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There’s no time like the Present to apply for a Mortgage

Buying a home can seem intimidating, and applying for a mortgage can be equally as scary. Most people aren’t applying for mortgages in the current real estate market because they assume that they won’t qualify. The fact of the matter is, this might not be true, and you won’t know until you apply. If you think you might be ready to make the jump into the real estate market, then it’s time to get your ducks in a row.

What you need

To apply for a mortgage, you’ll need to have saved a down payment, have a steady and stable income and also have a good credit history. Don’t let the down payment scare you, with different types of mortgages and home loans, you can save as little as 3 percent or as high as 20 percent. A lender can help with this amount.

Here’s a list of what you’ll need to apply:

  1. Current credit history and score – Don’t let non-perfect credit deter you from applying for a loan. You may already qualify so it’s time to find out.
  2. Gather your documentation – Get together your income verification, like W-2 forms or tax returns. You’ll also need your credit history, and any other assets you have, like bank statements from saving accounts.

Talk to your Bend Realtor.

Bend Realtors have great recommendations when it comes to finding a loan officer. Typically, they have loan officers that they continue to work with time and time again. Ask your realtor for the lender that the recommend highly.

Trust your Lender.

Lenders will help you determine what price of home you can afford. They’re there to help you review your income, monthly expenses and other financial goals you may have. They’ll help you make the best decision when it comes time to choose a mortgage, and how you qualify.

Get Pre-Approved.

If your lender thinks you’re ready to apply for a mortgage, and start your house search, getting pre-approved can make this process even easier. If you’re pre-approved, you know exactly how much house you can take on. It prevents you from putting an offer on a house, that you will later find out you can’t afford. It also shows potential home sellers that you’re serious about buying.

If you’re thinking that you won’t qualify but think you might have what it takes, there’s no harm in meeting with a Bend Oregon Real Estate Agent and Lender. They might help you get things on track to purchase a home in the coming years, or they might help you discover that you’re already ready.

Most people assume that they can’t afford homes in today’s market. Yes, the market seems to be at a high, but there are pros and cons to the current market, and some of them might work in your favor. Instead of assuming that you can’t afford a home now, talk to your  Real, and see what they recommend. You’ll never know if you don’t try.

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October Real Estate Forecast shows high numbers of pending and sold properties

While the Central Oregon Real Estate Market is in the first signs of slowing down for winter, it’s still been a highly active fall. This September, the median sales price of a home in Bend, reached another record high. For the fourth month in a row the price has climbed, reaching $416,500 in September, which was up $2,500 from August’s median price. The median home price in October fell to $404,250.

Current Market

The Central Oregon market has been favoring sellers since last spring, which might level off in the coming months. The summer market was driven by committed buyers, and we expect this to continue into fall. With a higher number of pending sales in October, starting at 251, and up from 233 in September, we can expect November to be a highly active month.

The number of sold properties climbed to 228 in October, which was up from 208 in September. While the number in August was 246, this still shows that buyers are highly active during this time of year. In September we experienced an average of 114 days on the market, which was much lower than July, 141 days, and August, 136 days. Last year in September of 2016 the average number of days on the market was 104, so we’re not as quick as last year, but properties are still going rather quickly. We expect buyers interest to stay up through November and the Holiday season.

Active Listings

There’s still a high number of active listings on the market and buyers are still finding what they’re looking for in a property. While there have been price increases to home prices, they’ve remained modest and haven’t sky rocketed.

On existing properties there have been some price reductions, and interest rates are still low, so if you’re considering starting your home search now is a great time to start. With lots of properties to choose from you’re sure to find a property that has everything you need, and perhaps a bit more.

Find the best Bend Realtors

Finding a Bend Oregon Realtor that understands what you want in potential properties is key. Call Duke Warner today and we’ll help you find the perfect home, or get a property listed. Get in touch with us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.

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Types of Home Loans

It can be hard to determine what kind of loan works best for you when it comes to choosing a mortgage. It’s hard to break down the benefits and cons of each, so we’re here to break down what each loan is, and how it could possibly affect you. If you’re interested in applying for a home loan, talk to your Bend Realtors and see which lenders they recommend.

Fixed and Adjustable

There are two types of mortgages that you can come by, a fixed rate or adjustable rate. When you have a fixed rate mortgage, your loans have a fixed rate of interest, meaning they have the same rate of interest from the time you get them until when you pay them off. An adjustable mortgage has a rate that adjusts with the market, it might go up or go down as the market changes.

Each kind of loan has benefits and problems, but it’s up to you to decide what you’re willing to commit to. With a fixed rate you know your rate won’t change, even if the market changes. This means that if the rates drop lower than yours, you’re still stuck paying the rate you locked into. The flip side to this is that if you have an adjustable rate and the market rates soar, you’re stuck paying higher prices. Talk to a local lender and discuss which would work best for you.

Government and Conventional Loans

A conventional home loan is one that isn’t issued by the government in any way. Most consider conventional home loans to be regular home loans. A government issued home loan is one that is guaranteed through the government. Here are the different types:

FHA

An FHA Loan is part of a mortgage insurance program. These types of loans are available to first time homebuyers and other home buyers. With this loan the government is insuring the lender against any losses they might have from borrowing money. FHA loans are managed by the Department of Housing and Urban Development. With this loan you can put a lower payment down, as low as 3.5%. With this also comes mortgage insurance, that might make your monthly mortgage payment higher.

VA

If you’ve ever been a military service member or are a family member of one, you qualify for a VA loan program.  This mortgage is guaranteed by the VA. The benefit of this kind of loan is that veterans and their families can get 100% financing when they buy their home which means they have no down payment at all.

USDA or RHS Loans

Managed through the Rural Housing Service, part of the Department of Agriculture, this is for more rural residents. If you have a steady, but low or modest income, and other financing isn’t available to you, a USDA loan might be a good option. It takes into consideration the adjusted median income of the rural area, and bases the loan off of that.

Buying a Home

There are a lot of different steps to take when it comes to buying a home, and picking the right kind of loan is one of them. This can be the biggest part of purchasing a house, other than finding a property that is perfect for you. Talk to your Bend Oregon Realtors today, and see which lenders they recommend. Meet with a lender and find out which mortgage or home loan is right for you.