Home Loan Volumes Increases Across Oregon and Pacific Northwest:
•Fixed Rate Refinancing
•1st and 2nd Mortgage Combination
•Prime Rate Home Equity Lines
•Interest Only Loans
•Sub Prime 2nd Mortgages
•Non-Conforming Equity Loans
•Credit Repair Loans
•First-time Homeowners in Oregon OK
•Competitive 2nd mortgage rates
Oregon State Mortgage Loan Update
Home values have recently peaked across the state of Oregon. We recommend tapping the equity in your home in case you lose some equity, as the home values drop. Home Mortgage Overview – OR
With home sales dipping slightly across the Pacific North West, the homeowners in Portland, Oregon should be excited that home values have continued to increase in 2024.
Oregon homeowners can keep their low rate 1st mortgage and get cash out with a new 2nd mortgage loan.
Before home values catch up with the rest of the nation, it may benefit you to refinance your adjustable rate mortgage or take out a fixed second mortgage at a competitive home equity rates. Choose from variable credit lines to fixed rate installment loans.
Are your credit line payments getting bigger each month? State Home Equity Rates Lock the rate and convert your variable interest HELOC and get a fixed payment and term. Check the Prime Rates for Portland Borrowers. Take a moment and complete our secure form online and take advantage of the expertise our loan officers have.
Nationwide offers low rate refinance and home equity loans to maximize your home financing without requiring any equity.
3 Tips to Get a 2nd Mortgage Loan in Oregon
Securing a second mortgage can be an excellent way to access your home’s equity for significant expenses such as home renovations, debt consolidation, or even funding a vacation home. If you’re considering getting a second mortgage in Oregon, there are some key steps you can take to improve your chances of approval and ensure you’re getting the best terms. Here are three tips to help you secure a second mortgage loan in Oregon.
1. Know Your Home Value
Before applying for a second mortgage, it’s crucial to understand how much equity you have in your home. Lenders in Oregon typically allow you to borrow up to 80-85% of your home’s appraised value, minus what you still owe on your primary mortgage. To determine your home’s equity, subtract your current mortgage balance from your home’s market value. For example, if your home is worth $400,000 and you owe $250,000, you may be able to borrow up to $90,000 through a second mortgage. Having significant equity in your home improves your chances of approval and can help you secure better loan terms.
2. Improve Your Credit Score
Your credit score is one of the most important factors lenders consider when approving second mortgages. While Oregon lenders are generally more flexible with second mortgages, having a good credit score (typically 620 or higher) will help you secure lower interest rates and better terms. If your credit score is low, consider paying down existing debts, avoiding new credit inquiries, and ensuring timely payments on all bills before applying for a second mortgage.
3. Shop Around Oregon Lenders for the Best 2nd Mortgage Rates
Different lenders in Oregon may offer varying interest rates and loan terms, so it’s essential to shop around. Compare offers from local banks, credit unions, and online lenders to find the best rates for your second mortgage. Look for lenders who specialize in second mortgages or home equity products, as they may offer more favorable terms.
By understanding your home’s equity, improving your credit score, and shopping for the best rates, you can increase your chances of securing a second mortgage in Oregon. Following these tips will ensure you get the best possible deal to make the most of your home’s equity
If you are considering financing a 2nd home for vacation or investment purposes, please ask your loan officer about the latest Oregon home purchase loans available.