Back to Blog

Oregon First-Time Home Buyer Guide for 2021

Sammamish Mortgage
November 9, 2016
Last updated:
February 26, 2021
Oregon First Time Home Buyer Guide
In This Article

Summary: Are you a first-time homebuyer in Oregon? If so, you could use a little support and education when it comes to making the biggest purchase of your life. This article will provide you with the resources you need.

If you’re an aspiring first-time home buyer in Oregon, you’ve probably also been thinking about various things related to this goal. If you fall into this group, and plan to buy your first home sometime this year, you’ll find this collection of first-time buyer guides helpful.

Oregon First-Time Home Buyer Guides for 2021

Being a homeowner has plenty of perks. For starters, owning allows you the freedom to do what you want with your home in terms of decorating, while renting typically comes with restrictions in this department.

But more importantly, owning a home in Oregon also gives you the opportunity to own something of value that will only appreciate in value over time. This can give you the opportunity to build wealth and equity over the years as you pay into your mortgage.

But being a first-time homebuyer in Oregon can be overwhelming. That said, you can make the process easier for you by teaming up with experts in Oregon real estate and mortgages.

Over the past few weeks, we have created a series of helpful guides for folks who are planning to buy their first house in Oregon in 2021 Below, you will find a compilation of these resources.

Download the Home Buyers Guide eBook Now!

Why 2021 Could Be a Great Time to Buy a Home in Portland, Oregon

Prospective home buyers in 2021 will most likely continue to have to deal with tight inventory in 2021. A limited supply will continue to drive competition among buyers. Housing supply is especially tight in the starter home price range. There’s about a 2.5-months supply of homes for sale in Portland, which is below both the national average and what’s considered a balanced market. A neutral housing market over the next 12 months means prices won’t rise very quickly, which will likely contribute to a more buyer-friendly market. Learn about the specifics of the Oregon home market in this forecast.

5 Mortgage Tips for First-Time Home Buyers in Oregon: Updated for 2021

Are you a first-time home buyer in Oregon? If so, these tips may be very useful in your search for the perfect home. Interest rates are down, while home prices are going up. This can make 2021 the perfect time to get into the Oregon real estate market. These helpful suggestions may assist you in capitalizing on the current state of the Oregon market.

Oregon Mortgage Loan Programs

First-time buyers have a lot of options when it comes to choosing a home loan. This helpful guide explains some of the most popular financing options in use today, including FHA, conventional, 30-year fixed, and ARM loans.

Average Closing Costs for Buyers

Home buyer closing costs in the state of Oregon range from 2% to 5% of the purchase price, on average. This guide explains some of the costs you might encounter when buying your first house in 2021.

FHA Benefits for First-Time Buyers

The Federal Housing Administration (FHA) loan program offers unique benefits for first-time home buyers in Oregon. That’s why it is so popular among this particular audience. This article explains the primary advantages of this program.

Live Oregon Mortgage Rates Apr, 16, Fri, 2021

Get Pre-Approved Before House Hunting

First-time home buyers in Oregon can benefit from getting pre-approved for a mortgage loan. Pre-approval is when the lender reviews your financial situation to determine how much they are willing to lend you.

There are several benefits to being pre-approved.

  1. It helps you narrow down the market to those homes you can actually afford, based on your financing. This saves time and energy.
  2. Sellers will be more inclined to accept your offer, if you’ve been pre-screened by a mortgage lender.
  3. Real estate agents will be more willing to work with you. In fact, some Oregon real estate agents will only work with buyers who have been pre-approved.

The bottom line: If you’re buying your first home in Oregon in 2021, becoming pre-approved by a mortgage lender can help you in several ways. Pre-approval will make you a more competitive buyer, which is all the more important in an active real estate market.

Get an Instant Mortgage Rate Quote Today

Interested in Applying For a Home Loan?

If you’re looking to buy a home in Oregon, now may be a great time to make your move. If so, Sammamish Mortgage can help. We are a family-owned Mortgage Company that proudly serves the Pacific Northwest. We currently lend in all of Washington, Oregon, Idaho, and Colorado and offer many mortgage programs. Get in touch with Sammamish Mortgage today!

Other Blogs You May Like
Income Needed to Buy a Home in the Seattle Area, 2021 Income Needed to Buy a Home in the Seattle Area, 2021
April 14, 2021

The median price of homes in the Seattle metro area has gone up over the years, though they have slowed down over the past 12 months. But exactly what type of income do you need to be able to afford…

Read more
5 Tips for Buying Your First Condo in Portland, Oregon 5 Tips for Buying Your First Condo in Portland, Oregon
April 8, 2021

Gearing up to buy your first condo in Portland, Oregon? It’s a smart move. Portland is a great city, and condominium life is a good way to experience it without the maintenance hassles of a traditional detached home. But there…

Read more
11 Best Neighborhoods in Portland Oregon 11 Best Neighborhoods in Portland Oregon
April 8, 2021

Summary: Portland, OR has quickly become a highly attractive place for people to flock to. Its natural beauty, thriving economy, and affordable housing market make it a great place to live. This article will list some of the best neighborhoods…

Read more
Here’s How You Can Buy The Home Of Your Dreams Now That Things Are Opening Up Here’s How You Can Buy The Home Of Your Dreams Now That Things Are Opening Up
April 7, 2021

As economies begin to relax COVID-19 restrictions, the real estate business is also enjoying greater freedom to conduct transactions. With housing supplies low and buyer demand high, home seekers must be diligent and patient to find the right property.

Read more
Buying a House in Oregon With Little to No Money Down Buying a House in Oregon With Little to No Money Down
April 5, 2021

For many home buyers in Oregon, the down payment represents the biggest obstacle to homeownership. But it may only be a perceived obstacle. The truth is, there are several ways for buyers to reduce their down-payment expenses when buying a…

Read more
How Does Earnest Money Work for Oregon Home Buyers? How Does Earnest Money Work for Oregon Home Buyers?
April 5, 2021

Home buyers in Oregon tend to have a lot of questions about earnest money deposits. First-time buyers, in particular, want to know how earnest money works, how much they should pay, etc. And we have your answers! Here’s an overview…

Read more
Rent Or Own? Which Makes More Sense For You? Rent Or Own? Which Makes More Sense For You?
April 2, 2021

Should you rent or bite the bullet and make a home purchase? It’s a question that many people ask themselves. But while renting may offer more flexibility and not require as much of a commitment, there are certain benefits of…

Read more
5 Homebuying Acronyms You Need to Know 5 Homebuying Acronyms You Need to Know
April 1, 2021

Buying a home and scouring listings typically requires a little inside knowledge in the lingo that is used. Check out this infographic to get familiar with some homebuying acronyms you should know.

Read more
The Escrow Process in Washington State The Escrow Process in Washington State
April 1, 2021

For some home buyers in Washington State, the escrow process can seem like a mysterious step along the path to homeownership. This is especially true for first-time buyers who have never been through it before. Today, we will shed some…

Read more
3 Ways to Prevent Your Offer on a Home From Being Rejected 3 Ways to Prevent Your Offer on a Home From Being Rejected
April 1, 2021

Summary: Finding the home of your dreams takes a lot of time and effort. You don’t want to risk losing out on a deal when you put in an offer. This article will discuss ways to help ensure your offer…

Read more

Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote. (425) 401-8787