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
Purchase Price $250,000
Purchase Price $350,000
Purchase Price $500,000
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
- Title search
- Repair requests
- 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
See all Real estate in the city of Beaverton.
(all data current as of 12/12/2013)
$369,900 : 5480 SW 162nd AVE, Beaverton5 beds, 3 full baths
$245,000 : 12350 SW Macorey CT, Beaverton3 beds, 2 full, 1 part baths
$214,900 : 18859 SW Bonnie Meadow LN, Beaverton3 beds, 2 full baths
$230,000 : 19600 SW Alexander ST, Beaverton3 beds, 1 full bath
$249,999 : 14123 SW Todd ST, Beaverton3 beds, 2 full baths
$214,900 : 16965 SW Cashew WAY, Beaverton3 beds, 2 full, 1 part baths
$222,500 : 2077 SW Leewood LN, Beaverton3 beds, 2 full baths
$145,900 : 14860 SW Farmington RD, Beaverton2 beds, 1 full bath
$335,000 : 14481 SW Arabian DR, Beaverton4 beds, 3 full baths
$255,000 : 21584 SW Sandra CT, Beaverton3 beds, 2 full 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
EBA Portland ~~ 100% BUYER REPRESENTATION . . . 100% of the Time
All rights reserved ©