Shopping for a home can be a stressful enterprise. The Portland housing market has experienced a period of increased interest and profound growth. These variables and more make for a somewhat dicey housing market. Shopping for your first (or a new) home in Portland, Gresham, Beaverton or Clackamas will rely not solely on your budget, but also the myriad of housing peccadilloes the Willamette Valley is currently facing.
Developing your initial budget requires deliberate consideration of your monthly income as well as detailed recordings of your monthly expenses. These initial figures will help you on your way to deciding precisely what mortgage payment is in your capacity. Your mortgage should be no more than 25% of your monthly take-home pay. Also, consider HOA fees, property taxes and the inevitable maintenance you’ll have in your new home.
Once you’ve drawn up your basic budget, look at what adjustments you’ll have to make in order to remain comfortable. Adjustments to monthly savings and charitable contributions will serve you well without putting too much of a dent on your day to day lives.
Hone your negotiation chops, or if you’re more comfortable allowing an agent to act on your behalf, employ a buyer’s agent to help you get the best deal for your budget.
Stonebridge Mortgage Group can help you decide which best fits your goals and help get you started on your homebuying journey. We can help get you pre-approved for a mortgage and assist with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.
Contact us today! Call 503.661.5580 for help finding the right home for your budget.