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Oregon Mortgage Broker / Loan Officer 

NMLS #2003696

Todd Davidson

My professional career has been built on the values of honesty, great service, excellent communication, and hard work. The mortgage process can be overwhelming, whether you're a first-time homebuyer or a more experienced buyer. I will help guide you through the mortgage process and make it seem easy and stress-free. Contact me if you are moving to Oregon and looking for an Oregon Mortgage Broker or Loan Officer. I'm here to answer any questions, whether about a mortgage or moving to and living in Oregon.  From experience, I can tell you that living in Oregon is fantastic.  I would be honored to help you in any way I can. Call me at 971-275-2465 or email me at tdavidson@umortgage.com with any questions.  

Mortgage Broker, Todd Davidson with UMortgage in Wilsonville Oregon

Advantages of Using a Local Mortgage Broker in Oregon

If you are looking to move to Oregon or even relocate within Oregon and buy a home, you will most likely need to get a mortgage. If searching for a loan officer in Oregon, it's wise to look at a mortgage broker. As a Mortgage Broker in Oregon, I work with 20 different lenders and can shop around to find you the best interest rate and lowest fees. Most Loan Officers in Oregon are retail lenders and only have one option to choose from, which may or may not be a good deal for you. Using a Mortgage Broker to buy your home in Oregon, you are essentially shopping your loan with 20 different lenders to find the best value for yourself. To do this, you only need to complete one application, compile and turn over all your documents to one person, and have your credit checked once. Using a Mortgage Broker to purchase your home in Oregon is a much easier way to shop around and ensure you get the best deal.

 

Below are some of the loan programs I offer to best help, my clients. Many mortgage loans exist, designed to appeal to many borrowers' needs. For each type of mortgage listed below, you'll see its advantages and the kind of borrower it works best for. 

Most Popular Loan Types

30-Year Fixed-Rate Conventional Home Loan

With the 30-year fixed-rate conventional home loan, the interest rate is set for the entire 30 years of the loan. The going interest rate at any time could be higher or lower, but you are locked in for 30 years. 

  • It's the most popular home loan. 

  • Your interest rate never changes.

  • You have a lower payment than if you had a loan with a shorter term.

Best Candidate:

A homebuyer who wants a lower payment than they'd get by taking a shorter loan term. Often first-time home buyers or move-up buyers whose finances are a little tighter opt for the 30-year fixed rate.  

Todd Davidson, Oregon Mortgage Broker:

As a mortgage broker our rates are usually much lower than most retail loan officers in Oregon. Reach out today and we could have you pre-approved and out looking at houses tomorrow!

Oregon Mortgage Broker, 30-Year Fixed
Oregon Mortgage Broker, 15-Year Fixed

15-year Fixed-Rate Conventional Home Loan

With the 15-year fixed-rate conventional home loan, the interest rate is set for the entire 15 years of the loan. The going interest rate at any time could be higher or lower, but you are locked in for 15 years. 

  • A popular option for someone who is refinancing

  • The interest rate doesn't change

  • Versus a loan with a longer term, the 15-year fixed usually has a lower interest rate

  • The larger monthly payment vs. a longer term loan means less interest paid for the life of the loan

Best Candidate: 

Someone who is refinancing has already made payments for several years or is looking to pay their loan off quicker. The loan type is popular due to the quicker payoff and predictable interest rate and payment.

Todd Davidson, Oregon Mortgage Broker:

Our 15-year rates and fees are way better than most mortgage loan officers in Oregon. The 15-year is a great way to save interest cost and pay off your house quicker.

Adjustable-Rate Mortgage

A loan with an initial rate that’s fixed for a specified period and then adjusts periodically is an adjustable-rate mortgage. A good example is a 5/1 ARM. The interest rate is set for the first five years and then adjusts annually. 

  • The initial rate is usually lower than on a comparable 30-year fixed mortgage, giving you a lower monthly payment for the fixed period.

  • The initial rate can usually be locked for one, three, five, seven, and ten-year periods.

Best Candidate: 

Home buyers who don’t plan on having the mortgage for a long time, or who believe interest rates will drop at some point in the near future allowing them to refinance before the interest rate increases.

