Tag: lender

Navigating Your Home Purchase: Who’s Who in a Real Estate Deal

Posted on by Will Sing

Understanding the Key Players in Your Home Buying Journey

Buying a home involves several key players, each with a unique role. In this blog post, I’ll walk you through the major roles in a real estate transaction, what they do, and how they help ensure a smooth process. Whether you’re a first-time buyer or an experienced investor, understanding these roles will give you the confidence to navigate your home buying journey.

The Real Estate Agent: Your Project Manager

First and foremost is your real estate agent. Think of your agent as the project manager of your home buying process. Their job is to guide you from start to finish. Here’s what you can expect from your real estate agent:

  • Scheduling Tours: Arranging viewings for properties you’re interested in.
  • Determining Comps and Offer Strategy: Helping you understand the market value and craft a competitive offer.
  • Negotiating Deals: Working to get you the best terms possible.
  • Scheduling Inspections: Coordinating necessary inspections to ensure the property is in good condition.
  • Connecting with Contractors: Providing referrals for any needed repairs or renovations.
  • Resource Direction: Guiding you to tax or legal professionals as needed.

The Lender: Securing Your Mortgage

Next is the lender, who plays a crucial role in securing the financing for your home. They will:

  • Pre-Approval Process: Help determine how much you can borrow and identify suitable loan programs.
  • Document Collection: Request necessary documents to process your loan application.
  • Loan Processing: Guide you through the steps to secure your mortgage, providing clarity on your financial obligations.

It’s essential to work with a lender who communicates effectively and who you can trust. Poor communication can jeopardize your transaction.

The Escrow Officer or Title Company: Ensuring Neutrality

The escrow officer or title company acts as a neutral third party in the transaction. Their responsibilities include:

  • Holding Earnest Money: Managing the deposit you make when your offer is accepted.
  • Facilitating the Closing: Ensuring all paperwork is completed and funds are distributed correctly.
  • Providing Title Insurance: Protecting you against any title disputes.

Home Inspectors: Assessing Property Condition

Home inspectors are like the primary care doctors for your new home. They meticulously examine the property to identify any potential issues. Key tasks include:

  • Detailed Inspections: Checking structural integrity, plumbing, electrical systems, and more.
  • Referrals to Specialists: Suggesting further inspections if they find potential problems.

The Appraiser: Determining Home Value

Appraisers assess the value of the home to ensure the lender is not over-lending. They are a neutral third party and you won’t have much direct contact with them. Their role is crucial for:

  • Valuation: Ensuring the home’s value justifies the loan amount.
  • Risk Mitigation: Protecting the lender from overextending credit.

The Insurance Agent: Securing Home Insurance

Home insurance is mandatory when buying a home. An insurance agent will:

  • Policy Selection: Help you choose the right insurance policy for your home.
  • Bundling Options: Provide options to bundle home insurance with other policies for discounts.

Other Key Players

Additional roles that may come into play include:

  • Transaction Coordinators: Assist with paperwork and ensure everything runs smoothly.
  • Home Warranty Providers: Offer warranties to cover potential mechanical issues.
  • Contractors: Provide estimates and complete any necessary repairs or upgrades.

Conclusion

Understanding the roles of these key players in a real estate transaction can help you navigate the process with confidence. If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.

For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.

The Importance Of Getting Pre-Approved | Did You Know?

Posted on by Karim Alaeddine

Hey there, I’m Karim Alaeddine, Principal Broker at Living Room Realty.

Today, we’re diving into an essential step in your home buying journey, something you need to do before you even begin your search, this is getting a pre-approval letter.

So, why is this step so crucial, why does this step need to happen, and how does it serve you to get your ducks in a row now?

 

Why Is It So Important?

Imagine this…. you’ve found your dream home, the amazing kitchen, the cozy fireplace, a perfect floor plan, everything you’ve been dreaming of…..

But hold on! Before you can make an offer, the seller wants to know if you’re financially capable of buying their home. This is where the pre-approval letter comes in.

