Types of Home Loans in Portland, Oregon
Portland, a city situated in the U.S. state of Oregon, has an estimated population of 534,093. The city’s efficient land-use planning and public transportation networks make it one of the most "green" or environmentally friendly cities in the world. Therefore, it is a popular attraction for people who wish to reside in the state of Oregon. You can either purchase a home in Portland using your own funds or you can go for a home loan in Portland, Oregon.
There are many different types of home loans available in Portland, Oregon. To get one that is most appropriate for you, you can get the services of a loan consultant. With the ample knowledge, expertise and experience that these consultants possess, they will get you the best deal, having the most favorable mortgage terms and mortgage rates, according to your situation.
Types of Home Loans
When looking for an appropriate home loan, your loan consultant will consider a few factors. Some of them include:
- The type of property that is being financed.
There are a few definite home loans that cater to only some specific types of properties. Such properties include: condos, mobile and manufactured homes, rural properties, homes that have a loan amount over a specified value, etc. The rural properties are likely to qualify for 100% loan financing. Whereas, the homes that require a loan amount over the specified value must be financed through a jumbo mortgage loan.
- The goals for the mortgage loan or property.
The type of mortgage that you can get for your home loan will depend on what you plan to do with the property. If you plan to own your property or home for the longer term, you should go for a fixed rate home mortgage. On the contrary, if it is the opposite, then you should settle for an adjustable rate mortgage that has a lower rate.
- The characteristics of the borrower.
The characteristics of the borrower are also taken into consideration by a loan consultant while looking for an appropriate mortgage for them. Moreover, their credit report is also looked upon as they give a brief on whether the borrower will be able to make his monthly payments or not.
To determine an accurate amount of the monthly mortgage payments that you will have to make on any type of home loan, you can get the services of MortgageRefinance.com. Our experts, with the help of our mortgage calculator, will assist you in calculating an exact amount of your monthly mortgage payments that you will have to make throughout the term of your mortgage.