

As much of a deep commitment as getting a lender sounds, it doesn’t have to be overly complex. While the process certainly has its nuances, working with a trusted mortgage lender in Portland will help take the complexity out of the process. These experts will work with you side-by-side to help you get familiar with the process and educate you along the way.

You probably already have plenty of experience shopping online for consumer goods and even paying your bills virtually. Well, you can also shop for a mortgage online, which can help save you time and hassle.

There’s no need to commute, meet face-to-face, and deal with making appointments with a lender. Instead, you can peruse the web as you search for your mortgage lender and home loan products while comparing interest rates and fees.

11 Tips for Finding the Ideal Portland Mortgage Lender

To make sure you end up with the right lender and mortgage product, consider the following useful tips.

1. Determine What Your Goal is

Before you set foot on the path to finding a Portland mortgage lender, you’ll first want to establish what your goal is. For instance, you may want to move into a larger home to accommodate a growing family, or you may want to downsize after recently becoming an empty-nester. Or, you may want to buy a vacation home or sell an investment property.

Whatever your specific needs are, it’s helpful to define what they are so you can choose the appropriate type of mortgage lender to help you realize a successful transaction.

2. Decide Which Mortgage Product You Require

There are so many different types of mortgage products out there, so your job is to do your due diligence to find out what they are and which one may be better suited for your particular situation. For instance, there are conventional mortgages, FHA loans, VA loans, jumbo loans, and so forth.

You’ll also want to determine the length of the term for your home loan, such as a 15-year versus a 30-year mortgage. Plus, you’ll want to decide on a fixed-rate mortgage versus an adjustable-rate mortgage.

As you can see, there are decisions to be made about the type of mortgage you take out, which you will want to contemplate as you search for a mortgage lender.

3. Find Out What Types of Mortgages the Lender Offers

As mentioned, there are several types of mortgages, and one might be better suited for you than others. Considering this, you want to make sure that the Portland mortgage lender you work with has what you need.

Live Portland Mortgage Rates

4. Find Out What Your Credit Score is

There are a few factors that play a role in your ability to secure a mortgage, and your credit score is one of the more important ones. If your credit score is high, you’ll have a better chance of getting approved for a mortgage at a lower rate. But if it’s on the low end, your odds of securing a mortgage are lower.

You can find out what your credit score is by pulling your credit report from one of the major credit bureaus in the US.

5. Give Your Credit Score a Boost

Now that you know where you stand with your credit score, you can decide whether or not it needs improvement. If so, there are a few things you can do to increase it, such as:

  • Pay all bills on time
  • Don’t spend close to your credit limit
  • Pay more than the minimum payment on your credit card
  • Don’t take out any additional loans
  • Keep old credit lines open

6. Keep Your Spending Habits in Check

If you have a bad habit of spending a little too much, consider taming this behavior. Now is not the time to rack up more debt. Instead, you want to pay down as much debt as possible to free up more of your income to be put towards your mortgage payments.

This will strengthen your loan application and increase the odds of approval. Plus, having less debt will make it easier to keep up with your mortgage payments.

7. Search Online For Reviews

There are plenty of review sites out there that you can look on to search various Portland mortgage lenders. Just be sure to visit reputable review sites and read as many as you can to get an overview of what the lender is like to work with rather than just focus on a handful of reviews.

8. Compare Interest Rates

When you apply for a mortgage, you want to be able to lock in the lowest rate possible. This will help you save thousands of dollars over the term of your home loan. As such, you should compare interest rates among various mortgage lenders in Portland. Luckily, this can easily be done via a quick internet search.

9. Find Out About Other Fees

While the interest rate is a crucial factor to consider about a mortgage, it’s not the only thing you should consider. You should also weigh the fees that the mortgage lender charges. In some cases, a mortgage with a lower rate may still cost you more than a mortgage with a lower rate if the fees on the former are very high. So be sure to choose a lender who is transparent about their fees so you can do some accurate comparison shopping.

10. Get All Your Paperwork in Gear

Portland mortgage lenders do a lot of homework on mortgage applicants to make sure they are financially fit enough to handle mortgage payments. To do this, they require common loan mortgage documents to verify applicants’ risk level. This can include things like tax returns, pay stubs, bank statements, and so forth.

Your lender will want to make sure you earn enough of an income and don’t have debt levels that are too high. All the paperwork you provide will help the lender make that decision.

Collecting all this paperwork takes some time and effort, so the sooner you get everything you need, the faster the loan process can begin.

11. Choose a Lender With an Established Presence in the Market

You want to work with a mortgage lender that has a long track record of successful transactions in your local area. You’ll also want a lender that can provide you with the support you need throughout the application and approval process. Be sure to choose an online mortgage lender in Portland that has an established presence in the industry, like Sammamish Mortgage.

A Word About Loan Limits

Mortgages have certain limits that borrowers cannot exceed; otherwise, the mortgage will be considered a “jumbo loan.” Loan limits on conforming loans and FHA loans are dollar caps placed on loans that either Freddie Mac and Fannie Mae or the FHA backs, depending on the type of home loan.

VA loan limits have been eliminated for 2020. However, some borrowers might still be subject to loan limits on a VA loan if they currently have a couple of VA loans or have defaulted on one in the past.

Loan limits are assigned to every county in the country and usually increase at the start of every year to reflect the growth in home prices.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

Get an Instant Mortgage Rate Quote Today

Ready to Apply For a Mortgage in Portland?

Do you have questions about home loans in Portland? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a mortgage company serving Oregon, Idaho, and Colorado. We have been offering many mortgage programs to buyers all over the Pacific Northwest since 1992. Contact us today with any questions you have about mortgages.

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