Mortgage tips answering the most frequently asked questions about mortgages in Portland Oregon:⁣

Q: How long is a pre-approval good for?⁣

A: You definitely will want to get a pre-approval, but wait until you’re ready to buy since a pre-approval is only valid for about 30-90 days. ⁣⁣

Q: How much should my down payment be?⁣

A: Twenty percent is the gold standard, but you can often put down less than depending on the loan type. For example, an FHA loan requires as little as 3.5% down.⁣⁣

Q: What are the different types of mortgage loans?⁣

A: All sorts! You have conventional, FHA, VA, USDA, and more! Talk with several lenders to gather their opinions before deciding which is right for you. ⁣

Q: How much home can I afford?⁣

A: A good rule of thumb? Two-and-a-half times your annual salary. But it’s best to speak with a lender to find out what you qualify for and to get a pre-approval letter.⁣⁣

Got more questions? Shoot me a message or drop it in the comments. I’d love to chat and point you in the right direction as you think about buying.⁣


If you would like to read more about buying a home in Portland or get more mortgage tips, you can check out a couple more of our blogs:


Is buying a home in Portland a Good Investment?

What you should not do when buying a home.

What is an exclusive Buyers Agent?

Here’s an extra mortgage tip:

A lender’s request to review your credit report counts as a “hard inquiry.” Hard inquiries can lower your credit score if they’re a result of trying to open a bunch of new credit lines in a short time. But multiple hard inquiries as a result of rate shopping for a home loan generally don’t hurt your credit score.

FICO, one of the largest credit scoring companies, recommends confining rate shopping to a relatively narrow period, such as 30 days.

Talk to a Loan Officer Today