Where to Start?

How to get started buying a home?

Step 1 - What can you afford? This is the first thing you need to find out. To get the answer, you need to begin by speaking with a loan/mortgage professional to get a Good Faith Estimate. Basically, a Good Faith Estimate gives you the details of the products and services a lender can provide you. It will give you down payment amounts, closing costs, monthly payments and different types of loans with varying interest rates. The lender should not pull your credit score to give you this information about what they can do for you. I recommend you always get 3 opinions.

Important Note
SELECT ONLY ONE LENDER/LOAN OFFICER TO GET "PRE-APPROVED" After you decide which lender to use, you'll need to get pre-approved for a loan. If you ask several lenders to pre-approve you and pull your credit, your credit score could be adversely affected by credit checking (points are deducted from your score each time your credit is checked or you apply for credit). A lender or bank that agrees to loan you money looks at you as a "risk". They want to determine their risk in giving you money and your likelihood of paying on time...that is why they look to credit scoring, your open accounts, your banking practices, income, monthly debt(s) and how you have handled them all. One Mortgage Consultant to call is Clare Zickuhr 503-720-324, czickuhr@cmortgage.net. He also has a blog: GoToLoanGuy.com. He is a great place to start since you will be interviewing at least 3 lenders and reviewing their Good Faith Estimates and different loan programs based on your distinct needs and circumstances. The decision ultimately is yours on whom you choose to get a loan with - so interview wisely.

Step 2 - Make a Wish List...Or Hopes List ... Just remember, we all have to start somewhere and sometimes we end up having to compromise something. This list consists of your needs and wants in your new home...and WHY do you need this or want that? It may come from what you have had and liked, or possibly what you have had and didn't like. We ALL want privacy or hope for space. Some have to have 2 acres while others don't even want a patch of grass to mow. Still others wish for a vegetable garden or space for kids or dogs or be near a park or work or school or nearby shopping or or or...

Step 3 - Call a Realtor when Step 1 AND Step 2 are COMPLETED
When you are ready, I can help you understand your loan options and then give you a list of available homes in your price range that meet some of the items on your Wish and Hopes list and together we will find the right home for you. Teresa Kolb 503-550-6438, TeresaKolb@NewbergHome.com