A list of qualified Housing counselors in or near Roseburg, OR  CLICK HERE

Umpqua Valley Habitat for Humanity is looking for applicants CLICK HERE to find out more!!

First Time Home Buying Tips from Money Under 30  CLICK HERE

 

Action Steps (consumerfinance.gov) CLICK HERE

  • Check your credit:  look for errors, get your credit score.
  • Assess your spending
  • Budget for New or Changed Expenses: insurance, taxes, association or condo fees, utilities, maintenance and repairs.
  • Determine your down payment and don't forget closing costs ! (usually from 2% to 5% of the home purchase price)
  • Decide how much you want to spend per month on a home:  interest rates, explore loan choices.
  • Is it the right time for you to buy:  is it better to rent or buy, understand the risks and responsibilities of home ownership
  • Build a network of advisors: friends, family, co-workers, housing counselor, real estate agent, and mortgage loan officer.
  • Create a loan application packet:  pay stubs, W-2 forms, tax returns, bank statements, proof of any name changes, proof of identity, and social security number of anyone that will be on the loan .

 

 

Why You Should Get Pre-Approved Before House Hunting

Buying a house is a very exciting time for anyone and most potential homebuyers want to jump right in and start looking at houses. However, getting pre-approved for a mortgage is one of the most crucial points in beginning your home search. It is natural to want to start looking at houses immediately, but getting pre-approved first will make the process much more streamlined for everyone involved. Here are 5 reasons why you should get pre-approved before house hunting.

Saves time for everyone.

It doesn’t make sense to look at houses when you don’t know what your price range is or whether you’ll even be approved. Looking at homes takes time and while it may be fun for you, it is also work for your real estate professional. Having a pre-approval before house hunting will allow you to look at homes that you can afford and save everyone’s precious time.

You know what your budget is.

As a homebuyer you want to begin looking at homes you can afford. There is nothing worse than falling in love with a home that is outside your price range. Getting a pre-approval before house hunting will give you a realistic expectation as to what you can afford. With that number you can decide on what compromises you are willing to make to stay within that price range. This will help you to manage your expectations and emotions during your house hunt.

You will be taken more seriously.

Having a pre-approval in hand will make you look much more on top of things during the home buying process. Many realtors won’t begin showing homes until they see your pre-approval letter and know what price range of homes they should be showing you. Additionally, when it comes time to make an offer on a house, you will be taken more seriously in the eyes of a seller if you have a pre-approval letter to present. In fact, your offer may be more attractive to others because the sellers will know that you’ve already secured a mortgage loan.

It is much less risky.

If you enter into a sales contract without a pre-approval you are creating many risks for yourself. First, getting a mortgage pre-approval may take time and it may push back your closing if you don’t already have one. Secondly, if you fail to get a pre-approval after entering into a sales contract you may end up losing the earnest money deposit that you made with your contract. Neither are risks you want to take when buying a home.

Helps expedite the closing process.

Having a pre-approval before entering into a sales contract will make the process much more streamlined. You will already have a point of contact with your lender and will most likely have a list of documentation that you’ll need to provide. You won’t have to go through the entire underwriting process and it will help you to close on your mortgage in time.

Remember these 5 reasons of why you should get pre-approved before house hunting. It saves everyone time and will help you to avoid any heartache and headache in the real estate market.