LAURIE BORNSTEIN HOMES
FINANCIAL SECRETS EVERY HOME BUYER SHOULD KNOW
Learn the financial essentials of buying a home, from down payments and credit to financing and closing costs. Guidance for Portland-area home buyers
LAURIE BORNSTEIN HOMES
Learn the financial essentials of buying a home, from down payments and credit to financing and closing costs. Guidance for Portland-area home buyers
A few smart moves before you start can make a big difference in what you can buy.
Buying a home is probably one of the biggest financial decisions you’ll make—but you don’t need to have everything figured out before you begin.
What you do need is a clear understanding of your numbers, your options and what feels comfortable for you. Here are a few things I want every buyer to know before they start looking.
A lender can tell you how much you qualify to borrow. That doesn’t automatically mean it’s the amount you should spend.
Your mortgage is only one part of your monthly housing expense. Property taxes, homeowners insurance, HOA dues, utilities and ongoing maintenance all affect what a home actually costs to own.
Before we start looking, I encourage buyers to think about the monthly payment that allows them to comfortably live their life—not simply the maximum amount they can qualify for.
One of the biggest misconceptions I hear is that you need a 20% down payment to buy a home.
There are financing options that may allow qualified buyers to purchase with considerably less. The right choice depends on your finances, the type of property you’re buying and your longer-term plans.
Putting more money down isn't automatically the best strategy, either. Sometimes keeping additional cash available for reserves, improvements or unexpected expenses makes more sense.
This is where a knowledgeable lender—and a conversation about the bigger picture—can be invaluable.
It’s easy to focus on the advertised mortgage rate, but buyers should look at the whole loan.
In addition to asking about the annual percentage rate (APR), lender fees, points, mortgage insurance if applicable, estimated closing costs and whether you're paying anything upfront to obtain a particular rate; ask about adjustable rate mortgages and interest rate buy downs. There are lots of options available.
When comparing lenders, compare the complete loan—not just one number.
Your credit profile can influence the loan programs, rates and terms available to you.
If buying is even a possibility in your future, talking with a lender early can be helpful. You may discover that you're already in a good position—or that a few strategic steps could improve your options.
And before closing on a home, avoid making significant financial changes without talking to your lender first. A new car, new credit account or large purchase can potentially affect your financing.
Your down payment is only part of the upfront cost of buying a home.
Depending on the transaction, you may also need funds for an earnest money deposit, inspection, appraisal, closing costs, prepaid taxes and insurance, moving expenses and those inevitable first-home purchases.
Understanding these expenses ahead of time makes the process much less stressful.
Price matters—but it isn't the only financial piece of an offer.
Depending on the home and market conditions, there may be opportunities to negotiate seller credits toward allowable closing costs, repairs or other terms that affect your overall cost.
Every property and transaction is different. This is one of the reasons I believe your financing strategy and your real estate strategy should work together.
This may be the most important one.
You don't need to wait until you're “ready” to talk with a REALTOR® or lender.
In fact, earlier is often better.
We can talk through what you're hoping to do, what homes are actually selling for, what different price points might look like and what questions you should be asking your lender.
Then, when the right home comes along, you can make decisions based on good information rather than trying to figure everything out under pressure.
You don't have to be ready to buy a home to start a conversation.
Whether you're wondering what you can comfortably afford, how much cash you should have available, which questions to ask a lender or whether buying even makes sense for you right now, I'm happy to help you sort through it.
No pressure. No obligation. Just a personal conversation about where you are, where you'd like to go and the smartest next step for you. Let's talk about your home buying plans.
LAURIE BORNSTEIN
449 3RD STREET LAKE OSWEGO OR 97034