Buying a Home

Buying A Home? How To Stay Approved For Your Mortgage

Posted by in Buying a Home

Buying A Home? How To Stay Approved For Your Mortgage

Buying a home in Portland? Are you practicing Bad Mortgage Behavior? When you’re buying a home you apply for a loan, get pre-approved, and make the offer on that dream home. Once you are approved for a mortgage, do you know how to stay approved? Here’s how.   For all the talk of how tough it is to be “mortgage approved”, the basics of mortgages haven’t changed. Mortgage approvals are still the 3-legged stool of income, equity, and credit. Sometimes, though, it’s not getting approved that’s hard — it’s staying approved. You want to watch out for landmines. This, according to Dan Green who blogs The Daily...

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Rent Or Buy Portland Real Estate

Posted by in Buying a Home, Portland Real Estate Market Conditions

Rent Or Buy Portland Real Estate

Wondering if you should buy some Portland real estate or simply rent a home? Owning your home can save you money every year according to the chart below. Why? — Partly because of the tax advantages of home ownership; partly because rents on local homes seem to be rising faster than prices of Portland real estate. When you buy a home you can lock in your house payment for 30 years. Rents can rise every year. Here are some questions you need to answer in your rent vs buy considerations: How much do Portland homes cost in your area? Check out our interactive map search here. What would the monthly payment be? Feel free to use our mortgage calculator on the...

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Five Basics About Rental Property Financing

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Five Basics About Rental Property Financing

Portland real estate investors are finding that today’s market creates excellent conditions for buying and owning rental properties.   Vacancy rates are low right now. In addition to the normal pool of renters, previous homeowners who have had a foreclosure or short sale of their home need to rent for 2 to 4 years before they can again purchase a home. Then there’s the fact that the prices for Portland homes for sale are at about 2004 price levels. And have I mentioned how low interest rates are right now? This all translates into the perfect time to start real estate investing or to add a rental property to your portfolio. Many would be real estate...

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Why Go Green With Portland Real Estate?

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Why Go Green With Portland Real Estate?

We’re a green city so it’s fitting that much of Portland real estate is beginning to employ green building technology. We’re seeing it in new construction and also green remodeling projects.  The Earth Advantage Institute is working with the Portland real estate builders and remodelers to rate home energy performance, certify green buildings in the Portland real estate market, and inform builders and home owners about the many energy tax credits.   Just in case you need encouragement or a rationale for going green, check out this article by Andrew Hill. The Case for Building Green (in Portland Real Estate) By Andrew Hill @...

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How Much Down Payment Do I Need to Buy a Home

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How Much Down Payment Do I Need to Buy a Home

It’s easier than you might think to buy a home in Portland. There has been so much news about stricter lending requirements over the past few years. Many folks who could be first time home buyers think they are unable to buy right now. Some folks think you need 10% or 20% of the sales price to buy a home now. Some think there are no loans for first time home buyers.  Well I’m here to tell you that is just wrong information. You too can take advantage of historic low interest rates and low prices for Portland real estate. 3.75%   is the current FHA loan interest rate for buying a home.  (Click here to get more complete information including APR.) Call me...

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How to Buy Distressed Properties

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How to Buy Distressed Properties

Thinking of buying a home in Portland? These days some of Portland’s best real estate values come from buying properties that have issues. We’re talking buying a home in distressed condition (fixer-uppers) or distressed terms (short sale ). Frequently it’s both (cash only terms due to condition). Here’s more about buying Foreclosures. Here’s more about buying Short Sale Properties. Maybe the home needs a new roof and electrical panel. The owner took the furnace with him when he was forced to leave. And the septic system is “iffy.” (I don’t have to make this stuff up. Reality is crazy enough.) Possibly the seller needs his lender to go...

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