A pre-approval letter is like your passport to the world of home buying. It shows sellers that you’re serious and financially prepared to make an offer. Without it, you’re essentially saying to the sellers “just trust me… i got this.” Sellers want assurances that their prospective buyer can and will follow through.

Clarity & Confidence

But it’s not just about impressing sellers. A pre-approval letter also gives you clarity and confidence in your home buying journey. It helps you understand your budget, set realistic expectations, and focus your search on homes you can actually afford.

By getting pre-approved, you’ll save yourself time and frustration by avoiding homes that are out of your price range. Plus, when you do find the perfect home, you’ll be ready to make a confident offer in a timely manner, knowing that you’re already approved for financing.

So, before you start browsing listings and scheduling showings, take the time to get pre-approved. It’s a small step that can make a huge difference in your home buying journey. You will be thanking yourself later.

 

Make A Move

Are you ready to make a move? Call your agent today. We would love to help you find your next Living Room.

 

Did You Know?

Ready to level up your home buying knowledge? Delve into our “Did You Know?” series where we unpack essentials of the real estate process. From decoding home inspections to demystifying mortgages, we’re here to make your journey seamless. Explore more insightful tips tailored for your home buying adventure. Let’s make your real estate dreams a reality!

Did You Know – Building Your Home Buying Team

Posted on by Karim Alaeddine

 

Hey there, I’m Karim Alaeddine, Principal Broker at Living Room Realty.

Today, we’re discussing your home buying team, which consists of your lender of choice and your trusted realtor. So, what makes these two players so crucial in your quest for that unique home, that Living Room of your own?

Pre-Approval

Let’s first talk about the lender and the importance of the somewhat magical pre-approval letter. This document is your golden ticket in a competitive housing market. It establishes your commitment, and potential, to become a homeowner. It shows sellers that you’re not just serious, but financially capable of buying a home.

If you’re not familiar with who you’d like to use as your lender, talk with your agent. Most agents have a roster of trusted lenders they can recommend.

With a pre-approval letter in hand, you can confidently make offers, knowing your own boundaries and budget. And this helps your realtor tailor your home search to real and achievable options for you, saving time and energy. And critically, this self awareness builds the foundation for strong negotiations when making offers.

Finding The Right Agent For You

Now, let’s talk about your real estate agent. Beyond just finding & showing you homes, your realtor is your strategic partner on this journey. They’re your advocate and a knowledgeable touring partner who helps evaluate properties, potential, risks, and opportunities.

When that fateful day arrives and it’s time to write an offer on the home of your dreams, your realtor’s fiduciary duty and experience in the market will be the backbone for negotiating on your behalf.

Beginning with educating you on the nuances of purchase contracts and contingencies, guiding you through the complexities of crafting a winning offer strategy tailored to current market conditions, and seamlessly managing the transactional flow – including inspections, appraisals, timelines, and necessary documentation – your realtor remains an unwavering presence at every stage of the process.

So, whether you’re just starting to explore the market or you’re ready to make that leap into homeownership, remember to assemble your dream team: a trusted lender armed with a pre-approval letter and a savvy realtor by your side. Together, we’ll turn your homeownership dreams into reality.

Make A Move

Ready to make a move? Call your agent today. We would love to help you find your next Living Room.

 

Did You Know?

Ready to level up your home buying knowledge? Delve into our “Did You Know?” series where we unpack essentials of the real estate process. From decoding home inspections to demystifying mortgages, we’re here to make your journey seamless. Explore more insightful tips tailored for your home buying adventure. Let’s make your real estate dreams a reality!

Portland Market Update For Early-August 2023

Posted on by Living Room Realty

Find out what’s happening in the Portland real estate market for Early-August 2023.

 

 

What’s up all, I’m Tony Le with the Houselab team at Living Room Realty, here to tell you what you need to know about the market for early August 2023.

Let’s face it, the current housing market presents some challenges. Inventory in Portland is limited, interest rates are still relatively high compared to this time last year, and sellers who were able to lock in those low interest rates aren’t looking to sell any time soon. As a buyer, things can look daunting, but don’t give up just yet.

