What to Know Before Buying a Home in Portland, OR

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Exploring Portland, OR From North to South

Strongly considering a home purchase in Portland? Awesome! You've chosen a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and know the Portland housing market well.

Portland is growing by the day, which means Portland homes don't always come cheap. Sustained cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Portland area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Portland and the surrounding areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (hopefully) your dream home! When looking to buy a house in Portland, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Portland will also give you an idea of why homes in west Portland are priced differently than homes in east Portland, what the communities are like, and where to find Portland's coolest attractions.

You're ready to buy a house in Portland, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Oregon or somewhere else entirely. We help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Portland.

First, estimate how much house you can afford. This will help determine the price range for your Portland house hunt. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Portland will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. Putting at least 20% down will improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Portland, OR

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Portland. Contact Mr. Cooper as you prepare to buy a house in Portland. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

Mr. Cooper Reviews from Real Customers in Portland, OR

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