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Buying a home in Oregon requires a closer look at the dozens of lender options in the state. This is especially important when one tenth of a percentage point can mean the difference of thousands of dollars over the life of your loan. We compared interest rates and loan fees from the best mortgage lenders available in the Beaver State. Read more about the top mortgage companies in Oregon or use our rates table to find a lender.
The Best Mortgage Rates Among Oregon Lenders
If you're looking for the lowest mortgage rates in Oregon, take a look at the lenders below. Interest rates alone will not capture all of the factors that might impact your mortgage. Borrowers should also consider a lender's reputation for customer service, unique terms and closing costs. To help you select the best loan provider, we've outlined our top choices for mortgage lenders in accordance with well they met borrower needs in key areas.
Best Mortgage Lender for First-Time Homebuyers: U.S. Bank
U.S. Bank isn't a standout competitor in terms of low mortgage rates or closing costs, but it's the most accessible mortgage lender in the state. Whether you live in Portland or Klamath Falls, you'll have the option of visiting one of U.S. Bank's 194 branches to speak with a loan officer in person. And because each branch is staffed locally, you may also find that you receive more relevant assistance than you would in speaking with an online mortgage lender's telephone support staff.
There are also benefits to getting a mortgage with U.S. Bank if you already have deposit accounts with the bank. Existing customers often qualify for relationship discounts on new loans, which can help reduce your monthly payments and potentially increase your likelihood of approval. Additionally, having the same bank handle both your checking and loan accounts simplifies your finances, and it reduces the chance that you might miss a payment. U.S. Bank originated the second-largest number of mortgages in Oregon over the past five years and was also the most popular lender in Tillamook County. This makes the bank an attractive choice for first-time homebuyers looking for an accessible established lender, well-versed in navigating local regulations.
Best Mortgage Lender for Refinancing: Wells Fargo
Wells Fargo is our top choice for mortgage refinancing for existing homeowners because of its competitive refinancing rates and flexible home equity products. The bank was the largest originator of both purchase and refinancing mortgages in the state; it was also the third-largest provider of second mortgages and home equity products. When stacked up against major competitors like Chase Bank, we found that Wells Fargo provided lower rates and more flexible terms.
While most lenders offer home equity loans and variable-rate home equity lines of credit (HELOCs) for homeowners trying to cash out on their properties, Wells Fargo provides no fewer than five different fixed-rate advance options for its HELOCs. This is unique among major lenders, and it can be useful to borrowers who want the flexibility of a line of credit but want to guard against rising interest rates. Wells Fargo's unique convertible HELOC options distinguish it from the competition and gives cash-starved homeowners an alternative to expensive cash-out refinances.
Best Online Mortgage Lender: Guaranteed Rate
Among the many online mortgage lenders operating in the state, we found that Guaranteed Rate does the best job of showing Oregonians their many financing options. The breadth of loan products and depth of information obtained from each loan means that Guaranteed Rate provides a good base from which to begin your mortgage shopping. However, that doesn't mean Guaranteed Rate is a slouch in the rates department, as the lender provided more competitive rate quotes when stacked against larger competitor Quicken Loans. You may be hard-pressed to find an online lender that's more competitive and transparent with its terms.
One of the benefits of online mortgage lenders like Guaranteed Rate is that they standardize their services across states, so borrowers in less-populated regions will receive the same quality of customer service as a homebuyer in Portland. This is highlighted by the fact that Guaranteed Rate achieved one of the lowest rates of complaints-to-originations achieved by any national lender, at a rate of 0.04%. That trounces major competitors like Chase and Wells Fargo, which scored 1.56% and 1.17%, respectively.
Guaranteed Rate is also one of just a few online mortgage lenders in Oregon capable of underwriting jumbo loans, conventional mortgages, and FHA and VA loans under a single digital roof. You can also see all your options at once by using the Guaranteed Rate loan recommendation tool, which produces results based on details such as your purchase price, down payment and ZIP code. We found Guaranteed Rate's online mortgage pricing to be among the most detailed and transparent of any online lender we've reviewed.
Best Mortgage Lender for VA Loans: USAA
For both active and former members of the military in Oregon, USAA was the best choice for VA-backed mortgage loans. The company's strong reputation among consumers and the relative value of its VA loan offerings are hard to match, making the lender an excellent choice for service-member homebuyers stationed at Kingsley Field. USAA was also the biggest originator of VA loans in Washington and Clatsop counties over the past five years. Qualifying members of USAA also have access to the lender's diverse portfolio of credit and banking products as well.
With more than 300,000 veterans residing in Oregon, USAA and other lenders originate thousands of low-cost VA home loans every year. While most of these companies have good reputations for customer satisfaction, USAA consistently outperforms its competitors on a national basis. Where affordability is concerned, USAA's VA loan estimate combined a low interest rate with reasonable closing costs. Only Quicken Loans produced a lower VA loan offer than USAA in our sweep of estimates, but the online lender fell far behind USAA when it came to surveys on VA loan customer satisfaction.
