Portland Oregon Homes for Sale – Home Buyers Are Making Larger Down Payments
There’s no denying that more home buyers than ever before are searching for Portland Oregon Homes for Sale including single family homes, condos and town homes.
One of the most interesting statistic of 2015 is that home buyers in the Portland area are choosing to buy homes with larger down payments compared to years past.
More Than National Average
Thanks to recent data from both OregonLive.com and RealtyTrac, we now know that about 10 percent of home buyers in Clackamas, Multnomah and Washington counties has been putting down at least 20 percent to buy a home, when the average buyer nationwide is only putting down about 14 percent.
Why a Bigger Down Payment Makes Sense
A down payment of up to 20 percent amounts to about $50,000 when buying a home these days but this size down payment is certainly worth it considering the fact that it will also help you to pay off your home sooner as well.
Going with a larger down payment also means a better mortgage interest rate and a smaller monthly mortgage payment as well.
Before Applying For a Mortgage Loan Do This
Step 1 – Check your credit – Many times you will have negative items on your credit report that you were not aware you even had.
Step 2 – Pay off old debts – If you have older debts like credit cards or student loans, it’s best to pay these debts off now since you will be able to lower your debt to income ratio and qualify for a better mortgage payment.
Step 3 – Don’t change jobs just yet – Stay in your current job until you’ve been approved for a mortgage loan since this will only help you to look like a more financially stable individual.
Step 4 – Avoid making major purchases like new cars, boats or RV’s until after your mortgage loan has been approved.
Buy a Portland Oregon Home for Sale
To learn more tips for buying a Portland Oregon Home for Sale, or to view the latest listings across Portland, contact Nieland Homes today by calling us at (503) 636-7770 or click here to connect with us online.