Portland Home Mortgages
So we’ve been talking about whether Portland is a good place to take out a home mortgage? Now I want to talk about how you decide whether to buy or rent when moving to a new city. Its all about timing -not so much what the real estate market is doing – but what are you doing!
How long do you plan to stay in Portland? If you are taking out a mortgage for only a few years and then selling when you move out of the state – you are going to lose money. That’s because buying and selling in a short space of time (and anything under 10 years is short in real estate terms) – means that you are risking the market falling short term. But you are also paying buying and selling fees within a few years.
And there will be bank fees for breaking your home mortgage so soon. Most Portland home lenders will charge you break fees if you pay off a mortgage within the first few years. If you borrow more than 80% of the loan or your credit record is less than perfect credit history – means that you will pay even more
So if you are not sure that you will stay in Portland – or you know that the job transfer is possibly temporary – then you may want to consider renting for a while once you arrive in Oregon. Renting is a good way to get to know a city too – you can look around and really get the feel of the city and decide exactly what neighborhood you want to live in.
photo credit: Corey Templeton