Rolling Into October: What It Means for Mortgages

As we turn the calendar to October, a lot of people start shifting their focus to fall activities—pumpkin patches, football, and cozy evenings at home. But in the mortgage world, October also brings a few unique things to keep in mind if you’re buying or refinancing.

1. Property Taxes and Escrows

In Oregon and Washington, property tax bills typically come out in October. Since lenders don’t always know the exact amount in advance, this can impact how escrow accounts are set up. Sometimes, lenders will collect a little extra (called a tax holdback) to make sure there’s enough on hand when that bill arrives. It can feel frustrating, but it’s temporary and usually evens out once the final numbers are in.

2. Timing Your Refinance

If you’re thinking about refinancing, October can be a tricky month. That tax holdback might make the upfront costs look higher than expected. The good news? Once the dust settles, we can often apply escrow credits or adjust payoffs to bring your loan balance back down. Think of it as a short-term bump on the road to your long-term savings.

3. Fall Market Energy

On the real estate side, October is often an underrated month to make a move. Competition slows down compared to the spring and summer rush, but there are still great homes coming on the market. With fewer buyers shopping, you might find yourself in a stronger negotiating position.

4. Preparing for the Holidays

Refinancing or buying now means you could be in your new financial position—or even your new home—before the holidays. That can give you a little extra breathing room heading into a season that tends to be heavy on spending.

October is a month of transition: leaves are changing, the air is crisp, and mortgage files take on a few quirks because of property taxes. But with the right planning, it can still be a great time to move forward on your financial goals.