Mortgage lender closing cost rankings in Oregon (2025)

Oregon is a non-judicial foreclosure state that uses deeds of trust as the primary security instrument, allowing lenders to foreclose through a trustee sale process without court involvement. The statutory timeline for non-judicial foreclosure is governed by ORS Chapter 86, which sets minimum notice periods before a trustee sale can proceed. Oregon is not an attorney-closing state; closings are typically handled by title companies or escrow officers rather than attorneys. The state imposes a transfer tax in the form of a documentary stamp or excise tax, though rates and exemptions vary by county. Title insurance rates in Oregon operate under a file-and-use regulatory model, meaning insurers file rates with the state Division of Financial Regulation before use. Oregon's Division of Financial Regulation oversees mortgage lender licensing and consumer complaints. Prepayment penalties on residential mortgages are restricted under state consumer protection rules, particularly for loans meeting certain criteria. Buyers and sellers typically negotiate who pays transfer-related fees at closing, with no fixed statutory default.

Conventional loans dominate Oregon's purchase market, accounting for 72.1% of 2024 originations (25,903 loans) at a median rate of 6.625%. FHA loans represent the second-largest share at 18.6% (6,697 loans), likely reflecting the state's mix of moderate-income buyers and higher home prices that push some borrowers toward government-backed financing. VA loans make up 8.8% of volume (3,146 loans), supported by military installations and veteran populations in areas such as the Portland metro and Southern Oregon. USDA loans are a minimal 0.6% (205 loans), consistent with Oregon's relatively urbanized population despite its large rural land area.