 

Market Action Index

The good news for buyers is that the Market Action Index is currently sitting at 49, down from 53 last month and inching towards a buyers market. Inventory, while still limited, is also up, currently sitting at an average of 1,235 homes with a Median List Price of $689,950.


Rate Buydowns

One of the strategies that sellers are offering are rate buy down credits to potential buyers. There are two common types.  Option #1 A permanent rate buy down and Option #2 a 2-1 rate buy down. 

The key difference between a permanent rate buy down and the increasingly common 2-1 rate buy down, is that the 2-1 is temporary, lasting two years. Typically the first year will be 2 percentage points lower than the current rate and the second year will be 1 percentage point lower before returning to the “normal” interest rate at the time of closing. If you have any questions about buy downs, reach out to your agent or lender for more information. 


When Should I Buy?

The question is, when will rates go down? And even more importantly, when they do drop, and the market floods with new buyers, what will the competition do to sales prices? Will we see buyers give away the farm, just to get the house? This is why leveraging one of the rate buy-downs in today’s less aggressive market could be the key to getting your dream home.

 

Make A Move

Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help you find your next Living Room.

 

✨Lake Oswego Idyllic Living

Posted on by Living Room Realty

Idyllic Living In Lake Oswego! 

1451 Greentree Circle, Lake Oswego, Portland OR 97034

Offered at $950,000

4 Bed 3.5 Bath

Portland, OR 97034

VIEW LISTING

OPEN HOUSE Saturday (11/19) FROM 10 am – 12 pm 

1451 Greentree Circle, Lake Oswego, Portland OR 97034

Stunning Home In Desirable Lake Oswego, Beckons You Into This Bright, Spacious Home With Plenty Of Space To Entertain. Remodeled In 2018 And Well Maintained, This Expansive One Level Home Features High Quality Finishes With Designer Touches, Form Following Function, An Open Floor Plan, The Skylights Allow Natural Light To Pour In From Every Angle. Move-In Ready, Newly Painted Inside! 4 Bedrooms, 3.5 Bathrooms. The Grand Kitchen Features Quartz Countertops, Stainless Steel Appliances, Built-in Wine Cooler, Deep Set Kitchen Sink, And More. This Large Kitchen Makes This The Ideal Home For Hosting! Primary Ensuite Oasis Has Heated Tiled Floors And Soak Tub. Cozy Up To The Indoor And Outdoor Fireplaces And Hot Tub. Excellent For Entertaining! Peaceful And Private Backyard Includes Large Yard Space, Storage Shed, Extra Parking For Your Boat Or RV. Create Elegant Seating On The Deck To Enjoy The Beauty Of The Pacific Northwest. Option To Join And Walk To The Greentree Community Heated Pool. Easy Access To Downtown Lake Oswego, Lake Oswego Country Club, Lake View Village Shopping Center, Whole Foods, New Seasons, Lake Grove Shopping, Restaurants, And More!

OPEN HOUSE Saturday (11/19) From 10am – 12pm

OFFERED AT $950,000

4 BEDROOM | 3.5 BATH | 2,328 SQFT

2 Attached Garage | Lot Size: 0.26 Acres

MLS# 22197451 | TAXES: $8,133.47 (2021)

Highlights & Features

  • Freshly Painted
  • New Landscaping
  • Brand New Carpets
  • Gourmet Kitchen
  • Mud room laundry room
  • Built-in Wine Fridge
  • Two Sided Fireplace In The Kitchen
  • House Is Pre-wired For Cat 5 Wiring
  • Remote Controlled Window Treatment
  • Kitchen Faucet With Touch Technology
  • Heated Tile Floors in Primary Ensuite
  • Smart Thermostat
  • Newer Roof 2018
  • Private Outdoor Space
  • Shed In Back
  • RV parking
  • Exterior Hot and Cold Water Spigot
  • Fresh Landscaping
  • Outdoor Fireplace
  • Hot Tub
  • Epoxy Finished Floors In Garage
  • WiFi Enabled Garage Door
  • 6-Setting Shower Head In Primary Suite Under Heated Tile Floors

The Value of an Excellent Lender

Posted on by Sean Patrick O'Feery

The importance of a lender is not truly felt until you are in the process of the purchase. There are so many options for a prospective buyer to shop from, some great and some not so great. We, as Real Estate agents, have an opportunity to offer referrals for a trusted lender, but it is ultimately the buyer’s choice who they will work with.

