Mortgage Video & Blogging Community

This is the sixth and final part of my series of FAQs for the First Time Home Buyer. Through this series, I hope it will help you make a more informed decision about buying a home in the Eugene Springfield Oregon area. Nothing is static in the lending world. Parameters change constantly. The Tax Credit will be leaving shortly. Rates could start up almost immediately and housing values could start back up. These are just the truths about the market. Is it the right time?

· What if my offer is rejected?

• Answer: They often are! But don’t let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn’t normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember – don’t get so caught up in negotiations that you lose sight of what you really want and can afford! (Excellent advice. Negotiation is part of the process, be prepared with a great Realtor® on your side and a pre-approved loan for strength.)

· So what will happen at closing?

• Answer: Basically, you’ll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you’re signing. After all, this is a large amount of money you’re committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you’ll have to supply at closing, and a list of documents you’ll need at closing. If you don’t get those items, be sure to call your lender BEFORE you go to closing. Be sure to read our booklet on settlement costs. It will help you understand your rights in the process. Don’t hesitate to ask questions. (In Oregon, you may never see the seller and won’t go to closing with them or the Seller’s agent and the Escrow agent is a neutral third party. Your Real Estate broker should be there. Ask your lender to attend the closing, I always try to make sure I am there.)

Contact Me

If I can help with pre-approval or getting the loan done for you, give me (Fred Chamberlin) a call at 541-342-7576/541-221-3455 cell or let’s get together at my office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am always reachable by e-mail. Government Loans are my specialty. I can help you with FHA, VA and USDA loans and direct you to Real Estate agents that will help you find the home you want.