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Oregon First-Time Home Buyer Guide for 2021

Sammamish Mortgage
Published:
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.

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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.

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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!

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