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Preparing to Buy Southern Oregon Real Estate

If you will need to get a mortgage to buy a house, you need to be certain that your credit history is in good order.  The best financing rates are offered to borrowers with the best credit histories.  A few months before you start house-hunting, obtain copies of your credit report. Make sure the facts are correct. Pursue correcting any errors.

A Realtor can assist you in finding a home that meets your particular needs.  An experienced local real estate broker will also have information about the property and area that would be unknown to an out-or-area or out-of-neighborhood buyer.  A real estate agent will also assist you in negotiating the price, learning about the community, obtaining a loan, inspecting the home, and in closing the escrow. 

Take some time to learn about the numerous loan products available, and determine which would best suit your short-term or long-term needs.  Then shop around!  A ½ a percentage point over the lifetime of a loan can make a substantial difference in the overall amount you pay for the financing.

Getting pre-approved will save you the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house.  If there are several offers being made on the property, being pre-approved can make a difference in acceptance of your offer above other offers.

Make a list of all the features that are important to you.  Then separate them into features you need vs. features you “want.”  Oftentimes there is a gap between what a buyer wants and what they can afford.  Once you’ve been pre-approved and know your purchasing power, you can refer to you needs vs. wants list and decide how much of your purchasing power you wish to utilize.