What To Do With All Of Those Saved Pennies?
Anette Sieverson, a veteran mortgage broker with Pacific Residential Mortgage and a preferred vendor at Home Team, works hard from beginning to end with her clients whether buying or selling. The loan process, although daunting is the best place to start. Here, Anette breaks down the importance of choosing the right lender as this is one of the most important decisions you will make early in the home buying game.
The Portland housing market was very competitive in 2016 due to high demand and low inventory and often there were multiple offers on homes even on the first day on the market. Portland continues to be a very sought after market to live and own real estate in and it’s not hard to understand why. Portland and Oregon, as a whole, has a lot to offer and history tells us that owning real estate is one of the best ways to build financial wealth.
Most indicators point to another strong year in the Portland real estate market so how do you best prepare yourself to buy in a competitive market? The home buying process can be confusing and complex so choosing the right people (Realtor and lender) to work with is critical in order to have a successful buying experience.
The first step in the process is to get pre-approved so you know what you qualify for. Choosing the right lender can make the experience smooth and seamless while the wrong one can turn it into a nightmare. In today’s competitive marketplace, after all rates and fees are considered, the gaps between lenders will be very small so consider the following:
- Can the loan officer explain their different loan programs clearly?
- Is the loan officer friendly and prompt at returning calls and answering questions?
- Is he or she knowledgeable?
- What is the loan officer’s commitment to close on time? The real estate purchase process is very date-driven. Specific things must occur before closing on a loan. Finding a loan officer who is dedicated to real estate purchases will ensure a smoother process to get your loan closed quickly and when you need it to close. Dedicated purchase lenders are keenly aware of the timetables and benchmarks that must be met in order to close a loan on time.
When you have chosen the lender, he or she will thoroughly review your credit, your income documentation and assets and determine the price range you can comfortably afford and then give you options for what loan programs are available to you.
Once you have completed these steps, you will be ready to start the search for your perfect house! Completing this process before house hunting will give you the confidence to make an offer on a home. It will also give you an edge in a competitive-offer situation, leading to a smooth and timely closing.
By Anette Sieverson MLO-136913
Senior Mortgage Banker
Pacific Residential Mortgage