Unlocking the secrets to Affordable Homeownership in Central Oregon

What issue weighs heaviest on the mind of potential home buyers these days? What, if anything, can I afford to buy? We’ll admit rates are higher now than they’ve been and therefore it can feel like home buying is more expensive than it has been, but the outlook is not as bad as the news or other blogs may tell you. Here are three things you should know before throwing in the towel on home buying in Central Oregon.

Rates Are Not One Size Fits All

Rates are way higher than the 3% your uncle’s second cousins High School best friend got, but we have already seen what we hope is the ceiling on our rate hikes and just because you see interest rates over 7% does not mean that is the end of the story. Googling interest rates and basing your decisions off of the results would be scary for anyone, but you are absolutely not seeing the whole picture. No matter who you are, what your history is, or where you are now, a good loan officer can give you options now or, at the very least, help you develop a plan to create more options.

Everyone Has Options

With Rates being higher Comes more benefits to a Buyer, some groups like First Time Home Buyers, First Responders, and Veterans have exclusive loan programs that can hugely benefit you right now! With all of that in mind, all of us can and should explore options like rate buydowns, down payment assistance, and seller/lender credits. It is still in the best interest of lenders to get you into a loan that you can afford, so check out all the options they can provide.

There is No Cost or Obligation to Getting Answers

Many future buyers are a little apprehensive to reach out to agents and lenders because they are a little fearful of the process or maybe just don’t feel like they are “to that point” yet. You may be more ready then you think. The only way to truly find out is to reach out to a Loan officer. Don’t be afraid to reach out before you’re ready. Loan Officers are here to guide you in the process of understanding what it means to ‘be ready’. They understand that this process can take a day for some people, and 5 years for others; that’s okay! If you are worried about hurting your credit score look for a loan officer that offers a soft credit pull- A soft credit pull will not harm your score. if you have no idea what things cost – there is no cost to talk to a Realtor and Lender, we work in one of the few industries that we don’t earn our paycheck until we have fully completed our job.