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Today's Mortgage Rates in Oregon

Today’s mortgage and refinance rates plus current home buying and refinance advice for Oregon residents

Buying a home in Oregon

In Oregon, a sales agreement can come in many different forms. But all agreements should include all the terms and conditions that are relevant to the sale of the property. These will include, but are not limited to:
  • The purchase price of the property
  • The inspection date
  • Property disclosure statement (when completed)
  • A summary of how closing costs will be split
  • A closing date and venue
  • Who will hold the escrow money and how much it will be
  • In case there is a problem and the deal falls through, who gets the escrow money
In the state of Oregon, any agreement to buy or sell a home must be in writing and signed by both sides. If new terms are negotiated before the contract is signed, the amendments also have to be written and signed (again by both parties), and added to the contract in order for them to become legally binding. It is not compulsory in Oregon to hire an attorney when purchasing a home. But, given the importance of the transaction, it might be wise to consider using a specialist lawyer who knows the ins and outs of the state’s legal system regarding real property.

Refinancing a home in Oregon

Oregonians shouldn’t expect any special barriers when it comes to refinancing a mortgage. State law is more interested in regulating lenders than tripping up residents. So you can expect to enjoy similar access to the benefits of refinancing that other Americans can get.
  1. A lower monthly payment: Many homeowners, especially younger ones, spend a big chunk of their monthly income on their mortgage payment. If you could use extra money at the end of each month, a refinance could make a big difference
  2. Cash out: Finance home improvements, consolidate your debts, start a business or spend part of the equity* you’ve built up in your home in any way you want
  3. A lower mortgage rate: When you’re borrowing a large amount over a very long period, even a small reduction in your rate can see the total amount of interest you pay tumble
  4. A different term: You’ll likely reset the clock on your mortgage when you refinance. So, if you’ve had a 30-year mortgage for five years and get a new 30-year loan, you’ll spread your payments over 35 years. But you don’t have to do that. If you can afford the higher monthly payments, you could refinance to 25 years — or 20, 15 or even 10 years. That could save you a pile on your interest payments
*Equity is simply the amount by which the market value of your home exceeds your mortgage balance. But, unless you have a VA loan, you’re very unlikely to be able to borrow all your equity in a cash-out refinance.

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