Portland Home Loans
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Talk about thousands of options, and you might be discussing the Portland home loan industry. Seems like every local Portland bank and credit union is offering home loans, as well as local mortgage only (or direct lender) companies, and now multiple online mortgage offerings are thrown into the mix. Where would you even start? Here is our guide to choosing the best Portland home loan for you.
The two most important things to consider in choosing a Portland home loan are:
1. The actual terms of the home loan are crucial. What is the interest rate they are charging? What is the loan origination cost (fees you’re paying them direct)? What are the total lending costs depending on your credit score and down payment amount? Thankfully, the home loan industry is pretty heavily regulated right now and so the information you get from a local lender should be pretty clear and relatively easy to understand.
2. What kind of loan service will you get? This is the hard part for a potential home buyer to figure out. This is why most home buyers will ask their local real estate agent for a recommendation. A bank could offer you amazing terms (see item 1) but then fail to close your loan at all! They could fail to close on time; they could fail to close at all! Many home loan lenders don’t do enough work upfront to make sure that the home buyer can get the loan and then after the home buyer has paid for the inspection and appraisal and is almost ready to close, will reject their loan application due to something they found in what is called “underwriting.” So a bad home lender can really cost you a ton of money, a home loan lender that looked like (see item 1 above) they they were going to save you all kinds of money, could end up costing you more than you might imagine. This is why as a top Portland real estate agent, we always have a couple vetted home loan lenders to recommend to our clients – lenders that won’t mess up the deal or cost our clients unexpected money.
Start shopping a home loan with your local bank.
Why not? You already bank there. It will give you a base line for mortgage rates and offerings. However, please do not end there. Please. Most of the time you can find a better loan offer and better loan servicing through a local mortgage only direct lender in town. You would be doing yourself a disservice to only shop at one location for a Portland home loan. As a top Portland real estate agent, I can tell you that most of the time, from my experience, you do not get the best offers or best loan service through your local bank or credit union.
Next get a quote from a local Portland mortgage lender.
Ask your real estate agent for a top local direct lender recommendation (we keep a couple on our site, just go to the ‘Extra Services” tab on our menu to find them). These providers can either qualify you online, or you can set up a meeting with them at their office to get a quote. Often they will have the best rates available, but it is almost certain (in my experience, licensed since 2003) that you will get the best home loan service (see item 2 above), and have a great purchasing experience.
Here are two of our favorite local Portland lenders:
Erin Walsh – Academy Mortgage
erin walsh portland mortgage lender
Senior Loan Officer
I’m always happy to help – this is more than just my business motto, it is my promise to take the best possible care of you and your new home purchase.
For me, you are more than just a transaction, and I will work with you to build a long-term relationship founded on helping you achieve your goals.
From initial estimating through final signing, I am always available to answer questions, to help gather information so that all documents are complete and accurate, and to make sure there are no surprises at closing. Your mortgage is more than just a means to an end; it is a strategic financial tool that I will help you leverage to meet both your short and long-term financial goals. It doesn’t matter how many questions you may have or what they are…what counts is that you get them answered and feel good knowing that as your trusted Mortgage Banker, I am with you every step of the way. As a native Oregonian having grown up in Portland, I always enjoy helping people who want to live here. My husband and I and our two young children love to ride our bikes and go camping at the mountains and the coast to take it all in. I also get to enjoy our great outdoors as a runner.
Erin Walsh MLO-802627 Nmlsconsumeraccess.org Credit on approval. Terms subject to change without notice. Not a commit to lend. Call for details.
Petra St. John – Mortgage Express
Senior Loan Officer
Buying a home is more than an investment – it is where families grow, relationships develop and memories are made for a lifetime. Recognizing the trust you place in me – I am committed to keeping your goals a priority, being attentive to your personal needs and providing effective communication throughout the process. Whether you are a first time buyer or seasoned home owner – the mortgage approval process demands the knowledge and attention to detail of an experienced mortgage professional. My goal is to understand your specific and personal goals – and to deliver a level of service beyond your expectations. A native Oregonian, I grew up in Southeast Portland and began my career as a Realtor in 1992 and later transitioned into mortgage planning. With more than 25 years experience – clients can depend upon my extensive background as a Realtor and investor to be your advocate and trusted mortgage advisor.
Not a commitment to lock or lend. Terms and restrictions apply. Not all applicants will qualify. Mortgage Express, LLC. NMLS Company ID: 40831 | www.mtgxps.com | Licensed in OR/WA/CA. Licensing in CA by the Department of Business Oversight under the Residential Mortgage Act. Mortgage Express is an Equal Housing Lender. Questions and concerns may be directed to [email protected], or 10260 SW Greenburg Road, Ste. 830, Portland, OR 97223.
If you’re curious, look at online mortgage lenders, but be careful!
Online mortgage lenders might have some of the best looking deals (see item 1 above) but often they are honeypots, look great at first but turn out to not be so great when you read all the fine print. Also, they are the highest risk (in my experience) of messing up your home purchase transaction, by not closing on time or failing to even fund the loan at the end of the day due to bad “underwriting” because they did not pre-qualifying the buyer well enough up front to ensure they would have a happy experience. Home buyer beware.
Choose the right Portland buyer’s agent.
Real estate agents come in all shapes and sizes and business models. Some Portland real estate agents represent buyers exclusively. Then some of these exclusive buyer’s agents work as a team or they work as individuals. We recommend the Portland Buyers Team – run by Kami Price. Their team solves the age old problem of how to work with an experienced real estate agent, who still has plenty of time for you. Kami Price, Principal Broker, is the experienced negotiator on the team, bringing her expertise to the table (Premiere Property Group, LLC licensed Broker in Oregon since 2004 with numerous awards and distinctions.) to help you get the best deal on a Portland home, and at the same time, she is partnered up with licensed showing agents who can provide you will all the availability needed to see any Portland home you want – whenever you want. They’d love to schedule an appointment with you today to discuss your home search criteria. Regardless of who you choose to represent you in your next home purchase, we recommend looking for a buyer’s agent specialist.