By Carrie Struss, June 26, 2019
I have met with three new buyers this week all just starting out on their home buying journey. They all want to know, where do we start??
In the Portland market and many markets throughout the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-approved for a mortgage before starting your search.
Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantagesof working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:
- Capacity: Your current and future ability to make your payments
- Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
- Collateral: The home, or type of home, that you would like to purchase
- Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Please reach out and contact me today to get you in touch with my preferred lender!
Bottom Line
Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.
Carrie Struss
Broker | OR & WA
She/Her
Carrie brings eight years of experience as a Licensed Broker in Oregon and Washington, combining her industry expertise with an eye for detail honed through her degree in Commercial Photography.
Her career began with one of her proudest accomplishments: relocating to New York straight out of college to work as a photo producer, where she never settled for an entry-level mindset. It is this same tenacity that has helped make her the top producing agent at Living Room Realty in the Vancouver, WA area since 2021. This accomplishment is a testament to her unwavering commitment to client success.
Throughout her career, Carrie has had the privilege of assisting over 100 homeowners achieve their real estate goals. What sets Carrie apart as an agent is her empathetic approach, ensuring that every client feels heard and understood throughout the buying or selling process.
Carrie has lived in the Pacific Northwest since 2017, though she’s been visiting the area since her teenage years. Beyond her professional life, Carrie finds peace and joy in nature, spending summers by the river and winters in Hawaii. Amidst her successful career, Carrie's greatest joy is her son Jack, who brings boundless love and inspiration to her life.
As your agent Carrie will…
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- help get your home (and emotions) ready to sell, then sell your home.
- find you a new home complete with (fill in the “must have” blank).
- facilitate the transaction making sure everyone does what they need to do and has what they need to do it.
- negotiate tenaciously for you.
- educate you on the daunting, overwhelming, and at times stressful process.
- remain calm, always.
- keep you focused on your goals.
- pay attention to every detail.
- show up.
- effectively communicate in the way that works best for you.
- uphold Living Room Realty’s values and what they mean to her.
- T: 503-953-0850
- carrie@carriestruss.com
