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While many factors are at play when it comes to buying a home in Portland, it doesn’t have to be an overwhelming experience. As long as you learn about the process and take the necessary steps to prepare, then you can put yourself on the path to homeownership. East Portland Blog shares some practical tips for navigating the home-buying process.
Determine your financial standing.
The first step of the home-buying process is to evaluate where you stand financially. You can get free credit reports from Experian, Equifax, and TransUnion to find your credit score and other information. You’ll also want to get a rough estimate of your debt-to-income ratio; InCharge Debt Solutions says to simply take your total debt and your total income to get a percentage.
Establish goals.
As in other areas of life, setting goals is crucial to the home-buying process. Once you have an idea of your financial situation and how much you can afford, start establishing goals. These goals should be realistic yet challenging. For example, you might set out to pay off all your consumer debt over the next year and save up a 20 percent down payment for a house.
Start tackling your goals.
Making goals is one thing. Accomplishing them is another. Be adamant about accomplishing your goals so that you can get to where you want to be. Start coming up with a strategy to eliminate debt. Come up with a way to save money for your down payment, such as cutting unnecessary expenses and automating your savings. Also, figure out how to increase your income, whether that means asking for a raise, seeking a second job, or starting a side hustle.
Tour homes.
This is perhaps the most exciting part of buying a home in Portland. Sit down with your partner and any other household members to look at houses online. You may find some that meet your needs and wants, and you may see some that expand your preferences (you didn’t realize you wanted that wrap-around porch until now!). And The Christian Science Monitor suggests checking out the local housing market to see how hot it is. All signs show that Portland is just one of those markets: the median sale price of a home in February 2022 was $510,000, down almost 2 percent year over year, and properties are selling just eight days after being listed, compared with 13 days the same period last year.
Research mortgages and lenders.
Few things are more important in the home-buying process than choosing the right kind of mortgage. Just because you qualify for a certain home loan doesn’t necessarily mean you should take it; the last thing you want is to be stuck with a mortgage you can’t pay month by month. Research government-backed and conventional home loans and speak with multiple lenders before deciding how you will proceed.
Get pre-approved.
As U.S. News & World Report explains, getting pre-approved for a mortgage gives you an idea of what kind of home you can afford. That way, you can adjust your budget and goals as needed. It also gives you an advantage over other home shoppers because it proves that you’re serious about buying.
Hire a real estate agent.
Forbes points out that a great real estate agent can do wonders for making your home buying experience successful. Not only can they help you find the perfect home, but they can also help you negotiate with sellers on price and conditions, among other things. Look for reliable agents in your area, and interview a few different candidates before choosing who you will work with.
Homeownership is an excellent way to move forward with your life. Remember to evaluate where you stand financially, set goals, and create a plan for accomplishing those goals. Tour potential homes in Portland, research home loans and lenders, and get pre-approved for a mortgage. Finally, find a real estate agent that can help make the entire process go more smoothly.
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