Closing Costs in Oregon
The average closing cost in Oregon is $14,524, which is 2.82% of the home price. Oregon's transfer tax rate is $1.00 per $1,000.
Avg Closing Costs
$14,524
As % of Price
2.82%
Transfer Tax
0.1%
Attorney Required
No
Closing Cost Breakdown for a $515,474 Home
| Item | Estimated Cost |
|---|---|
| Loan Origination Fee (1%) | $4,124 |
| Appraisal Fee | $500 |
| Credit Report | $50 |
| Title Search & Insurance | $2,577 |
| Transfer Tax | $515 |
| Recording Fees | $150 |
| Home Inspection | $400 |
| Survey | $350 |
| Attorney Fee (optional) | N/A |
| Prepaid Property Tax (2 months) | $670 |
| Prepaid Homeowners Insurance (1 year) | $1,546 |
| Prepaid Interest (15 days) | $1,102 |
| Estimated Total | $11,984 |
* Estimates based on average Oregon home price of $515,474 with 20% down payment. Actual costs may vary. Transfer tax, attorney fees, and prepaid items are state-specific.
How to Reduce Closing Costs in Oregon
Negotiate Seller Concessions
Ask the seller to cover part of your closing costs. In Oregon, sellers can typically contribute up to 3-6% of the sale price toward buyer closing costs.
Shop Multiple Lenders
Origination fees and lender charges vary significantly. Get Loan Estimates from at least 3 lenders and compare the “Loan Costs” section.
Use First-Time Buyer Programs
Oregon offers programs like Oregon Bond Residential Loan Program that can help with closing costs.
Close at End of Month
Closing near the end of the month reduces the prepaid interest charges, which can save you hundreds of dollars.
Legal Context for Oregon Closings
Conveyance Document
Warranty, special-warranty, bargain-and-sale and sometimes quitclaim deeds
Security Instrument
Deed of trust; mortgage sometimes used
Foreclosure Process
Non-Judicial
Attorney Required
No
Oregon uses warranty, special-warranty, bargain-and-sale and sometimes quitclaim deeds for property transfers and deed of trust; mortgage sometimes used as the security instrument. While an attorney is not required, you may still choose to hire one.
