Getting the Best Mortgage as a First Time Home Buyer in Oregon
Oregon home values are on the rise, a trend which is predicted to continue for anyone buying a house in Oregon throughout the next year.
According to Zillow, the median home value is currently $314,400, marking an astonishing increase of 9.5 percent.
Experts predict that home values will continue to rise by as much as 3.7 percent in 2018, which may pose a significant challenge for a first-time home buyer in Oregon hoping to get a competitive mortgage rate.
As home values continue to increase, finding manageable mortgage rates should be a top priority for first-time home buyers to ensure that buying a house in Oregon remains affordable, manageable, and productive over the long-term.
How Much House can a First Time Home Buyer in Oregon Afford?
For first time home buyers in Oregon, affordability is much more complicated than simply finding out how much of a mortgage you can get approved for.
An Oregon first time home buyer will also have to take into consideration additional affordability factors, like the closing costs of purchasing a home, monthly budget, and debt-to-income ratio.
Visit any of the calculators for Oregon first time home buyers below to analyze factors like location, household income, down payment, and monthly debt.
Key Requirements for First Time Home Buyers in Oregon
Before you apply for an Oregon first time home buyer loan, you’ll want to complete the below list of requirements.
- Get your down payment ready (~20% of the loan amount)
- Maintain good to excellent credit
- Save some extra funds for your closing cost
- Maintain a low debt balance
- Demonstrate sufficient income
- Gather your financial documents
- Get a home appraisal on the home
You’ll also need to examine your options before choosing between the best mortgage for you as a first time home buyer in Oregon.
Tips for First Time Home Buyers in Oregon
Buying a home is equal parts exciting and nerve-wracking. After all, purchasing a home is one of the most significant financial decisions that you will ever make.
As a first time home buyer in Oregon, there are plenty of new procedures and paperwork that you will have to be prepared for, which can certainly make the process confusing.
Below, please find a set of tips to help make the process of purchasing a home as straightforward and simple as possible for first time home buyers in Oregon.
- Take the time to explore different neighborhoods to find the right home
- Prioritize your preferences like condition, location, size, neighborhood, and price
- Be prepared to make sacrifices on your conditions as a first time home buyer in Oregon
- Discuss your options with a lending professional to get exact numbers on your budget, monthly mortgage payments, and closing costs
- Be prepared to accept defects and make your own renovations later
- Take the time to educate yourself about the local real estate market
- Get prequalified for loans for Oregon first time home buyers before talking to a seller
Conclusion – Additional Considerations for Oregon Mortgages
When searching for the best mortgages for first time home buyers in Oregon, keep in mind that there are a few additional pieces of information that are not disclosed in the beginning stages of searching for a mortgage.
If you have a good, great, or excellent credit history and you are seeking loans for Oregon first time home buyers totaling over $424,100, some lenders may be able to provide more favorable rates and terms.
For this reason, it’s important to confirm the specifics of any loan before committing to a mortgage for first time home owners in Oregon.
Additionally, it’s also important to keep in mind that initial APR and payment info often do not include state-specific taxes or required insurance premiums.
As such, anyone planning on buying a house in Oregon should expect that monthly mortgage payments will be greater after taxes and insurance products are added.
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