By EquityPoint Real Estate
If you study Real Estate news like we do you know that the
Portland Oregon Real Estate market has been hot over the last 24 months.
Thanks to Freddie Mac’s recently published Primary Mortgage
Market survey, we know that mortgage interest rates have risen due to soft
economic data, and corporate bond issuance, but the 30-year mortgage interest
rate is still low when compared to historical data from the last 10 years.
Great
Time to Buy a Home
If you’ve been thinking about buying Portland Oregon Real
Estate, now is the right time to buy especially if you’re serious about saving
money on your mortgage since interest rates are predicted to increase for the
30-year fixed mortgage loan in the next 6 to 12 months.
Why
it’s better to Buy vs. Rent
In Portland Oregon the average median rent is $1318 for a
one to two bedroom apartment within 10 miles of Portland. If you purchased a home, the cost would be
about the same or less for a $300,000 house with a 20% down on a 30-year
mortgage at current interest rates.
How to
Get the Best Mortgage Loan
Before “shopping” for a mortgage loan make sure you do
this:
1. Review
your credit report to make sure your credit score is acceptable for a loan.
2. Pay
off as many old debts as you can like student loans or credit cards since this
will lower your debt-to-income ratio.
3. Contact
at least three lenders or mortgage brokers to find the best mortgage interest
rates.
4. Save money
for a down payment. 20% of the purchase
price is an ideal down payment to have lower interest rates however you can
often purchase a home with as little as 3.5% down.
Contact
Us
To get started with buying a home in Portland, or elsewhere
in surrounding area, contact EquityPoint Real Estate today by calling us at
(503) 595-8800