Mortgage Loans in Oregon

Homebuyers in Oregon need plenty of information and options to make the purchase of their dream home possible, and especially in bustling markets like Portland, Beaverton, and Hillsboro, where the supply can barely keep up with demand.  

Whether you are new to home buying or shopping around for your next investment, Griffin Funding is the mortgage broker in Oregon that can help you qualify for the most suitable loan for your budget. 

Our Oregon Mortgage Programs

Griffin Funding is a mortgage broker in Oregon to borrowers all over the United States. We can assist you with your home purchase in real estate markets like Oregon, where competitive interest rates can mean enormous benefits. We also service the following areas: 

Areas We Serve

Locations:

Portland Salem Eugene Hillsboro Bend Gresham Beaverton Medford Springfield Corvallis.

What Are the Options for a Home Loan in Oregon?

The process of obtaining a mortgage is often different in each state due to various requirements. However, those who have previously received mortgages may find that the fundamentals are very similar and that the most significant differences are found among the lending institutions. 

Those who are purchasing a home for the first time with an Oregon mortgage lender are often seeking an educational introduction to mortgages. These clients may be unsure of the best financial fit for their lifestyle and income and need to understand better what is available. Griffin Funding loan officers are skilled in handling both types of borrowers. We are happy to walk you through our different business services and will provide you with the information you need to obtain approval. We can also help you to upgrade and improve on business arrangements that you are familiar with, and that could use a bit of fine-tuning. 

When you are satisfied with what the loan officers have provided and feel ready to apply, getting approved is incredibly fast and straightforward. It all gets started with the quick and easy online application. Once the application is reviewed and approved, you will simply agree to the terms of the loan, which will then be quickly finalized by a Griffin Funding loan officer. 

Buying a House in Oregon: Requirements and What to Expect

The Oregon real estate market is booming, and there are significant increases in home values every year. Many home buyers find themselves surprised not only by the prices but also the hidden fees. The average Oregon home costs about $440,000, which is up 15%-16% from last year. A few helpful tips for purchasing in Oregon would be to: 
-Purchase with the assistance of a real estate agent. Due to the size and popularity of the Oregon real estate market, consulting an experienced agent is going to the most efficient way of searching. 
-Decide ahead of time how much you want to spend on a home and the monthly payment, which shouldn’t create too much strain. 
-Find a lender and submit a pre-qualifying mortgage loan application so that you make sure to shop within your budget. This information will also be beneficial to the real estate agent so that you can hone in on exactly what you’re looking for. 

-Take your time searching for a home and avoid rushing. Do some research on the area you want to live in, the schools, the neighborhood, commute, and consider the future. 
 -Create a savvy negotiating strategy with your agent based on comparable sales and contingencies to receive the most competitive deal.
– Do some additional research on what type of mortgage is best for you and decide if the pre-qualifying lender will work out or if you need to switch to a different company with more services. 

What Credit Score Is Needed to Buy a House in Oregon?

There are several options in Oregon when it comes to credit score requirements, and depending on your income, there is a pretty good chance of the right fit. Though most companies start at 620, there are exceptions. The FHA loan credit score requirement, for example, begins as low as 500, and USDA loans offer flexible credit approval with added fees for scores below 620. At the same time, the Fannie Mae HomeReady program stipulates a 620 or above credit score, and VA loans (for members of the military, their spouses, and other beneficiaries) require the typical 620 score.

How Much Money Do You Need to Buy a House in Oregon?

Oregon mortgage brokers like Griffin Funding are skilled at providing innovative assistance to borrowers so that they can qualify for housing appropriate for their income. The debt-to-income ratio is always an important factor to consider, and which will depend on the lender. However, in Oregon, you may be able to find a deal as high as 50 percent. 
 

What Is the Current Mortgage Interest Rate in Oregon?

The interest rates for an Oregon mortgage have been rising steadily since February 2022. For a 30-year fixed loan, the rate went from 3 percent up to 5.49%. And it is now 4.83% for a 15-year fixed. There is also a strong possibility that the upward trend will continue. 

How Much Do You Need for a Down Payment for a House in Oregon?

Minimum down payments in Oregon run about 3 percent. This means that for a house that costs about $500,000, there will be a $15,000 down payment. However, depending on certain factors, usually income, borrowers may be able to qualify for a program with down payment exemptions. 

Is It A Good Time to Buy a House in Oregon?

Oregon is a lucrative seller’s market where home values increase exponentially every year. So if you’re looking to purchase in 2022, then now is a good time – especially if you consider the prices in 2023!  Of course, reasonable interest rates can make purchasing more affordable, which will come in handy in booming cities like Portland, where there is still a great deal of competition for its available inventory. Therefore, sooner may be better than later for those concerned about the cost of borrowing. 

Apply for Your Oregon Home Loan

Every borrower has their unique concerns and circumstances,
and Griffin Funding looks forward to assisting you with your mortgage and home-buying experience. Contact us today so that we can answer any questions you may have and get you approved for your next home.