Answering Your Portland and Lake Oswego Home Buying Questions
Buying a Portland and Lake Oswego home is both thrilling and a bit unnerving, especially if you’re a first-time home buyer. Both experienced home buyers and first-time buyers alike will benefit from reviewing current home buying procedures. . Before you begin your Portland or Lake Oswego home search, it is recommended that you prepare yourself for the journey by educating yourself–this process is continually evolving with new changes every year. This will ensure you are a knowledgeable home buyer prepared to make a confident home buying decision.
Q: What are my first steps to buy an Oregon Home?
A: Actually you’ve already started the process. Fact-finding and reading articles is a great way to become a smart consumer. The highest priorities to focus on before you begin searching for specific areas, neighborhoods, or homes include:
- Familiarize yourself with your personal finances.
- Study the continually updated Buyer Advisory articles on the Oregon Realtors Association website.
- Learn about the Portland & Lake Oswego real estate market.
- Carefully review your budget and begin to eliminate as much debt as possible.
- Have a down payment and earnest money ready when the time comes to act and make your offer.
Q: What about taking a first time home buyers class in Portland?
A: The Portland Housing Center offers a wide range of excellent services & classes for Portland buyers, including Financing and Homebuying 101. The services for you at the Portland Housing Center will arm you in every aspect of home buying.
Q: What type of loan should I choose to purchase a Portland home?
A : You will need an Oregon lender who is reliable and trustworthy, and one who can complete your transaction in a timely and responsible manner. Experience, knowledge, communication & organization are paramount skills in a lender. Research your lender–consider interviewing a couple to see which person is the best fit for your needs. We can recommend several trusted lending professionals or you can choose your own. Ask lots of questions and never sign any document until you know what you are signing and feel completely at ease signing it. Recently fixed interest rate loans have been the most popular with either 30 or 15 years to pay off the loan. In the past few months of 2011, adjustable rate mortgages have become available again in Oregon–read the fine print on these. U.S. Bank offers these A.R.M.’s, along with the 80/20/20 mortgages again. Some banks in Portland–particularly Wells Fargo in Portland– utilize FHA’s 203K loan for buyers of distressed properties that will need immediate improvements to become habitable.
Here’s some homework to consider even before you meet with an Oregon lender or mortgage broker:
- How much money do you have for a down payment?
- How long do you plan to live in the home?
- Do you qualify for a FHA or VA loan?
- Are you eligible for a USDA guaranteed rural property loan?
- Would a conventional 30 or 15 year loan be advantageous for you?
Q: What timeline should I expect when buying a Portland or Lake Oswego home?
If you’ve done your homework about neighborhoods, loans, and comparative homes, your real estate agent will assist you as you make an offer, and will present it on your behalf. Once you reach agreement with the seller on the terms of your purchase and any repair negotiations are completed, it will normally take 4-6 weeks for your transaction to “close”, at which time you will take possession of your new home. During those weeks, there will be a number of steps for you to take. You’ll find our more detailed Oregon Home Buying Process will guide you every step of the way.!
May we help you get started on the path to buying your Oregon home?
Are you ready to schedule your home buying consultation? If so, contact us today and together we will review your needs and your budget to help you find the right Portland and Lake Oswego home for you!