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SALEM OREGON REAL ESTATE-BUYERS-4 IMPORTANT QUESTIONS TO ASK YOUR MORTGAGE BROKER

Important Questions To Ask Your Mortgage Broker Before You Sign Any Of Their Documents

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1.  Do you have a variety of loan programs to fit my cash flow and expected length of ownership needs?

The amount of money that you have to contribute towards your downpayment will play a big role in which loan program will work best for you.  There are many loan programs available.  Some require no downpayment, however, the guidelines may require you to purchase a property in a rural area, or qualify for additional grants.    FHA loans are a great option for a first time homebuyer.  FHA currently requires 3.5  for the downpayment, as of this date,  and they will allow that amount to be “gifted” to you from a family member or friend.

How long you plan to live in your home will help to determine whether an adjustable rate mortgage or “ARM” would be best for you, or a fixed rate mortgage.

Your Mortgage Broker will be able to help you determine which loan is best for you based on your individual circumstances.

2.  Do you offer written mortgage pre-approvals, not just pre-qualifications?

A “pre-qualification” is usually a Mortgage Broker’s opinion of your eligibility for a loan.   If you ask to be pre-approved, the Mortgage Broker will actually submit your job and credit history to an underwriter and get a conditional approval for a loan and a loan commitment.

The advantage of having a pre-approval is that it will make your offer to buy a home stronger and it will usually allow you to close on the home faster.

3.   Do you have the ability to handle difficult credit history?

Many Mortgage Brokers will only work with you if you have perfect credit, and if a problem comes up, they won’t help you.

Make sure your Mortgage Broker has reviewed and received approval for you and your specific credit history

4.  Is the rate that you quoted me the rate I will get at closing?

Many Lenders advertise their rates in the paper, on the internet or radio,  and in homes magazines.  These are what are called “Teaser Rates” in the industry.  The name says it all.

After they’ve got you committed to using them, many Lenders then tell you what the “real” rate will be.  By this time, it’s too late for you to do anything about it.

Consider using a local Mortgage Company with an actual “brick and mortar” office.  Salem is home to many great Mortgage Brokers who are happy to have you come in and meet them in person.  This allows you to sit down with the Mortgage Broker and ask all of the questions that you may have about obtaining a home loan.  Many of these Mortgage Brokers will actually attend the closing where you will be signing your loan documents in case you have last minute questions.

If you are in need of a recommendation for a great Mortgage Broker that will work to get you the best loan possible,  give me a call at 503-931-1846.  I would be happy to provide you with local referrals of trusted Mortgage Brokers that I work with.

If you would like additional information on buying or selling a home, please visit my website, or give me a call at 503-931-1846.

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SALEM OREGON REAL ESTATE HAS GREAT NEWS FOR SALEM OREGON HOME BUYERS AND SELLERS—THE FIRST TIME HOME BUYER TAX CREDIT WAS OFFICIALLY EXTENDED TODAY AND NOW INCLUDES SOME HOME SELLERS THAT WILL BE BUYERS!!

SALEM OREGON REAL ESTATE HAS GREAT NEWS FOR SALEM OREGON HOME  BUYERS AND SELLERS—THE FIRST TIME HOME BUYER TAX CREDIT WAS OFFICIALLY EXTENDED TODAY, AND NOW INCLUDES SOME HOME SELLERS THAT WILL BE BUYERS!!

Earlier today President Obama signed the unemployment bill which also includes an extension for the First Time Home Buyer Tax Credit, and a new tax credit for sellers who will also be home buyers once they sell, if they qualify.

Here is a basic rundown of what exactly this means to Salem Oregon Home Buyers and Salem Oregon Home Sellers:

  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

There are some qualifications that buyers must meet to be eligible for the tax credit:

  • First time home buyer must not have had an interest in a principal residence in the last 3 years.
  • Sellers must have lived in their home for 5 out of the last 8 years as their primary residence. 
  • All purchases must be in contract by April 30, 2010.
  • Buyers have until July 1, 2010 to close on their purchase.
  • Home purchase must be $800,000 or less.

Buyers must also meet income guidelines:

  • The single person income cannot exceed $125,000 to qualify for the full credit.
  • The married persons’ income cannot exceed $225,000 to qualify for the full credit.
  • There is a “phase out” in place for incomes exceeding that which may still qualify the buyer for a partial tax credit.
  • Married persons filing separately have different amounts of credit that they can qualify for-first time home buyers is $4000, and current homeowners is $3250.

If you would like to view a comparison of the previous credit vs. the new credit, the National Association of Realtors has put together a chart.

So, what could this mean to the Salem Oregon Real Estate Market, you may be asking?  The hope is that by extending the credit, it will keep those first time buyers buying.  In addition, by extending this credit to current home owners, these home owners will be moving up or down in size, which will bring more buyers into the market for those middle and higher price range homes.  That portion of our market has been lagging behind for some time now.

If you are a first time buyer, or a seller, that has questions, or would like assistance to get started, you can contact me directly at 503-931-1846, or MelWagnerBroker@msn.com.    

If you are relocating to the Salem Oregon area, I have a relocation package that can provide you with current information on home prices in Salem, Oregon.

If you are a Salem Oregon Home Seller that would like to know what the current market value of your home is, you can request a free, no obligation market analysis here.

If you would like to stay updated on new and breaking information regarding Salem Oregon Real Estate and Homes for Sale, be sure to join my business page on Facebook, and subscribe to my blog.

If you are just curious about whether or not the Salem Oregon Real Estate Market is stabilizing, or would like more information about a neighborhood that you may be interested in moving to, you can visit my Salem Oregon House Values site to see what is going on in any neighborhood that you are interested in.

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