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Buying a home can seem like a huge undertaking. There’s a lot of paperwork involved, it takes time and money, and you’re not even sure where you should begin. For starters talk to your local Bend Realtors, and understand why now is a great time to get into the real estate market.

Current Market

While homes are coming in at high listing prices, there are benefits to the current real estate market in Central Oregon. If you have a great credit score, you’ll more than likely get a great deal on a mortgage, with a lower interest rate.

Credit and Debt

If you haven’t checked your credit score recently, this is one of the first steps you should take when it comes to buying a house. The higher your credit score, the better loan options you’ll have. Unfortunately, improving your credit score isn’t just something that happens overnight. It can take years to improve and work on your credit. So if you’re even thinking of looking at purchasing a home in the next few years, now is the time to look at your credit score, and make sure that you’re where you want to be.

It’s also important to take a look at your debt. If your debt to income ratio is too great, it will limit the kind of loan you can get. If your debt is too high, you may not be qualified for a loan. Just know that when it comes time to buy a home and apply for a mortgage, your debt will be counted against the amount of money you can borrow.

Fees

Be prepared for unexpected fees. This doesn’t include closing and move-in costs. It’s important for buyers to be prepared for things like moving costs, utilities of your new home, insurance, repairs and more. Anything can happen once you become a homeowner, and it’s important to be financially prepared for it.

Budget

It can be important to talk about your budget and financials as a couple before purchasing a home. Make an appointment to meet with a financial planner or lender and discuss the logistics of purchasing a home together. The more you know, the more you’ll be prepared. Discuss how you’re saving and what your goals are.

Talk to a local real estate professional, like a Northwest Crossing Realtor, and get more information on your local real estate market. Find a realtor, that will help you through the process, so that you can find the perfect home for you and your partner. Buying your first home can seem intimidating, but you only buy your first home once, and it’s a complete learning process.