When I help a first time home buyer, I want to know they are ready to purchase a home, because it is a very large step from renting to buying, and if you aren’t ready, you could be stepping in to a very deep hole that you can’t get yourself out of.
of the first things I
suggest a 1st
time home buyer to do is to check out a
rent vs. buy calculator and see if this is something they are
even ready to
do. (For many, it may be actually better to continue renting, depending
The second thing is, if you think you are ready even after checking out the rent vs. buy calculator, then the next thing I suggest you do is contact a few mortgage lenders. It is very important to find out what you can actually afford. (You can call me for a list of mortgage brokers / bankers that I recommend who I know will get the job done.) With interest rates changing daily, and your payments being based on your credit score, your payments can vary greatly for the same house depending on that credit rating, sometimes as much as $200 a month.
The next thing I’m going to suggest is to find a real estate agent that you like and you trust. Remember, you are going to be working very closely with this person for the next couple months on the biggest purchase of your life, and if you don’t like them or trust them, then move on, because usually your gut is correct!
Once you have found your agent, you can now start the home search. Upon finding the home you want to put an offer in on, there are many steps to the process before you actually get to move in. A major one includes the inspection which will cost you around $350 - $500. I highly recommend everyone should get an inspection. The second is the appraisal. This will also run you about $500, but it isn’t paid until closing and this will be required of the lender prior to closing. They won’t lend more than the home is worth in most cases. (There are a few exceptions.) But, if you do think a home is worth more than the appraiser says it is, you may get the loan for the amount the appraiser says it is worth and then pay the remaining amount in cash or trade, if the owner will consider that as an option.
For more information on buying your first home, please contact me anytime. I would love to sit down with you, discuss all your options, and help your family home.
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Other articles for 1st time home buyers:Buying your first home in Beaverton Oregon doesn’t have to be stressful
Buying your first home in Beaverton Oregon: Don’t let the inspection scare you!
Todd Clark (broker)
Realty Pro, Oregon LLC
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
What if there was a way you could search the MLS for FREE just like Realtors
Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!