Preparing

Preparation for the purchase of your new home is fundamental to a smooth and effective transaction.  Having the right resources and information at your disposal will get you there.  I have designed this section to help prepare you for getting the most effective financing for your home.

Step #1 – Find a Lender

Finding someone who can do a loan is easier now than ever before with the accessibility of the internet.  But not all lenders are the same and their programs and levels of service vary.  Be careful in selecting a bank, credit union or mortgage broker to do your loan.   Because real estate is so local I really believe that using a local lender is to your best advantage.  You want someone who understands the local market and can look you in the eye at some point during the transaction.  Believe me, if a lender can put a face with a file they will pay more attention to that file!  And in a world of details, it is important to have your lender paying close attention to your file.

Finding a Local Mortgage Broker and Lender
If you are looking for a local mortgage broker here in the Portland Metro area,  I have references for brokers and direct lenders whom my clients and I have worked with in the past and who provided superior service. Please email me at paul@taylorgrouprealty.com or call me at 503-701-3613

Step #2 – Get Pre-Approved

“Pre-approval” means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre approval letter, which shows your borrowing power. You can visit as many lenders as you like and get several pre-approvals, but keep in mind that each one carries with it a new credit check, which will show up on future credit reports.