It comes a time in everyone’s life when people want to become homeowners. Considering the investment needed, few can afford to pay for the house entirely. This means they need to get a Portland mortgage. It is a difficult process and banks tend to be very strict. However, the Oregon credit union also provides such services and even those with a poor credit score have high chances of getting the loan they need.

The first step is assessing your situation and think about the loan you can get and the house you actually afford. You can calculate your debts, your income, and credit score, what bills you have to pay monthly and afterwards, take an informed decision. Three main aspects are worth considering, the mortgage type, interest rate and the size of the loan.

The Portland mortgage is usually provided by a financial institution, such as banks or credit unions, or it is backed by the government. If you want to go to a credit union or a bank, you need a good credit to qualify. Also, a down payment is required and based on how much money you have, you can choose a loan for a certain period of time, starting with 10 years and up to 30 years. This is the time you have available to pay the loan.

After you choose the loan, you need to think about the rates, if you feel comfortable with adjustable or fixed rates. Mortgages depend on the lender as well, what criteria they have, what applications and paperwork are needed, how they calculate the score and such. The Oregon credit union offers attractive mortgages, so it is worth discussing with a member there to see what you can apply for.

Resource Box: Do you want to buy a house and need a Portland mortgage? Why not discuss with the Oregon credit union as well? You can find better services and eventually get the loan needed to fulfil your dream.