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Riverwalk offers first-time home buyers the opportunity
to live in an accessible new neighborhood. Purchasing your first
home can often be a daunting experience: many questions arise that
require answers from your real estate team.
The Process
This section will familiarize you with the overall process. We provide
links to helpful websites and encourage you to peruse the information.
You will be better prepared for the whole experience -- which is
about getting you into your first home!
Tour Riverwalk
By this time, you may have toured Riverwalk. If you want more information
about the properties or are interested in a tour, please contact
us. If you haven't already, now is a great time to contact a sales
agent about the property.
TIP: When looking for a sales agent, you want
a good match; this person will be your partner and ally for the
next few months. They will tour you around, write offers, and usher
you through the experience.
Qualify for a Loan
Now is a great time to get pre-qualified for a loan, which lets
you know how much money you can afford. Get pre-approved too so
you know you have the merit to pay off the loan. You will need a
clear picture of your financial situation, and should consider the
following:
- Run a credit report to make sure there are
no surprises in your credit history.
- Analyze your current financial situation:
where the money comes from and where it goes to.
- Analyze how a home purchase will affect
your budget.
- Gather items such as: tax returns for the
last three years,, current pay stubs, records of paid off credit
history, and any supplemental income. If self employed you will
need business records and tax returns for the last three years.
- Do not incur any new debts. Mortgages are
based on debt to income ratios (the amount you pay monthly versus
the amount you bring in) and a new debt can make the mortgage
unobtainable.
Find a Mortgage Company
After you've gauged your financial situation, it's time to shop
around for a mortgage that suits your needs. A mortgage is a loan
secured by the property you are purchasing. Depending on your financial
circumstances, the amount of the loan can vary from a small percentage
to as much as 95% of the purchase price. We recommend the following
preferred lenders:
- Umpqua Bank: (541)
482-9611
- Ashland Mortgage: (541)
488-0818
- Home Lenders Mortgage:
(541) 858-5830
- Par Mortgage: (541)
482-5886
They will help you determine what's most
important to you: perhaps buying a house with no money down, or
obtaining the lowest interest rate, or finding the right time-frame
in which to pay off this loan. We recommend you review out our online
resources for more information.
Helpful Websites
Gateway
Real Estate www.gateway-realestate.com/
Lithia
Realty www.gateway-realestate.com/
Home
Buyer's Information Center www.ourfamilyplace.com/homebuyer/first.html
Free
Credit Reports www.freecreditreport.com/lt/188control/1ndex.asp
Analyzing
Your Loan www.freecreditreport.com/lt/188control/1ndex.asp
Mortgage
Calculator www.bankrate.com/brm/mortgage-calculator.asp?nav=mtg&page=calc_home
MSN Home Advisor
houseandhome.msn.com/
Inspections
houseandhome.msn.com/homes/inspection.aspx
Up-to-Date
Mortgage Interest Rate News houseandhome.msn.com/financing/ratenews.aspx
Annual
Home Ownership Costs houseandhome.msn.com/improve/guides/takingresponsibility.aspx
To
Do in Advance houseandhome.msn.com/financing/closing/advance.aspx
Glossary
www.interest.com/firsttime/terms.shtml
Write an Offer
After selecting the mortgage that's right for you, your realtor
will write an offer. This means they draft a document which outlines
how much money you want to offer for the property. It also includes
information about your pre-approved loan. You will need to do the
following around the time your realtor writes the offer:
- Have the house appraised: An appraisal
is an opinion of the dollar value of the home you want to purchase.
Virtually every lender will require some sort of appraisal before
the loan is approved.
- Have the property inspected: An inspection
evaluates the structural and mechanical condition of a property.
- Review your closing costs: These are charges
paid to different entities associated with your home purchase.
They are usually 2 - 2.5% of the total sales price of a property.
Closing costs may include: application fees, appraisal fee,
county taxes, credit report, discount points, documentation
fee, escrow fees, homeowners' association fees, loan fees, mortgage
insurance, original fees, tax registration and title insurance
premium.
Contact Us to
Tour Riverwalk Today
Gateway Real Estate: (541) 482-8856
Lithia Realty: (541) 488-2442
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