Find the Right Beaverton Mortgage Attorney

Find the right Mortgage attorney in Beaverton, OR

Mortgage Law in Oregon

Mortgages are a certain type of secured loan, where the security is the piece of property bought with the loan. In Beaverton, Oregon, most mortgages are taken out to buy houses. The seller of the house is paid by the bank, and the buyer, in exchange, agrees to pay the bank back in installments, with interest. If they refuse to make these payments, the bank can seize the house.

Mortgages are useful because they authorize a person to buy a house, or other larger piece of real estate, without having to pay the complete price up front. Most people, obviously, don't have that kind of money on hand. Thankfully, many find it manageable to make monthly payments on the mortgage, plus interest, over a period of many years.

When you buy something on credit, however, you are going to end up spending substantially more than the purchase price, because you have to pay interest. Obviously, a lender couldn't stay in business if it didn't charge interest on loans, this would cause it to (at best) break even on every loan it issued.

Nonetheless, to many people, this extra cost is worth it. After all, without mortgages, few people would ever be able to buy homes, if paying out of pocket is the only alternative.

Getting a Mortgage in Beaverton, Oregon

The most critical factor in getting a mortgage on favorable terms in Beaverton, Oregon is having a good credit rating. Credit ratings exist to make it easy for prospective lenders to assess a person's risk as a borrower. A good credit rating shows that you paid most or all of your debts on time, and are likely to continue to do so. A poor credit rating says the opposite, and will make it much more difficult to get a loan, and even if you do, the interest rate is likely to be much higher.

Most lenders will not issue a loan without a down payment. The down payment required will normally be measured as some relatively small percentage of the purchase price of the home. However, considering the prices involved, this could translate to a fairly large sum of money. Before taking out a mortgage, you should ensure that you have enough money saved up to make a down payment, and then some. This will show lenders that you are accountable with your money, and ensure that the down payment puts a minimal strain on you finances.

You also need to be realistic about your budget. The fact that you're buying a house that you don't have to instantly pay for can tempt some people into taking on more debt than they can take. You need to make a full accounting of what the house is likely to cost, including the cost of the mortgage payments, property taxes, repairs and maintenance, and other fees.

Once this is in order, it will be time to finish the credit agreement. When this happens, there is no going back. Therefore, make sure you are perfectly clear about each and every term of the mortgage agreement, knowing your rights and obligations.

Can a Beaverton, Oregon Real Estate Attorney help?

For many, buying a home is one of the most critical financial decisions they ever make. Therefore, it would help almost anyone to have a competent Beaverton, Oregon real estate attorney help them along the way.

Talk to a Real Estate Law Attorney now!

Life in Beaverton

Beaverton is a city in Washington County, Oregon. It is near Portland. In 2010, Money Magazine listed it as one of the "100 Best Places to Live" amongst the smaller cities in the United States.

Top employers include Reser's Fine Foods, Leupold Stevens, Nike, Inc., Phoenix Technologies, Linux Technology Center (IBM), Tektronix, Maxim Integrated Products, VeriWave, and Intel. The legal force also has a strong presence in Beaverton because many attorneys practice and reside here. These attorneys work in small firms or law offices and focus on providing their clients with excellent legal services.

Other reasons for recognition include the fact that in 2006, Beaverton's very own Murrayhill Little League baseball team was qualified for the 2006 Little League World Series. Also, in 2002, the city's little league softball team won second place in the Little League Softball World Series. Beaverton is also known to have one of the largest fencing clubs in the nation--Northwest Fencing Center.

Overall, Beaverton is an exciting place to live in or visit!

Clients Rate LegalMatch Attorneys
(click to read reviews)

Nicholas M.
Nicholas M.

Real Estate, Housing & Property Law

Golden, CO

Carl M.
Carl M.

Real Estate, Housing & Property Law

Seattle, WA

David A.
David A.

Real Estate, Housing & Property Law

Walnut Creek, CA