Home Buying Guide
All You Need to Know
Your Guide to
Buying a Home
Knowing where to start when buying a home can be overwhelming. That’s why we’re here to guide you through the process. This guide has been designed as your introduction to all things home buying. Below you’ll find a step-by-step look at the home buying process, an introduction to the different parties involved in your transaction, and our recommended experts for each step of the way. We’ve also provided a number of quick links to helpful tools and resources to better prepare you for your journey. Whether this is your first home purchase or your fifth, our goal is to help reduce any uncertainty and stress you have about the process. We’re always a phone call or email away to answer your questions. Happy Home Buying!
NO COST FOR YOU
Our buyer agents receive a portion of the commission the seller pays to the listing agent, meaning buyers receive representation at no cost to the buyer.
Favoring handshakes over contracts, we prefer a no-pressure approach. We simply ask for your loyalty.
We’re experienced negotiators, having closed over 1000 transactions since 2003. We focus on protecting your best interest!
Finding Your Right Price
STAGE 1: PRE-QUALIFICATION
Pre-qualification is an informal interview with a mortgage professional about your assets, income, and expenses. The purpose of this step is to give you a general idea of the price range you can afford and provide insight on ways to achieve your homeownership goals.
STAGE 2: PRE-APPROVAL
The pre-approval process starts with a lender looking over your credit reports, employment history, and income to determine which loan programs you qualify for, the maximum amount you can borrow, and the interest rate you’ll be offered. Your loan officer will then submit your mortgage application and the documents you provide to verify your income, current and past employment, bank accounts, and credit report with an underwriter for approval. Your lender then issues a pre-approval letter, including any conditions needed for full approval.
STAGE 3: COMMITMENT
Loan commitment is issued after a lender approves both you and the property you plan to purchase. After careful examination of all relevant documentation, your loan representative will submit your complete application to the underwriter. Your application will either be approved or approved with conditions that must be met prior to closing.
Our Trusted Lenders
Mark Snow – Senior Loan Officer
o: 503-929-5887 | c: 503-462-2101 | email@example.com
Guild Mortgage | 825 NE Multnomah St, Ste 950, Portland, OR 97232
Mollie Coe – Mortgage Loan Officer
o: 503-906-9345 | firstname.lastname@example.org
Rivermark Community Credit Union | 2537 SE Hawthorne Blvd, Portland, OR 97214
Kevin Schmidt – Mortgage Broker
o: 503-459-0587 | c: 503-705-5014 | email@example.com
Summit Mortgage | 5331 SW Macadam Ave, Ste 314, Portland, OR 97239
Nate Alvord – Loan Officer
o: 971-271-7310 | c: 503-880-0039 | firstname.lastname@example.org
CrossCountry Mortgage | 5 Centerpointe Drive, Ste 300, Lake Oswego, OR 97035
Julee Felsman – Senior Loan Consultant
o: 503-894-7428| c: 503-799-3711 | email@example.com
Guaranteed Rate | 80 SE Madison St, Portland, OR 97214
Eric Rose – Loan Officer
o: 503-292-1131 | c: 503-307-1856 | firstname.lastname@example.org
Mortgage Lenders Northwest Inc | 5319 SW Westgate Dr, Ste 222, Portland, OR 97221
Steph Noble – Branch Manager
o: 971-256-4742 | c: 503-780-4924 | email@example.com
CrossCountry Mortgage | 1737 NE Alberta St, Ste 205, Portland, OR 97211
Getting to Know Your
Your inspection contingency period (typically 10 business days after your offer is accepted) gives you the opportunity to uncover issues with your home before moving forward with the transaction. If issues emerge during the home inspection, your buyer agent will attempt to negotiate repairs or consideration for repairs on your behalf. If negotiations fail, you may walk away from the property and receive a refund of your earnest money.
Below we’ve listed our general recommendations for inspections to better prepare you for the process and inspection costs. Note: Costs are approximate, depending on the property and the complexity of the inspection.
GENERAL HOME INSPECTIONS
A visual inspection of a home’s interior, exterior, roof, plumbing, electric, heating and cooling, and unfinished attic and crawlspace. | Cost: $575 (Re-Inspection: $125)
A video scope to determine the condition and functionality of the property’s sewer line from the house to the city main. | Cost: $125- $150
TANK SEARCH/ LOCATE
Detects the location of an underground heating oil tank or other large metal targets on the property. | Cost: $95- $110
Performed when an undocumented underground oil tank has been detected. | Cost: $195 or more
Radon is a radioactive gas that comes from the natural breakdown of uranium in soil, rock, and water and emits into the air you breathe. Radon typically moves up through the ground and into your home through cracks and other holes in the foundation. Radon levels can be safely lowered with a professionally installed mitigation system. Click Here for the EPA’s guide to radon. | Cost: $150- $175