Todd Davidson, Oregon Mortgage Broker:

The rates for adjustable-rate mortgages have been improving of late. There needs to be a significant savings over a 30-year fixed to make it worth doing.  Contact me today to see if it makes sense.

FHA Mortgage

An FHA mortgage is designed to help those with more modest means buy a home and is backed by the federal government. The Federal Housing Administration insures FHA loans.

  • Down payment minimums as low as 3.5%.

  • You can qualify with a credit score as low as 500

  • FHA loans have upfront mortgage insurance of 1.75% which can be rolled into the loan. There is also monthly premimum that ranges from .45% to 1.05%. This if often for the life of the loan if your down payment is <10%.  

Best Candidate: 

Borrowers who have lower credit scores and a lower down payment. 

Todd Davidson, Oregon Mortgage Broker:

Our FHA interest rates and fee's are some of the best out there. If you've got credit challenges, FHA can be a really good option. Contact me today so I can help.

VA Loan

VA loans are backed by the Department of Veterans Affairs.  They are available to military service members and veterans. 

  • No down payment required.

  • Upfront VA funding fee required, unless exempt.

  • No mortgage insurance.

  • Available in Jumbo amounts.

  • Higher Debt to Income ratio requirements.

Best Candidate:

Military-qualified borrowers who appreciate a low interest rate and/or no down payment minimum.

Todd Davidson, Oregon Mortgage Broker:

Our VA rates and fees are among the best. If you are a veteran, reach out. I would love to help you.

Info on VA Loans

USDA Loan

USDA home loans are mortgages made or guaranteed by the U.S. Department of Agriculture. Their purpose is to help households with very low to moderate incomes purchase safe and affordable homes in rural areas. Some of the benefits of a USDA mortgage include: 

  • There is no down payment required for most properties

  • You can do USDA Home improvement loans and grants 

  • There are income limits and caps on property value

  • USDA loans are eligible for owner-occupied primary residences only

Best Candidate:

Qualified buyers in rural and some suburban areas who want a low or zero down payment.

Todd Davidson, Oregon Mortgage Broker:

If you are looking to move to Oregon, there are some great communities that are USDA eligible, and some are close to the Portland Metro Area. To see if the area you're considering is USDA eligible, use the following link: USDA Eligibility Checker

Jumbo Loan

Jumbo loan limits differ county to county. For all counties in the state of Oregon, the limit is $647,200. Anything above that is considered a Jumbo loan. A few features of a Jumbo loan include: 

  • Can have fixed or adjustable rates

  • Often require a credit score of 700 or higher

  • DTI ratio requirement is 43% or lower for most lenders

  • Usually require a down payment of 20% or more, but I do have several options for 10% and even lower

Best Candidate:

Buyers of expensive homes and owners who want to refinance jumbo-size mortgages

Todd Davidson, Oregon Mortgage Broker:

Our Jumbo rates and fees are some of the lowest out there. Contact me today to find out how I can help you and save $.

Bridge Loan

A Bridge loan is a short-term loan collateralized by the equity in your current home to help you buy a new residence. Once the new home is purchased, you sell your departing residence and pay off the Bridge Loan. Below are a few of the features of the Bridge Loan we offer:

  • Borrow up to $500,000

  • $ can be used for the down payment on the new home, to pay off debt to help qualify, and even to fix up your departing residence to sell

  • For loan amounts less than $400,000, there is no appraisal.

  • Loan amounts up to $250,000 you can have a CLTV of up to 90%. For $250,001-$500,000 CLTV max is 80%

  • To be eligible for Bridge Loan, you have to do the mortgage on your new home with me as well. Benefits are one application, one credit pull, send documents to one person.

  • Bridge Loan approval takes about three days. Most other Bridge Loans or HELOCs take a month or more.

Best Candidate:

Buyers who are looking to trade up houses whose down payment is trapped in their existing home.

Todd Davidson, Oregon Mortgage Broker:

This is the best Bridge Loan out there. It's SIMPLE, quick, and inexpensive. Reach out today to talk about how I can help you.

Tilikum Crossing Bridge, Portland Oregon

What is the best loan for me?

