Oregon is home to one of the most diverse landscapes in the country. The coast offers some of the most impressive beaches on the west coast, and the central part of the state boasts the Cascade Mountain Range. The very moist climate is something Oregon’s residents are lucky enough to experience daily. In spite of Oregon’s growing popularity, the state has resisted a lot of the conventional drawbacks that happen to a state with Oregon’s growth rate. While cities like Portland offer all of the conveniences of a metropolis, Oregon still holds tightly to a small, communal resonance. Unfortunately, Oregon is also home to many individuals whose monthly mortgage payments are handicapping their financial livelihood. For these individuals, it has become increasingly more difficult to make mortgage payments each month, let alone save money. Many of these homeowners could benefit from a refinancing package. Refinancing allows homeowners the opportunity of lowering their monthly payments and tapping into unused equity. This process takes place through obtaining a new loan to cover the remaining balance on the old loan. This new loan can take advantage of new and creative financing options that were not previously available.
Quick Oregon Housing Facts:
- Percent of homeowners in Oregon: 64.3%
- Percent of renters in Oregon: 35.7%
- Median annual income in Oregon: $42,199
- Average credit score in Oregon: 686
- Best Oregon city to live in: West Linn, OR
- Median Oregon home value: $152,100
When to Refinance in Oregon
In order to reap the most benefits from the process of refinancing, it is important to engage in a bit of research. Begin by selecting a refinancing package that is appealing to you. Price out that option for the long-term and compare it to what you would have paid with your original mortgage. Be sure that the refinancing option saves you money in the long-term as well as in the short-term; otherwise, you are going to ultimately lose money. In addition, it is important to stay aware of current interest rates. If they are staying consistently lower than 1.5% less than your current rates, then the time is right to refinance. If not, you may be better off waiting to refinance in order to avoid losing money by refinancing. Regardless of your unique situation, be sure to choose wisely when selecting a refinancing program.
How much house can I afford?
Because of the high cost of housing, one of the biggest problems facing Oregon’s homebuyers is figuring out how much house you can afford. We have some great online mortgage calculators that can help you figure how much home will fit into your monthly budget. Remember when you are calculating how much you can afford to include Oregon property taxes, and your other monthly obligations such as student loans and credit cards.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.