How do I get financing for Portland Oregon real estate?
If you're new to the Portland Oregon area or you're moving from out-of-state and relocating to our beautiful part of the country you may need financing to apply for home loan. While there are many online and local options it's smart to shop around and get the best rates ahead of time. One of the most heartbreaking things that I come across is homeowners that have seen homes before they've talked to a lender or to a buyer’s agent. They find a home that they love and then struggle to find financing for it. Several times I've even seen buyers lose out on the listing because they waited too long to obtain financing and lost out to a previous offer.
The last thing buyers want is to find their dream home and then realize they can't afford it. How do you avoid this? By getting all your ducks in a row before you purchase a Portland home. If you're unsure about how to go about obtaining financing or maybe you're relocating from out-of-state and just don't know where to start, give me a call or Contact Us at any time to get started on your financing and preparing to look at homes in your price range. Being a Portland Oregon real estate agent I know many reputable lenders and mortgage brokers that can help you obtain the right financing, excellent rates, and the right program to fit your situation. You can still purchase homes with zero down under the USDA loan program. If you're selling another home and purchasing a home in the Portland area under a conventional loan there are contingencies and special financing available for those situations as well.
Once You Found a Lender
Once you've found the lender that you feel comfortable with they will require specific documentation of your finances including all of your liabilities, assets, income, and debt. After careful consideration, your lender will derive a price range and a maximum amount that your budget can handle. While the lender may offer you a maximum amount this doesn't mean that you must purchase a home up to this price. You may find a perfect home for much less which will give you freedom and flexibility in your monthly budget.
After the loan application is complete, your lender will offer you a pre-approval letter. This letter is a valuable document that you can present to sellers when submitting an offer. Having a buyer's agent that strategically lays out the pre-approval letter with your lender to show you are qualified for the exact amount that you are offering can save you time, energy, and lots of money. You don't want to show the sellers that you can afford much more than you may be offering for this may prompt them to counter offer for a higher amount. Also, using a buyer's agent instead of the listing agent secures your financial confidentiality and negotiating strategies.
When the time comes to apply for a home loan for Portland real estate let me be the first to welcome you to our area and get you started down the right path. If you're unsure of where to live in Portland, feel free to contact me anytime for details on communities or browse through the listings on our website.
Your Expert in Where to Live in Portland
As an expert real estate agent in Lake Oswego, I love helping buyers and sellers come together over the right property. As a dedicated buyer’s agent I can help you find the right property, at the right price, and negotiate for your terms. Want a hassle-free real estate transaction? Call me anytime for details, secrets, and the keys to homeownership in the Portland Oregon real estate market.