We are here to help you figure that out. For a free no obligation rate/quote or home owners guide click below. We can help you determine which loan is right for you!

Mortgage FAQs

Do you want to buy a home? For roughly 70% of the population, the first step to buying a home is to meet with a lender and get pre-approved for a home loan. Meeting with a lender can be an intimidating experience for some. To help guide you in this endeavor, I've put together a list of FAQs and answers to make the process less intimidating:

How do I get pre-approved for a mortgage loan?

Talking with a good mortgage broker should be your first step in the process of buying a home. With my clients, I usually have a 20-30 minute introductory call to get some basic information from them but, more importantly, give them an opportunity to ask questions and get comfortable. Below is some of the information I gather:

  • What do you want to do?

  • What is your timeframe?

  • What does your income look like?

  • What are your monthly debt payments?

  • How much do you have for a down payment?

  • What do you want your payment to be?

  • How is your credit?

After the initial phone call, I'm able to quickly put together a quote to give the client an idea of what they'd be looking at, funds needed to close, payment, and approximate interest rate (which can change). After that, it's a matter of filling out an application, running credit, and getting me a few documents to verify income, and I can quickly get you pre-approved and out shopping if everything checks out. 

What is needed to qualify for a mortgage loan?

After doing the above and getting pre-approved, finding a house, and getting your offer accepted, I gather the below documents and turn your information over to the lender and their underwriter, who goes through everything and approves your loan. Documents I usually need include:

  • Past 2 years W2’s

  • Past 2 years Federal Income Tax Returns (usually business owner/landlords only)

  • Past 2 Years Business Tax Returns and K-1’s (usually business owner only)

  • 1 month most current paystubs – last 2 paystubs

  • 2 months most current bank statements – all pages

  • Most recent quarterly statement for retirement account(s) (if using for qualification)

  • Social Security and/or Disability income award letter (if retired)

  • Alimony and/or Child Support court decision (if applicable)

  • Copy of Driver’s license

  • Visa/Residency documentation *if non U.S. citizen (if applicable)

 

FOR ALL PROPERTIES OWNED: 

  • Most recent mortgage statement(s) (if applicable)

  • Evidence of insurance, reflecting annual premium amount (if applicable)

  • HOA monthly payment coupon (if applicable)

 

How long does the whole process take?

The process can usually go as quickly as you need it to and depends on how fast you can get me what I need. If you've found your dream house and want to make an offer ASAP, if you can fill out the application and get me the required documents, I can have you pre-approved and making an offer within hours.

If you've got an accepted offer, once I have all the documents I need (listed in the last section), I can get your loan done fairly easily within 15 days in most situations. Sooner if needed.

 

How much home can I afford?

Often what you can afford and what I can approve you for are two different things. In most situations, I can get you approved with total monthly debt payments at about 48% of your gross income. Not only will the mortgage payment count as a debt payment, but your car payment, student loan payments, and credit card payment are all counted toward this number. 

For instance, if you and your spouse gross $10,000 a month combined, have car payments of $1500 a month, student loan minimum payments of $500 a month, and no other debt payments, there's a good chance I can get you approved for a $2800 a month mortgage payment. That said, by the time you take taxes and other deductions out of the $10,000 income, you might not be comfortable having $4800 a month in debt payments. Yet someone whose income is likely to increase over the coming year might be okay with it. 

So, in a nutshell, how much house you can afford depends a lot on your other debts, future income prospects, and your comfort level. The best way to find out how much home you can afford and what you're comfortable with is to talk to a mortgage broker about your situation. You can call or email me, and I would happily talk about your options and put together a no-obligation quote to help figure out what makes sense in your situation.

How much do I need for a down payment?

My personal recommendation is to put at least 10% down. Putting 20% down is optimal as you avoid mortgage insurance, but with 10% down, the mortgage insurance is usually pretty minimal and can be removed once certain thresholds are met.

I do USDA and VA loans all the time with 0% down. These are both great loans that fill a need. I can do conventional loans for first-time home buyers for just 3% down or 5% down if you aren't a first-time home buyer and FHA loans for as little as 3.5% down. 

I recommend talking to your mortgage broker and finding out what works best for you and your situation. 

How do interest rates affect my mortgage?

