Homes For Sale In Portland OR
Homes For Sale In Portland OR
The good news is you did it, you decided that homes for sale in Portland OR are the ones for you. Now you just have to narrow down your search to one home you can see spending your life in. The bad news? This is a lot easier said that done, especially if you are a first time home-buyer.
Here are 3 tips you can use to make the entire home buying process go smoother:
Get a good handle on assets and liabilities
It is imperative that you understand the concept of spending money the right way. If you are a spendthrift who uses every single last penny you earn each month, that is not going to look good.
If you are self employed or you work solely on commissions you might find it harder to get a loan for homes for sale in Portland OR compared to those with a regular paying job. You will need at least two years’ earnings history to show the lender.
It is also a good idea for you to do your homework about how mortgage lenders work and what all they look for. Take a little time to get to know their lending practices and you will be ahead of the game.
Check your credit score
There are few things, if any, as important as your credit score when it comes to qualifying for a home loan. The standards are higher than ever and to get a good mortgage rate you will have to have top notch credit. That is not to say that you won’t be able to get a loan, but the terms will not be as good if you have bad credit.
There are plenty of different websites that will allow you to check out your credit score to get a good handle on where you stand. Some even offer tools to help you repair your bad credit.
The goal is to have a high credit limit but not have it maxed out. If you are a first time home-buyer consider leaving plenty of credit available at all times. You should have no more than a third of your credit used.
If you are only in the planning stages of buying a home, there is no time like the present to start getting your credit up to par. Just don’t waste time and be very careful from now on.
Have your documents organized
When it comes time to apply for mortgages for homes for sale in Portland OR you will need to have all of your income and tax documents in order and ready to show to the lender.
Typical lenders will require at least the following documents for their records:
- 2 recent pay stubs
- 2 years W-2s
- 2 years tax returns
- 2 months of bank statements
These documents are how the mortgage lenders get the complete picture of your finances. From the amount of money you make to how you spend it.
These are three of the most important tips you can use when it comes to getting mortgages for homes for sale in Portland OR.