Are you planning to buy a home in Portland? If yes, then you have come to the right place, in this blog we are going to tell you what steps you have to consider while buying a home in Portland. So, let’s get started.
Determine how much you can afford
Lenders generally recommend that buyers have to buy a home that cost no more than three to five times of the gross income. To check the affordability you can use affordability calculator which shows you how much you can afford. It is advisable to not buy a home which you cannot afford, it not only decrease your credit history but also disbalance your financial life.
Select where you want to live
Once you know your affordability, now focus on where you want to live. Make a list of your community priorities, such as commute time, schools, supermarkets and recreational facilities. Ask your real estate broker, to help you identify three to four target neighborhoods based on your priorities.
Check your Credit Score
Credit score plays an important role in buying a home because the lender will decide internet rate and pre-approval letter as per the score of credit history. As per the FICO, the lowest credit score to a homebuyer needs to purchase a home is 580 and the highest credit score is 720.
If your score is high the interest rate of a loan is lower and you will receive loan hassle-free. To get a lower interest rate on home loan it is vital to improving credit score. Try to pay off all small debts and avoid adding new debts.
Get Pre-approval mortgage letter
Having a pre-approval mortgage letter shows you an ideal buyer in the eyes of the seller. You can easily negotiate the real estate market rates for a better deal. Since most of the verification done during the pre-approval stage, it becomes quicker to get the loan disbursed once the property finalized. The housing market offers many options when it comes to buying a home, knowing one’s eligibility helps the buyer to limit the search, hence it will save your time and money.
Find the real estate agent
Real estate agents are important partners when you are buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible public. Their knowledge of the home buying process, mortgage rates, and familiarity with the area you want to live in can be extremely valuable.
Work with a mortgage lender to select your loan
Lenders have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have questions when preparing yourself buying a home and having an experienced, responsive mortgage banker assist you to make the process much easier. Mortgage lenders also share accurate Portland mortgage rates.
Close the deal and get your keys
Closing is the final step. At closing, you will sign all of the paperwork required to purchase a home. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender.
If you are thinking of buying a home in Portland, above-mentioned planning steps will help you in planning a home. Need a loan? We help you in getting pre-approval mortgage letter. We are one of the leading mortgage companies in Portland. We offer a wide range of mortgage products and programs that perfectly matches your requirements. Please contact us today with your financial-related any queries.