With higher interest rates come higher payments. If the interest rate is .125% higher or lower may not mean a lot as far as your payment, but swings of .5% to 1% can quickly erode your buying power.

That said, timing your home purchase to get the very best interest rate is nearly impossible. During 2020 and 2021, we saw some of the most affordable interest rates ever. Today's rates, though higher, are still historically low, so though more expensive, it still represents a great time to buy.

There are things you can do to decrease your interest expense. A 15-year fixed rate loan is often a good option and has a lower interest rate than the popular 30-year option. A bigger down payment can sometimes help get you a lower interest rate as well as reduces the interest you pay each month. Paying extra principal each month reduces your interest expense and will help you pay your home off sooner.

As a mortgage broker, my rates and fees are lower than most retail lenders. Contact me today to review your options and see a side-by-side comparison with a retail lender.

What are mortgage points?

Mortgage points, or discount points, is a fee paid upfront to reduce your interest rate. If you see an ad with a very low-interest rate online, you can bet they are charging you discount points. Read the fine print.

A mortgage point is equal to 1% of your loan amount. So if you're getting a $500,000 loan and you have two discount points, you'll pay an additional $10,000 in fees to get the loan. 

Unless you know for sure, you'll have a loan for a long time. It doesn't make much sense to pay for discount points as it usually takes too long to break even. You're usually better off putting the extra money toward your down payment. Talk to a mortgage broker, and they can tell you what makes the most sense for you.

 

What are closing costs?

Closing costs are comprised of several things. Below are bullet points with an explanation on each:

 

  • Pre-Paids: These are the property taxes, insurance, and interest you pay upfront when you get a loan. This is usually the biggest chunk of closing costs and would be the same with any lender.

  • Title: The Title Company manages closing, among other things. Their fee would be the same from lender to lender.

  • Lender Fees: Origination, processing, and underwriting charges are all examples of lender fees. These charges will differ from lender to lender.

  • Points: Discount Points, Mortgage Points, and Discount fees are all examples of the cost of lowering the interest rate. Again, be wary of online ads or lenders touting a rate that seems to be good to be true. Likely points are being charged. They don't always make this obvious.

How do I lock my interest rate?

Interest rates change daily. Locking your rate is a crucial part of the mortgage process. Locking guarantees your interest rate for a specific period of time, usually 30 to 60 days. More extended lock periods are available but usually come with an increased cost.

In most instances, you get pre-approved, and once you find your home and get an offer accepted, you lock your interest rate. It is possible to get pre-approved and do a "Lock and Shop." That locks your interest rate before you've found a home. If you're fearful of interest rates rising and relatively confident that you'll find a home within a specified period, this could be a good option. Talk to your mortgage broker to get more info and see what makes sense in your situation.

What does my monthly mortgage payment include?

Your mortgage payment. What are you actually paying? It would be nice to think it was all going to pay down your principal balance, but that's not the case. Below is what the typical monthly mortgage payment includes:

 

  • Principal

  • Interest

  • Property Taxes

  • Homeowners insurance

  • Private mortgage insurance (PMI), if you put down less than 20% on your home

What exactly is an escrow account and what does it do?

You can choose to have additional costs for your homeowners insurance and property taxes added to your monthly payment. The money you pay each month for these costs goes into your escrow account which is managed by a third party to ensure payments are made on time.

How do I start the process of getting pre-approved and buying a home?

Talk to a mortgage broker or loan officer. If you don't have one or just even want to compare a quote you've recently received I'd be happy to help. Email me today or just click here to get started >>> FREE NO OBLIGATION RATE/QUOTE

About Me

I grew up in Tigard, Oregon, and have lived in the Portland Metropolitan area for most of my life. Today I live in Tualatin, Oregon, with my wife and three young kids. When not actively working on a mortgage and helping my clients buy a home, I spend as much time as possible with my family and extended family. My parents still live in Tigard, Oregon, not far from where I grew up, and I have sisters that live in Beaverton and Lake Oswego, Oregon. The proximity of extended family is great for our kids, and they enjoy time with their grandparents and cousins regularly. Our children are really into sports, so I am often found at soccer fields or basketball courts throughout Oregon. Tualatin and the surrounding communities such as Sherwood, West Linn, Lake Oswego, Tigard, Wilsonville, and Beaverton have beautiful sports facilities and good youth sports programs, so there's no shortage of kids and cities to play against in the Portland Metropolitan area.  

