Step 1: Getting Ready
Plan ahead. Be ready to answer requests from lenders, title and escrow officers and other professionals. Planning will help you discover the quickest and most efficient path through the home buying process.Understand your reasons for buying. Is your job taking you to a new location? Is your family growing? Are you looking for more convenience or luxury? Are you tired of renting? How about lifestyle? Many people are attracted to Central Oregon by its quality of life, scenery, climate and proximity to outdoor recreation opportunities. These basic questions are a launching point for the buying process, whether you are a first-time or repeat buyer.
Know your financial condition. Most homes are financed through funds borrowed from a lending institution and secured by a mortgage. Over the years, new and innovative loan programs have evolved that require a down payment of 5% or less. Recent problems with sub-prime mortgages notwithstanding, mortgage financing is available to most prospective buyers.
In addition to a down payment, purchasers need cash for closing costs (the final costs associated with closing the loan.) Builders or other sellers sometimes will pay all or part of the closing costs as an incentive, or loan programs may underwrite closing costs. The Garner Group’s agents have the experience to guide you through the alternatives available.
Remember, however, that less money down means higher monthly mortgage payments. We have included a link to a mortgage calculator what will enable you to make a rough estimate of your payments. Click here.
Put your financial house in order. Credit scores are important to lenders. Good credit will enable you to qualify for a loan with lower interest rates and a lower down payment. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.
The Garner Group works closely with Central Oregon mortgage brokers and lending institutions to help prospective buyers choose the best loan programs for individual circumstances.
Go to Step 2: Choose a Realtor.
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