Like in many other states in the nation, homebuyers in Portland are facing rising interest rates in 2006. Rising interest rates are due to many factors, including inflation, desirability, and expected raises. This may not seem like the ideal time to buy in Oregon, but keep reading to find out how to make your home owning dream come true in Portland despite unfavorable conditions.
Quick Portland Housing Facts
Percent of Homeowners in Portland: 64.3%
Percent of Renters in Portland: 35.7%
Median Portland Household Income: $40,916
Average Portland Credit Score: 688
Median Portland Home Value: $152,100
How Much Real Estate Can I Afford In Portland?
We can’t tell you exactly what kind of house you can afford in Portland because we aren’t peeking over your shoulder at your bank statements, pay stubs, and monthly bills, but that doesn’t mean we can’t help you figure out how much you can afford. First, we suggest that you grab a pen and paper and scribble out some answers to the following topics:
- Decide how much you are willing to spend on your monthly mortgage payments. It is very important to be very realistic when answering this question. Consider not only your income and bills, but your lifestyle and spending habits. Being honest now can help save you from being in a sticky situation later on.
- Decide which payment plans sound like they will be right for you. Check out the ever popular Fixed Rate Mortgage and Adjustable Rate Mortgages, but be sure to check out other ones too. A more uncommon mortgage plan may turn out to be the best one for you.
- Find out what the property taxes and mortgage rates are in Portland.
After you have thought about those topics, check out our online mortgage calculators. Once you are done number crunching, you should have a good idea of where you stand in the Portland housing market.
Refinancing in Portland
A Refinance mortgage is a brand new mortgage that replaces your existing one. The reason people even bother with this process at all is because the new mortgage comes with a lower interest rate, and sometimes more favorable terms. If the market interest rate has dropped 2% below the one you are paying, look into refinancing.
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.