When not engrossed in kid's activities, we love to travel. Sometimes out of state, but more often than not, we spend time at several of our favorite locations throughout Oregon. We are particularly fond of the Oregon Coast. We try to get to the Northern Oregon Coast at least twice a year, often visiting Seaside, Astoria, or Cannon Beach. They are fantastic communities with beautiful beaches, plenty of outdoor activities, and attractions to keep my kids busy. I look forward to a day when we can spend time exploring the Central and Southern Oregon Coast. From Lincoln City to Brookings, there are many fantastic towns and beaches to see. The Oregon Coast is undoubtedly a must-visit for anyone living in Oregon. Or, if you're moving to Oregon, you should certainly put it on your list of destinations to visit.

Central Oregon is another popular destination for our family. We often head over to Bend, Oregon, to visit family and vacation in Sunriver, Oregon, a popular resort town in Central Oregon. The abundance of swimming, skiing, biking, hiking, fishing, golfing, and rafting in Central Oregon is second to none and keeps us very busy. There are many other great cities to explore, such as Redmond, Sisters, and Prineville, along with many more outdoor activities in which to partake. We love spending time in the summer and the winter in Central Oregon. There's a lot to do no matter the season. As my kids get older, I look forward to spending more time in Central Oregon.

Mt Hood is another popular destination for my family. It's not quite a two-hour drive from where we live in Tualatin to some of the best skiing and tubing in the Pacific Northwest. Ski Bowl is our favorite as it has one of the best tubing hills around. It's also known for its zip line, mountain biking, alpine slide, and having the largest area to night ski in the United States. It is also the closest ski venue to Portland, Oregon. On a good year, Timberline ski resort operates lifts year-round and is a haven for professional racers and freestyle skiers. There's also an abundance of camping in the area, Trillium Campground, Frog Lake Campground, and Clear Lake Campground, to name a few. No matter the time of year, the Mt Hood area is a beautiful place to visit whether you live in Oregon or are just visiting.

When at home in Tualatin, my family enjoys hitting some of the Farmers' markets in the Portland Metropolitan area. In my opinion, Lake Oswego has one of the best Farmers' markets. There are always a lot of vendors, fresh produce, and fun activities for the kids. Plus, it's always fun to walk around downtown Lake Oswego, which boasts one of, if not the most, walkable downtowns in the Portland Metropolitan area. There are other great Farmers' markets in the Portland Metropolitan area. Beaverton, Sherwood, Tigard, Canby, Hillsboro, and Oregon City all have great ones, to name a few.

As you can see, my family and I keep busy when I'm not actively working on a mortgage and helping my clients buy the house of their dreams. I'm incredibly grateful for having a job where I'm present for my family yet get to help people with their mortgage needs so they can buy a house. I remember getting my first mortgage and how overwhelming the mortgage process can be for a first-time home buyer or anyone. As A first-time home buyer, I didn't feel like my mortgage broker cared to take the time to help me understand the process and inform me what my options were. One of my goals as a mortgage broker is to be as transparent as possible and spend as much time answering questions and explaining things as needed. It's of utmost importance to me that my clients are comfortable and have a complete understanding of the mortgage process. Purchasing a home is one of if not the most significant purchases anyone will make, and you deserve to have a mortgage broker who guides you through the process, making it a comfortable and stress-free process. If you are looking at buying a home in Oregon or Washington, I would be honored to help you with your mortgage. If you need to connect with a mortgage broker in another state, email me.  I can likely help facilitate a connection with a good mortgage broker in your area.

Todd Davidson Client Reviews

Todd Davidson Info

Business Address

25195 SW Parkway Ave #204

Wilsonville OR 97070

NMLS #2003696

Contact

971-275-2465

todddavidsonmortgage.com

Opening Hours

Mon - Fri

8:00 am – 8:00 pm

Saturday

9:00 am – 12:00 pm

​Sunday

9:00 am – 12:00 pm

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