A GUIDE TO BUYING YOUR FIRST HOME IN 2023
Ready to buy your first home in Salem, Oregon in 2023? My team at NW Home Collective specializes in helping first-time home buyers like you find their dream property in the greater Salem and Portland markets.
Before you start searching for homes online, it’s important to take the first step to house shopping: Getting pre-approved for a mortgage.
Your pre-approval will tell you what you can afford and what your monthly payment will be, so it’s important to determine this before you start searching for your new home.
Pre-approval is good for about 30-90 days, so once you’re ready, take these first 3 steps to get it done.
1. Contact me, Shaunte Cruse at NW Home Collective, and I’ll send over a list of lenders I know and trust.
2. Look over the list, check out online reviews, and ask friends and family for referrals.
3. Email 2-3 lenders you like or let me introduce you over email.
It’s very important to protect your credit during this time, whether you are one month or twelve months from purchase, don’t let anyone pull your credit until you know that you feel comfortable working with them.
It’s also exciting and helpful to know that there are so many loan products available, more than most people are aware of! You typically have more options when working with a Mortgage Broker versus your local bank. We want you to work with someone that is hyper focused on your needs and customizing the best plan to meet your short term and long term goals.
P.S. It’s true that I love you working with my preferred Lenders, because I already know they will dig into the details, customize a plan for you, and their team will support you every step of the way ensuring that your loan does not fall through!
Once you’ve got your pre-approval letter in hand, it’s time to start the search!
Before we hop into the home search, I like to advise my clients to create a ‘Needs’ list and a ‘Wants’ list. This will help us to really focus on the things that are most important in your future home.
Refer to my Home Buyers Guide to walk you through this process and note your ‘Needs’ list and a ‘Wants’ list.
Needs are the non-negotiable features; the features you simply must have in your next home. Wants are the ones you’d like to have, but you can add or change down the road. Remember, you can’t change the lot or the location so make sure you love both.
Once you’ve established what you’re looking for, I will set you up on a search so you can receive an email the second a home that fits your criteria goes live. If you have any questions about a property, send me the information and I will find out for you. Send me listings you like and I can get more information and set up showings on your behalf.
After touring houses and choosing the one you love, it’s time to make an offer. To do this, you’ll need your pre-approval letter or proof of funds. You’ll also need to make an escrow deposit of at least 1% of the purchase price. This will go towards your closing costs at closing.
You will also want to save about $750 on average for your home inspections.
These are the deliverables that we plan for in your first week, once under contract.
Have more questions about buying a home or what happens after making an offer? Reach out to me today!
Your Oregon Realtor®