Home Buyer Guide To Portland Oregon Real Estate Part 1: The General Process
The Portland Oregon real estate market is going strong. For Buyers who are contemplating a home purchase, there is a reality that should be acknowledged. This Home Buyer Guide to Portland Oregon Real Estate is a Five Part Series. You are reading the General Process.
Step #1 – Talk to a Lender
- Make an appointment to talk to a Lender/Loan Officer
- Obtain your Pre-Approval
Unless paying with cash, you will need to borrow funds in order to complete a home purchase. The lender will run your credit, determine your current credit score, review your income-to-debt ratios, among other things. If it’s determined that your credit-worthiness is on par with a home purchase, they will ask for documentation. Home Buyer Guide To Portland Oregon Real Estate
Step #2 – Obtain a Pre-Approval
A cursory overview of your financial standing is unverified information that you’ve supplied the lender. This would be a “Pre-Qualification” or “Pre-Qual.” That’s okey, but it’s not “approving” you (in a preliminary fashion) for funds. A Pre-Approval is when the information you’ve provided (bank statements, tax returns, wages, etc.) is VERIFIED. Some lenders now run their Pre-Approvals through Underwriting, which is even better.
Once you become Pre-Approved for a loan you will know:
- How much money you can borrow based on your down-payment
- What loan program you will find your best bet (FHA, Conventional, VA, etc.)
- What your P.I.T.I. will be
What is P.I.T.I . . . And Why is it Important?
P.I.T.I. is the MONTHLY amount of the loan, which includes: Prinipal and Interest, Taxes, Insurance.
Principal and Interest are based on your interest rate. Taxes on the home and property insurance on the home will vary. They are based on the total amount divided by 12 months.
EXAMPLE: If your Property Insurance is $450 a year, that will equate to $37.50/month
|
How Interest Rates Add Up |
Less 10%Down |
@5.75% |
@3.75% |
||
| Loan Amt | Princ/Int | Princ/Int | Difference | ||
|
Purchase Price $250,000 |
$225,000 | $1,313/Mo | $1,042/Mo | $271/Mo | |
|
Purchase Price $350,000 |
$315,000 | $1,838/Mo | $1,458/Mo | $380/Mo | |
|
Purchase Price $500,000 |
$450,000 | $2,626/Mo |
$2,084/Mo |
$542/Mo | |
Be Prepared . . . It’s Not Just for Boy Scouts Anymore
Once the Buyer has obtained their Pre-Approval, they’re reading to start their home search. They will know how much they can borrow, they will look at homes which might be LESS then their Pre-Approval and then . . .
- Offer submission
- Inspections
- Title search
- Appraisals
- Repair requests
- Walk-thru
- Meet final conditions if any
- Final Loan approval
- Loan Signing
- Loan recording
- Hand over keys
This Home Buyer Guide to Portland Oregon Real Estate offers basic steps to the general process of buying a home in the Portland Metro Area. Find an EXPERIENCED Realtor(r) to assist and make this a smooth process. Better yet find an Exclusive Buyers Agent! And that would be . . . Me!
The Home Buyer Guide to Portland Real Estate Series:
- Part I – The General Process
- Part II – The Down Payment
- Part III — Where and How to Get Your Down Payment
- Part IV –
- Part V –
Homes for Sale in Beaverton Under $250,000
Showing properties
1 - 10 of 251.
See more Real estate in the city of Beaverton.
(all data current as of
5/22/2013)
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$214,900 : 203 NW 209th AVE, Beaverton3 beds, 2 full, 1 part baths
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$234,900 : 10245 SW Pastern PL, Beaverton3 beds, 2 full baths
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$275,000 : 2275 SW Wynwood AVE, Beaverton4 beds, 1 full, 1 part baths
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$224,900 : 725 SW 174th PL, Beaverton3 beds, 2 full baths
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$282,500 : 16901 NW Desert Canyon DR, Beaverton3 beds, 2 full, 1 part baths
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$574,995 : 17012 SW Nafus LN, Beaverton5 beds, 3 full baths
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$299,000 : 2073 SW 189th AVE, Beaverton4 beds, 2 full, 1 part baths
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$299,000 : 1148 NW Weybridge WAY, Beaverton3 beds, 2 full, 1 part baths
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$269,900 : 11920 SW Trail CT, Beaverton3 beds, 2 full baths
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$340,000 : 288 NW Pacific Grove DR, Beaverton3 beds, 2 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Portland Buyers Agent – Real Estate Expert in the Portland Metro Area
EBAPortland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. I only represent Home Buyers and never home sellers. If you’re looking for a home anywhere in the Portland Metro area, there is no better representation than an Exclusive Buyers Agent. I assist investors, folks relocating to Portland area, those moving to the Portland area in-state, home buyers who are looking to down-size or move-up and of course . . . love working with first-time buyers. I help Buyers in the Portland Metro market find exactly what they need in the Tri-County markets of Clackamas County, Multnomah County and Washington County, as well Portland cities including but not limited to:
- Beaverton homes for sale
- Tigard homes for sale
- Hillsboro homes for sale
- Lake Oswego homes for sale
- Portland homes for sale
When you’re ready, talk to an ExclusiveBuyers Agent. Exclusive Buyers Agents do not work for listing brokerages or Sellers. An EBA’s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time. Contact me for all Portland Housing.
Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland LLC
14845 SW Murray Scholls Blvd, #110-518
Beaverton, OR 97007
Office: 503.524.2560
Direct: 503.810.7192
EBA Portland ~~ 100% BUYER REPRESENTATION . . . 100% of the Time
All rights reserved ©
Carla – Great post for ALL home buyers.
Michelle Gibson recently posted..VillageWalk Market Report: December 2012
Carla…
It is SOOOO important for Buyers to make this first step and get the pre-approval. Even if they are still shopping on-line, the pre-approval will give them the target to search for. Nothing more disappointing than finding that perfect Beaverton home or condominium, then to find out it’s more that you can qualify for, or are comfortable paying!
Great advice, and why Beaverton OR Home Buyers should be getting the Buyer Representation YOU can provide!
Thom Abbott recently posted..Georgia Tech learns ACC football opponents for 2013 | Georgia Tech | Macon.com
It is important to walk through the home buying process for consumers who may not understand how it works. This looks like a good series, Carla.
Jane Peters recently posted..Brentwood Real Estate. The Year in Review
This is great information for buyers considering purchasing a home.
Sharon Paxson recently posted..Million Dollar Property for Sale in Newport Beach, CA