FAQ

How much will it cost me to refinance my first mortgage?

To calculate the cost of refinancing your first mortgage use one of our Financial Calculators or speak with one of our representatives for assistance.

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What are the closing costs for my mortgage?

The specific amount of your closing costs varies by situation. Appraisal fees, title charges, and closing fees may all vary from state to state and from lender to lender. To evaluate your closing fees, we’ve created three categories of which you should remain aware:

Third-party fees
Taxes and other unavoidable costs
Lender fees

Third-Party Fees	Taxes and Other Unavoidable Costs	Lender Fees
Appraisal fee Credit report fee Settlement/closing fee Survey fee Tax service fee Title insurance fee Flood certification fees Courier/mailing fees We collect any third-party fees and pass them on to the person who actually performed the service.	State/Local Taxes and Recording fees These fees will most likely have to be paid regardless of the lender you choose. If some lenders don’t quote you fees that include taxes and other unavoidable fees, don’t assume that you won’t have to pay it. It probably means that the lender hasn’t done the research necessary to provide accurate closing costs.	Points Document preparation fees Loan processing fees These fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before deciding. Please note, this may not be an exhaustive list.

Third-Party Fees

Taxes and Other Unavoidable Costs

Lender Fees

Appraisal fee
Credit report fee
Settlement/closing fee
Survey fee
Tax service fee
Title insurance fee
Flood certification fees
Courier/mailing fees

We collect any third-party fees and pass them on to the person who actually performed the service.

State/Local Taxes and
Recording fees

These fees will most likely have to be paid regardless of the lender you choose. If some lenders don’t quote you fees that include taxes and other unavoidable fees, don’t assume that you won’t have to pay it. It probably means that the lender hasn’t done the research necessary to provide accurate closing costs.

Points
Document preparation fees
Loan processing fees

These fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before deciding.

Please note, this may not be an exhaustive list.

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Are there closing costs associated with a Home Equity Line?

Yes. You will be subject to closing costs if your Home Equity Line application is approved.

For specifics, please visit a branch or reach us at (503) 215-6090.

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How are mortgage interest rates determined?

Mortgage rates are determined by the Wall Street Prime rates. When the economic outlook is good, rates tend to increase, and rates fall when it’s not so great. It seems somewhat backward, but here’s the reasoning: When the economy is doing well, borrowers can afford more. This affects the market for mortgages, which results in slightly rising rates. Conversely, when the economy declines and unemployment rates increase, interest rates fall to make it more affordable for borrowers to take out loans.

For our most current mortgage rates, visit our Rates page.

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What is a Mortgage Loan?

A mortgage is a loan to finance the purchase of your home. When you close on a mortgage, your home becomes collateral for the loan. You will be required to sign a legal contract stating that you promise to pay the debt, including interest and other costs, typically over the course of 15 to 30 years.

For more information, please visit our Mortgage page or apply today!

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Why should I consider getting pre-approved before buying a home?

Getting pre-approved before buying a home provides you with the price range that works best with your budget. Pre-approval also makes you a more attractive applicant, as the seller knows your financing has already been approved.