Getting the Best Mortgage Rates in Portland (10-15-30-Year Fixed, 5/1, 7/1 ARM)
If you’re in the market to purchase a home in Portland, you may be surprised to hear that the average home price is now $428, 500 according to Zillow.
These rising costs mark an increase of 2.5 percent throughout the past year, with experts predicting an additional increase of 2.8 percent in 2018.
Whether you’re planning on buying property with a new home loan or looking to refinance existing Portland mortgages, you’ll want to make sure you are prepared before you start talking with mortgage brokers in Portland, Oregon.
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Getting Affordable Portland Mortgages with Larger Down Payments
Although some mortgage brokers in Portland, Oregon require a down payment of 3 percent, the best way to secure better mortgage rates in Portland is to put down at least 20 percent of the home’s value.
Along with getting more favorable mortgage rates in Portland, a higher down payment means that you can avoid paying extra for private mortgage insurance (PMI).
Many mortgage brokers in Portland, Oregon require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.
Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for Portland mortgages.
According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed, which could make it an affordable compromise for borrowers that can’t put down the full 20 percent.
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Tips to Save for Down Payments on Portland Mortgages
Along with finding the best mortgage rates in Portland, many new homeowners struggle with saving enough money for a sizable down payment.
If you don’t have a savings already established, the thought of putting aside thousands of dollars to get a better Portland mortgage rate can be daunting.
Below, we’ve compiled a few tips to help you save for a down payment and get the best rates on Portland mortgages:
Re-Examine Your Budget
While some expenses are non-negotiable, creating a monthly budget can help you identify and fix overspending in non-essential categories.
Free budgeting tools—like those from Mint and Personal Capital—will take your monthly expenditures and sort them into categories like food, restaurants, bars, and entertainment.
You can use budgeting tools to decrease spending and allocate those savings towards a down payment for Portland mortgages.
Pick Up Additional Income
Earning additional income is a great way to increase your financial stability and build your down payment savings to lock in great mortgage rates in Portland.
There are plenty of options for stay-at-home jobs to consider, or you can pick up a part-time job to supplement full-time income.
Make a commitment to apply additional income to your mortgage savings, and you will be in good shape to contribute a 20 percent down payment.
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Conclusion – Getting the Best Mortgage Rates in Portland, Oregon
Once you know what type of mortgage you are interested in, your next step is to start evaluating lenders to find the best rates and terms on Portland mortgages.
Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple lenders to ensure that you are getting the best deal possible.
Affordable and manageable Portland mortgages are determined not just by monthly payments, but also by interest rates and Portland mortgage terms.
As such, don’t be afraid to shop around until you find the best mortgage rates in Portland for your financial needs.
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