Best Mortgage Lender for Poor Credit: Umpqua Bank
Borrowers who have bad credit and are seeking a lender that specializes in helping the local community have a friend in Umpqua Bank. Although not quite as large as its national competitor, U.S. Bank, Umpqua Bank has the third-largest branch network in Oregon, with a respectable 102 branches scattered across the state.
If you have trouble qualifying for a standard fixed-rate mortgage, you may have a better chance of qualifying for an FHA-insured loan. Despite the 640 minimum credit score required by most mortgages underwritten through Fannie Mae, borrowers may be able to qualify for an FHA loan with credit scores as low as 580. Umpqua Bank also happens to be the third-largest FHA lender in Oregon, which means you'll be in good hands if you're applying for an FHA-loan.
Umpqua Bank has no fewer than 16 active loan officers listed on the Oregon Housing and Community Services (OHCS) specialist list. These people are trained to offer conventional, rural and FHA first-time homebuyer assistance. When it comes to homebuyer assistance, Umpqua Bank provides a community-oriented approach, making it an excellent choice for borrowers who might need an extra helping hand to qualify for a mortgage.
How We Chose the Best Mortgage Lenders in Oregon
We looked at the following criteria while evaluating mortgage lenders in Oregon.
- Total cost: interest rates and closing costs
- Product: terms, programs and specialty
- Servicing: transparency, complaint data and branch network
While interest rates played an important role, we also scrutinized each lender's closing costs, terms and fees. We attempted to view each lender on the basis of total cost rather than observing interest rates in a vacuum.
We also looked at the competitive advantage of each lender, including whether it offered any special financing programs or unique terms not common in the industry. For example, most lenders offer conventional fixed-rate mortgages, but there's a smaller universe of lenders that specialize in underwriting special mortgage programs like FHA, VA or USDA loans. Each lender's relative expertise played a large role in determining whether it was selected as the top pick for each category.
Customer service records and publicly available complaint data can help predict how likely it is for your mortgage to close without incident. We took a look at each lender's total number of loan originations over the past five years and contrasted that against the number of complaints filed against it through the Consumer Financial Protection Bureau (CFPB). The resulting ratios were sorted and ranked to determine the likelihood of problems arising during the closing or mortgage servicing process.
Finally, we looked at the scope of each lender's geographic coverage. A borrower in Lincoln County is unlikely to have the same lender coverage as a borrower in Marion County. As a result, we looked at both the size and scale of each lender's branch network. This helped determine the accessibility of each lender to borrowers across the state.
Most Popular Home Loan Companies in Oregon
Below are the top five most popular mortgage companies in Oregon. These lenders are ranked by the total number of residential mortgages originated over the past five years, based on data supplied by S&P.
Top 5 Biggest Oregon Residential Mortgage Lenders, 2013–2019
|Rank||Company||Mortgage originations||Average mortgage amount|
|4||OnPoint Community Credit Union||30,774||$137,404|
These companies may not have been selected for our best lender categories, which looked at a variety of other factors in addition to origination volume. However, homebuyers shopping for a mortgage may find it useful to use the chart above as a point of comparison.
When mortgage shopping, remember to review each lender on a holistic basis. It's important to compare its record for customer service, closing costs, and whether it offers unique terms or conditions. There may also be a number of other important factors, unique to you, that were not covered in this review. Make sure you evaluate each lender based on your personal needs.
Mortgage Brokers Near Me in Oregon
Licensed mortgage brokers who are well-acquainted with local lenders in an area can help you save both time and money when it comes to shopping for the right mortgage loan. They cross-sell your loan across multiple lenders to get the rate and terms that work best for you. Mortgage brokers are different from mortgage loan officers, who work on behalf of one lender and only offer loans from their employer's portfolio. Conversely, mortgage brokers help increase competition among numerous mortgage companies.
Below, we've compiled a list of licensed mortgage brokers in your area.
|Associated Mortgage Brokers||5200 SW Macadam Ave #200, Portland OR 97239||(503) 221-0064|
|Mortgage First Corporation||1820 Commercial St. SE #100, Salem OR 97302||(503) 588-3511|
|R.B. Financial Services||500 Highland Meadow Loop, Redmond OR 97756||(877) 757-8666|
|Directors Mortgage||1500 Valley River Dr. #190, Eugene OR 97401||(541) 357-4823|
|Columbia Resources Inc.||89661 Osprey Drive, Warrenton OR 97146||(503) 717-0704|
|Peak Mortgage||8215 SW Tualatin-Sherwood Rd, Suite 100, Tualatin OR 97062||(503) 266-7325|
|Mid Oregon Lending||360 SW Bond St #410, Bend OR 97702||(541) 728-0390|
|Access GT Mortgage Inc||945 Alder Dr NE, Keizer OR 97303||(503) 463-1648|
|Platinum Financial||752 NW 6th St, Grants Pass OR 97526||(541) 472-1222|
|Precision Capital||4710 Village Plaza Loop #100, Eugene OR 97401||(541) 485-2223|