Oregon Mortgage Rates
Compare Oregon mortgage rates and choose the best option for your needs.
Purchase
Purchase
Purchase
Purchase
Purchase
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- As low as 3% down on a fixed-rate mortgage
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Mortgage in Oregon: Top Lenders in 2024
Willing to buy a home in Oregon State? Utilizing a mortgage loan is often the most efficient method, regardless of whether you're eyeing a residential estate or an apartment. However, it's crucial to note that the terms of home loans can vary significantly among various lenders (use our mortgage calculator to estimate your future expenses). In this guide, we'll delve into some of the top-rated lenders and evaluate which ones are worth considering.
OR Mortgage Lenders Comparison
All the lenders reviewed are reputable companies with competitive rates and established track records. To provide you with the most comprehensive information, we will compare them based on several key criteria, including APR, minimum down payment, minimum requirements, and more.
Change Home Mortgage
Change Home Mortgage was established in 1994, catering primarily to non-traditional, low-income borrowers such as immigrants and individuals employed on a temporary basis. This focus is supported by its certification as a Community Development Financial Institution (CDFI). In addition to offering traditional options and all major types of government-backed loans (FHA, VA, and USDA), the brokerage promotes an alternative to the FHA plan: a conventional loan requiring only a 3% down payment. Change Home Mortgage also provides jumbo and reverse mortgages, along with remortgaging options. While the interest rates, fee schedule, and borrower eligibility criteria are not publicly disclosed, the brokerage aims to serve a diverse clientele with tailored mortgage solutions.
| Pros: | Cons: |
|---|---|
| Perfect for low- to moderate-income borrowers. | Not licensed in Massachusetts, Missouri and New York. |
| A good choice of government-backed plans available. | Doesn't disclose the exact terms and requirements. |
| A close-to-nationwide coverage. |
AmeriSave
AmeriSave has established itself as a nationwide lender since its foundation in 2002. Nonetheless, the lender originates from Georgia. Consequently, residents of the state often benefit from some of the most enticing offers. The lender's credibility is bolstered by its excellent ratings from BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% necessitates a FICO score as high as 740 and a 20% down payment. However, it's important to note that your actual rate is likely to surpass the advertised one. For conventional loans, a credit score of 620 is required, while government-insured plans are accessible starting from 600.
| Pros: | Cons: |
|---|---|
| Highly lucrative mortgage rates. | Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website. |
| Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA). | |
| Easy and convenient, mobile-friendly application process. |
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage. Quicken Loans is the leading consumer lender in the United States. Under both brand names, you gain access to the same array of options, terms, and services. These encompass simple conventional mortgages, including fixed or adjustable rates, as well as jumbo loans, home equity products, HELOCs (Home Equity Lines of Credit), and federally-insured programs such as FHA and VA loans, catering to both purchase and refinancing needs.
For conventional loans, a minimum credit score of 620 is required. However, it's noteworthy that the advertised APR for a 30-year fixed-rate mortgage stands at 7.199%, which places it on the higher end compared to similar offers in the market. Quicken Loans operates nationwide, serving all states as well as Washington D.C.
| Pros: | Cons: |
|---|---|
| High availability. | No construction loans. |
| Easy application process. | Rates above the market average. |
| Plethora of experience. |
Average Mortgage Rate in Oregon from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Oregon.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Oregon
| Criteria | Amount, $ |
|---|---|
| The median home value in Oregon | $448,552 |
| The income required to buy the median priced home in Oregon | $73,494 |
| The monthly mortgage payment required to buy the median priced home in Oregon | $1,702 |
| The median household income for Oregon | $73,391 |
Things to Consider When Choosing a Mortgage Lender
A mortgage loan entails a significant commitment over a term ranging from 15 to 30 years. Therefore, it's essential to thoroughly evaluate your options before committing to an agreement with any lender. There are several key factors to consider when selecting a lending institution. These factors include interest rates, loan terms, fees, customer service quality, and the lender's reputation. Additionally, you should assess your own financial situation and long-term goals to ensure that you choose a lender that best aligns with your needs.
Type of Lender
Essentially, there are two popular options: traditional banks and online mortgage lenders. Banks often offer attractive rates, but they tend to conduct strict credit checks. The approval process is typically longer, and the eligibility criteria can be challenging to meet. On the other hand, online lenders operate much faster, and their requirements for homebuyers are generally less stringent.
APR and Fees
Every loan carries costs beyond just the interest rate, and mortgages are no exception. These costs include additional fees such as the origination fee, mortgage insurance fee, closing costs, and more. As of the current writing, for a fixed-rate 30-year loan, the average mortgage rate in Oregon is 6.58%.
Terms and Conditions
In this context, it's important to factor in the minimum down payment requirement, which can range from 0% to 20% depending on various factors such as the loan type and your current status (whether you're military personnel, employed, self-employed, etc.). Another crucial parameter to consider is the lifespan of the loan, which refers to its total length. Common options include 15 and 30 years.
What Mortgage Lender is the Number One in Oregon?
The list of reputable mortgage lenders in OR is extensive, making it challenging to provide a definitive answer to this question. It ultimately depends on your specific needs and preferences. For instance, one of the industry leaders is Rocket Mortgage, boasting a loan volume of $11.5 billion for the year 2021. To make an informed decision, we recommend reviewing our list of recommended lenders.
First-Time Homebuyer Programs in Oregon
First-time homebuying can be quite challenging. Fortunately, residents of Oregon can benefit from various governmental programs aimed at enhancing mortgage affordability.
- One such program is the Federal Housing Administration (FHA) loan program. Under this initiative, buyers receive insurance from the federal government, with the insurance fee integrated into the total loan cost. In return, homebuyers enjoy significant benefits, including a low interest rate and minimal credit requirements. Consequently, a FICO score as low as 500 and a debt-to-income ratio of just 50% may qualify.
- Another option is the USDA loan program, designed for those residing in rural areas. Participants in this program can secure a mortgage loan with zero down payment required. However, their annual income must not exceed 115% of the average income in the region.
- Additionally, there are VA loan programs, insured by the Department of Veterans Affairs, available to former military personnel or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a prospective homebuyer's credibility, signaling to home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain pre-approval, individuals must provide documentary evidence of their financial capacity. This typically includes earning statements, account statements, a W2 form, or alternative proof of income for at least 2 years. Additionally, filling out the Uniform Residential Loan Application form is necessary.