Buying a home is one of the most important financial decisions you will ever make, and one that requires careful consideration and an understanding of the lengthy home buying process. By educating yourself and choosing qualified professionals to assist you, purchasing your new Oregon home can be a satisfying and financially rewarding experience.
Attend a home buyer training course: Often offered for free or little charge by your state or city government, and by local real estate professionals, these workshops cover topics including financial preparation, mortgages, finding the right home, closing the loan, insurance requirements and protecting your investment once the purchase has been made.
Determine what you can afford: An honest look at your finances will help you determine what size monthly payments you can comfortably afford. Utilize the tools you received in your training course or an online calculator to create a realistic monthly budget that will help you map out a plan for covering the various expenses of owning a home.
Find a qualified buyer’s agent: Hiring an agent in the early stages of the process will give you peace of mind and ensure you have a knowledgeable advocate on your side when negotiating long term contracts with sellers and loan officers.
Shop for a mortgage: Choosing a preferred lender and obtaining pre-approval for a loan is important. In the first meeting you will learn what size loan you qualify for, the maximum purchase price you can afford, the total cost of the loan including insurance and the amount of cash you need to close the loan. Pre-qualification also gives sellers confidence that you will be able to obtain financing if they accept your offer.
Shop for a home: Work with your buyer’s agent to determine which community and type of home is best suited to your needs. Your agent will give you tips for finding the best value for your money and will lead you through the process of making an offer and scheduling a home inspection once your offer has been accepted.
Close the loan: Closing typically takes place 30-60 days after your offer has been accepted. At the settlement, all legal documents are signed, you receive the title and keys to your new home and the seller receives the purchase money.