7 Tips to Getting Best Mortgage Rates in Oregon

Over the last past decades, Oregon has experienced a red hot housing market, but, lucky for buyers, the housing market is cooling down. Oregon is rich in natural beauty, and a wonderful place to live in. If you are heading to Oregon and want to make a home, you surely avail the home loan. There are so many lenders in the Oregon financial market, who are willing to offer you a loan without checking your credit history. But, the interest rates are very high. If you want to get the loan at the Oregon mortgage rates, read our seven tips to getting the mortgage rates that will help lock in the lowest refinance rate possible:

  • Raise your credit score: Mortgage rates are decided on the basis of the credit score. If your credit score is high, your mortgage rates will be relatively lower than low credit score buyer rates. According to the FISCO, a credit score is 720 or higher puts borrowers in the best tier for a conventional loan program. Most lenders require a minimum 640 to 620 credit score, but you will pay the high mortgage rates if your credit score is less than 720 respectively. To get the maximum financing on loan, you need a minimum credit score of 720. 
  • Employment and income stability: Mortgage companies prefer companies which have a stable income source. Lenders tend to especially strict when it comes to a long period of unemployment and self-employment. To get the loan at the best rates you have to show your employment records for the last two years. If your income is stable and your position in the company is renowned, the lender can offer you a loan at the best mortgage rates. 
  • Lower your debts: Paying credit bills on time implies that you are a severe borrower and reduce your debt-income ratio. If your debt-income ratio is not more than 36% of your gross income, your chances of qualifying for low mortgage rates will be higher. 
  • Down payment: As a general rule, you will need a minimum down payment of 20% of the purchase price of your home to get the lowest mortgage rates. A loan with a 5% down payment is considered higher risk as compared to a loan with a 20% down payment. So, to achieve the best mortgage rates, you have to make a 20% down payment.
  • Use Mortgage quotes: Use the mortgage quotes to get the best mortgage rates. All you need is to do, take a quote from one lender to another lender asking them to beat. This is one of the most effective ways to get lower mortgage rates. 
  • Save the cash for closing: Closing cost average 2 percent of the loan amount. Cost may include real estate agent fee, home insurance, loan orientation fee, and so forth. You need to reserve some extra cash to pay the closing cost. 
  • Talk to multiple lenders: Once you have decided your loan terms, it’s time to talk to multiple lenders to get the best mortgage rates. Visit their office, review their website, and compare their mortgage rates. Choose the one who is reliable and willing to offer you a home loan at the best mortgage rates. There is a rate of shopping. Consumers are allowed a 30 days window to have as many mortgage lenders pull their credit without negatively affecting the credit score. 


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