The Best Mortgage Lenders in Salem, OR
Compare verified mortgage lenders serving Salem, Oregon. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Salem
Featured Mortgage Lenders
Premier Mortgage Group
Premier Mortgage Group, Inc.
Premier Mortgage Group is a highly-rated local Oregon lender with over 25 years of experience, known for personalized service and deep community roots in Salem. They excel in offering competitive rates on a wide range of loan types, including first-time homebuyer programs, and have consistently high customer satisfaction ratings due to their responsive, local team and efficient processing.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in Oregon, serving Salem homebuyers through its Portland office. Renowned for competitive rates and a digital-first approach, they offer a seamless online experience combined with local expert support. Their long track record, high customer reviews, and comprehensive loan options make them a reliable choice for Salem residents.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly-regarded national lender with excellent customer service ratings and a commitment to local communities, including Salem. They are known for fast closings, competitive rates, and a wide array of loan products, particularly strong in first-time homebuyer and VA loans. Their dedication to giving back and personalized service has earned them a loyal customer base in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Salem, OR
Are there any special first-time homebuyer programs available in Salem, Oregon?
Yes, the Oregon Bond Residential Loan Program, offered through the Oregon Housing and Community Services (OHCS), is a popular option for first-time buyers in Salem. This program provides competitive interest rates and down payment assistance, which can be particularly helpful given Salem's median home prices. Many local lenders are approved to offer these OHCS programs.
How does Salem's property tax system affect my monthly mortgage payment?
Marion County, where Salem is located, has a relatively moderate property tax rate compared to other parts of Oregon, but taxes are still a significant part of your payment. Your lender will use the specific tax rate for the property's address to calculate escrow. It's important to note that Oregon's Measure 50 limits how much your assessed value can increase annually, which can provide long-term predictability for your housing costs.
What is a typical down payment needed for a home in Salem's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Salem successfully purchase homes with 3-5% down using conventional loans, or 3.5% down with an FHA loan. Given the competitive nature of the market, a stronger down payment can make your offer more attractive to sellers, but local lenders can help you explore low-down-payment options to get started.
Are there specific loan considerations for buying a home in Salem's flood zones?
Yes, parts of Salem, especially near the Willamette River and Mill Creek, are in designated flood zones. If your desired home is in a Special Flood Hazard Area (SFHA), your lender will require you to purchase flood insurance as a condition of the mortgage. This is a separate, mandatory policy that will be included in your monthly escrow payment, so it's a critical cost factor to investigate early.
How do mortgage rates in Salem, OR, generally compare to national averages?
Mortgage rates in Salem typically align closely with national averages, as they are driven by broader financial markets. However, your final rate will depend heavily on your personal financial profile and the lender you choose. It's advisable to get quotes from several local credit unions and community banks in Salem, as they sometimes offer very competitive rates and have deep knowledge of the local real estate market.
Why Choose a Mortgage Lender in Salem?
Local Market Knowledge
Lenders who understand Salem's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Oregon.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Salem and get competitive rates on your home loan.