Salem Oregon Mortgage Rates And Loans, Best Mortgage Rates In Oregon

Thinking About Buying a Home?

Here are some things you need to know

1. Dont buy if you really like moving.

If you cant commit to remaining in one place for at least a few years, then make sure you really crunch the numbers to see if it will make sense. There are a lot of costs involved with the buying and selling of a home, so you could end up losing your hard earned $$$ if you sell too soon even in a market that isnt declining. When prices are fallingwell, I shouldnt have to spell that one out.

2. Start by reviewing your credit.

Unless youre paying CASH.youll need to get a mortgage (I know where you can get one) to buy a house. So, you have to make sure what is showing p on your credit report is as accurate as possible. A few months before you start the process of looking for a home, youll want to get a copy of your credit report. (I know where you can get one of those as well). Make sure the information is correct, and if needed, fix any problems you find. We can help you with that as well. One of the best toolsreally an information productthat weve found if you need to really clean up your score QUICKLY to get your score up RAPIDLY is right here. Weve seen clients have great success raising their credit scores quite significantly by following the instructions that are laid out for them in this easy to follow course.

3. Set your sights on a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual income. But youll do better to use one of the many mortgage calculators available in order to get a good understanding on how your income and expenses will affect what you can actually afford.

4. If you cant put down 20 percent, dont worry.theres still a loan for you.

There are a variety of lendersthink FHA, VA and USDA Rural who, if you qualify, offer low-interest mortgages that require a down payment as small as 3.5% percent of the purchase price. To read up on FHA loans or USDA Rural loans and VA loans , i.e. the loans that require 3.5% down and 0% down respectively, then just click on the links.

5. Buy in a great school district.even if you dont have kids.

In most areas, this advice applies even if you dont have school-age children. Reason: When it comes time to sell, youll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Before you go out looking for houses, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you cant afford and put you in a position to make a legitimate offer when you do find the right home. Not to be confused with pre-qualification, which is based on a cursory review of your finances, a real pre-approval from a lender is based on your actual income, debt and credit history.and your loan will actually be reviewed by by a real live underwriter.

7. Get professional help.seriously.

Although you now have almost unlimited online access to home listings, most new buyersand even you experienced ones are better off using a professional agent. Some folks contend that you should look for an exclusive buyer agent if you can, Exclusive Buyer Agents work solely for buyers, avoiding the conflicts of interest inherent in the traditional seller-oriented purchase transactions. I dont really think its necessary, however, you definitely want buyers representation. Do NOT use the listing agent to negotiate on your behalf as the buyer. Their fiduciary responsibility is with the sellernot you the buyer.

8. Dont skip this stepget a really good home inspector to check out the house.

Your lender ( once again, I know a good one) will require a home appraisal. But thats just the banks way of determining whether the house is worth the price youve agreed to pay. Separately, you should hire your own home inspector, with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road. I think the best in the Mid-Willamette Valley is Jim Allhiser with Perfection Inspection.