BEFORE YOU BUY YOUR PORTLAND HOME

By
Real Estate Agent with Oregon Realty Company

Whether you are a first time buyer or someone who is moving up to a more expensive home it's a good idea to start by cleaning up your credit report. Let's say you apply for a loan to purchase a Portland condo, town home, single-family home or any type of Portland real estate. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Portland real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Portland real estate you want to buy, so clear the decks as much as possible before applying for a loan.

Comments (5)

Susan McQuaide
Keller Williams - Simpsonville, SC

Welcome to Active Rain! Hope you find this site as informative and entertaining as I have.

Aug 06, 2008 12:46 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Patrick,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Aug 06, 2008 06:00 PM
Howard Wilson
Wilson Than Real Estate - Santa Monica, CA

Patrick, let me join the others in welcoming you to Active Rain!  And congratulations on your first post.  (I see you've posted quite a few in the last day.)  Look forward to seeing more about the Portland market.

Aug 06, 2008 06:16 PM
Crystal Corr
Keller Williams Greenville Central - Simpsonville, SC

Welcome to Active Rain. I hope you will enjoy and learn from it as much as I do. Happy Blogging.

Aug 07, 2008 12:39 PM
Starstate Realty
Starstate Realty - Austin, TX

Hi Patrick - Welcome to ActiveRain. I look forward to networking with you and reading your future post. Have a great day!!!

Dec 30, 2008 04:22 PM