Buying a home or refinancing a mortgage in Oregon requires a closer look at the dozens of lender options in the state. Lenders specialize in different types of home loans, which means your best option will change depending on your financing needs and your qualifications. We used sample mortgage loan estimates to compare interest rates and loan fees from the best mortgage lenders available in the Beaver State.
- Best Mortgage Rates in Oregon
- Best Mortgage Lender for First Time Homebuyers
- Best Online Mortgage Lender
- Best Lender for In-Person Service in Oregon
- Best Lender for a VA Home Loan
Best Mortgage Rates in Oregon
When considering the lowest mortgage rates for Oregon, we found that direct lenders who advertise online offer the best deals for both purchases and refinances. In addition, their origination fees were lower than those we saw in estimates from brick-and-mortar banks.
Lowest Mortgage Rates for Oregon
|Best Rate USA||3.75%||3.75%||$926||$0|
Estimates for a 30-year fixed rate mortgage for $250,000 with 20% down payment and 740 credit score
On a mortgage for a home purchase at Oregon's median property value, the lowest interest rates didn't show much variation. Several lenders offered the same minimum mortgage rate, with the only difference found in the lenders' respective origination fees. The similarity of offers at the low end demonstrates how it can be difficult to distinguish your mortgage options based on mortgage rate alone. In such cases, you'll need to think about additional factors such as closing costs and the types of loans available with each lender.
Best Mortgage Lender for First Time Homebuyers: Quicken Loans
We found that Quicken Loans is the best choice for most first-time homebuyers in Oregon, thanks to its generous rates on FHA loans and a customer-friendly application process that enables you to understand the lending process and participate in it at your convenience.
First-Time Purchase Mortgages in Oregon
|Bank of America||4.00%||4.49%||$1,251|
Estimates for a $250,000 FHA purchase loan with 3.5% down payment and 740 credit score.
Quicken originates mortgages in every state through its Rocket Mortgage online home loan program, and its loans for Oregon include a strong rate on government-backed FHA loans. With much lower down payment requirements and reduced rates, FHA loans are an excellent option if you're thinking about buying your first house. If you happen to be over the loan limit for FHA loans, Quicken's jumbo mortgages are also competitive with the best rates in Oregon.
One major drawback with a lender like Quicken is that the company doesn't operate any offices for brick-and-mortar servicing in the state of Oregon. This could be a dealbreaker for customers who want the option of meeting their loan officer in person. However, the company's industry-leading score in JD Power's latest satisfaction study indicates that it provides adequate customer support over the phone and through its online tools.
Best Online Mortgage Lender: Guaranteed Rate
Among the many online mortgage lenders that cover 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 about each loan mean that Guaranteed Rate provides a good base of information on which to start your mortgage shopping.
Guaranteed Rate Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I|
|30-Year FHA Loan||3.75%||4.59%||$942|
|30-Year VA Loan||3.75%||4.11%||$942|
Estimates for a $250,000 purchase loan with 20% down payment and 740 credit score. The APR and monthly costs for ARMs can increase based on changes in the index rate.
Guaranteed Rate is one of just a few online mortgage lenders in Oregon that provides jumbo loans, conventional mortgages, FHA and VA loans under a single digital roof. The lender's website allows you to 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. Few online lenders allow you to see rates and products as detailed as Guaranteed Rate's estimates.
Best Lender for In-Person Service in Oregon: U.S. Bank
If the idea of an online-only mortgage experience sounds unreliable to you, U.S. Bank's network of physical branch locations deliver in-person mortgage services to borrowers throughout Oregon. Besides the availability of brick-and-mortar service, U.S. Bank's large variety of other financial products can make it easier to manage all your accounts in one place.
Mortgage Loans at U.S. Bank
|Loan Type||Rate||APR||Estimated Monthly Payment||Cost to Close|
|30-Year Fixed FHA||3.63%||4.68%||$678||$1,282|
|30-Year Fixed VA||3.63%||3.96%||$707||$1,336|
Conventional loan estimates for a $150,000 loan with 20% down payment and 740 credit score. FHA loan estimate for a $150,000 loan with 3.5% down payment. VA loan estimate for a $150,000 loan with no down payment.
U.S. Bank isn't a standout competitor in terms of better mortgage rates or lower closing costs, but it's one of the most accessible mortgage lenders in the state. Whether you live in Portland or Klamath Falls, you'll have the option of visiting a U.S. Bank branch to speak with a mortgage loan officer in person. And because such branches are staffed locally, you may also find that you receive more relevant assistance than you would in speaking to an online 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 rates on new loans with their bank, which can help reduce their monthly mortgage costs. In addition, having the same bank handle both your deposits and your loan means that it's relatively simple to arrange an automatic payment of your mortgage balance each month. This reduces the likelihood that your mortgage payment will be late or missing.
Best Lender for a VA Home Loan: USAA
For active and former members of the military in Oregon, USAA was the best choice for a VA-backed mortgage loan. The company's strong reputation among consumers and the relative value of its VA loan offer are hard to match.
Best VA Lenders in Oregon
|Lender||Mortgage Rate||APR||Monthly P+I||Estimated Points and Fees|
Fixed-rate estimates for a 30-year VA loan of $225,000 with 0% down payment, 2.15% VA funding fee and credit score of 740.
With over 300,000 veterans residing in Oregon, USAA and other military-focused mortgage lenders originate thousands of low-cost VA home loans every year. While most of these companies have a good record of customer satisfaction, USAA consistently outperforms its competitors on a national basis. Where affordability is concerned, USAA's VA loan estimate combined a good interest rate with reasonable closing costs. Only Quicken Loans produced a lower VA offer than USAA in our sweep of estimates, and the online lender fell far behind USAA when it came to surveys of VA loan customer satisfaction.