What are the closing costs associated with getting a mortgage in Oregon?

@berta  Closing costs associated with getting a mortgage in Oregon can vary based on several factors, including the loan amount, property value, and the specific terms of the mortgage. Here are common closing costs that borrowers may encounter:

1. Loan Origination Fee: This fee is charged by the lender for processing the loan. It is typically a percentage of the loan amount.
2. Appraisal Fee: Lenders often require an appraisal to determine the property's value. The borrower usually pays for this service.
3. Credit Report Fee: Lenders pull a credit report to assess the borrower's creditworthiness, and there may be a fee associated with this.
4. Title Insurance: Both lender's title insurance and owner's title insurance may be required. These policies protect against potential issues with the property title.
5. Escrow or Closing Fee: This fee covers the services of the escrow agent or closing agent who facilitates the closing process.
6. Recording Fees: Fees charged by the county for recording the mortgage and deed.
7. Home Inspection Fee: While not always required, some borrowers choose to have a home inspection done before purchasing a property.
8. Prepaid Interest and Property Taxes: Borrowers may need to pay interest from the closing date until the end of the month and prepay property taxes.
9. Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP): If the down payment is less than 20%, borrowers with conventional loans may need to pay for mortgage insurance.

It's important to note that closing costs can add up to a significant amount, often ranging from 2% to 5% of the loan amount. However, some loans or programs may allow for seller contributions or lender credits to offset these costs. Additionally, borrowers should receive a Loan Estimate from the lender within three days of applying for a loan, which outlines the estimated closing costs.

To get specific details on closing costs for your mortgage in Oregon, it's advisable to contact lenders and request a Loan Estimate. This document will provide a breakdown of the expected closing costs based on your loan application.