 

In this short blog post I want to point out a couple of things to think about, as a buyer, to help you find the right lender or lending institution for you:

 

Does your choice answer the phone on a weekend or after 5:00?

  • I can tell you, from personal experience, that Real Estate happens at all hours, especially the weekends and evenings. Getting timely information or a revised pre-approval letter when you need it can be the difference between getting your dream home and getting your offer rejected.

Does your lender keep your timeline in mind and have experience with the local market?

  • A Real Estate purchase or sale is a list of terms and timeframes. The best lenders are looking ahead on all timeframes to set up for a smooth sale. They are communicating with you to let you know when you should be considering a decision that will affect your timeline. Namely, on when to order the appraisal.  A thoughtful and active lender will know if appraisal reports are taken longer than normal in your area.

Does your choice of lender have a track record of making it easy for you as a buyer and did they come to you from a referral?

  • As an Agent who works by referral, I cannot understate the value in having a first hand referral of the professionals you choose to work with. A lender is the third member of your team: It is you- the buyer, me-the agent and your lender that all work to make a successful sale. Choose wisely!

How do the rates compare?

  • I get it! The cost of a loan is important and the interest rate of your loan is important but if you can get the same cost and rate from a proven performer with a stellar reputation, take the time to get pre-approved with them, it could save you some headaches down the road.

If you’ve read this far, I’ll bet you can imagine that this blog is inspired by the wonderful lenders I work with and some of the others that have struggled.

 

Shout out to my top three:

Aaron Nawrocki with Capital M

Gary Boyer with Directors Mortgage

And JJ Lee Kwai with Two Rivers Mortgage

 

You guys are the best!

If you are just getting started or at any stage of looking for your home give me a call, I’m with you for every step of the way toward your goals.

I pride my practice on being full service from before the beginning well past the end!

 

Want to get pre-qualified during the times of Covid-19..?

Posted on by Living Room Realty

There are a few tips  I would like to leave current Portland, Oregon residents  who are ready to buy or sell their homes, during the times of Covid-19.

 

Best 7 Questions to ask your Lender :

  1. Are you a direct lender ?

      2. Are you a correspondent lender or broker?

     *Please note, in my opinion, direct lender is usually best.

      3. Are you a local lender?

      4. Is the loan going to be fully underwritten?

      5. What are the current interest rates and can I lock in my rate?

     6. If my parter is affected by COVID-19, could I still qualify?

     7. Be honest, disclose your current working / employment situation with lender. Ask if it is better for you to pre-qualify for the loan individually?

     **The lenders are the experts who will give you the most realistic feedback regarding your ability to pre-qualify.

This video is created by Steph Noble, an amazing local lender here in Portland.

There are some mind- shift changes occurring within the current Real Estate Market during the time of Covid-19.

See link below for the full Video from Steph Noble, Local Portland Lender, Guild Mortgage.

 

 

Stability of interest rates, April 2020

The Feds interest right now is to solely  stabilize the mortgage baked securities for interest rates.

The Feds will increase and decrease their buying based off what is needed to keep the interest rates stable.

Their commitment is to keep rates stable.

The buying of mortgage backed securities is so powerful right now , it is out impacting any other economic factors.

Typically, when we have good or bad economic news, there is an impact to interest rates, the Feds buying mortgage backed securities is out-weighting any of those other economic factories regarding interest rates.

–You may have heard that the Feds are pulling back on what they are buying ?

Even with them pulling back as needed, to keep rates stable,  currently, the feds are buying back double what is being produced.

 

If you have any more questions or comments please reach out to me or Steph Noble directly!

https://www.livingroomre.com/agents/meline-khachatourian/

 

 

OUR ADU DREAM TEAM REVEALED!

Posted on by Aryne + Dulcinea

You’re ready to add an ADU to your property, but where to begin? We have assembled a top-notch group of professionals, in order of who to call, to help guide you through the process. Why these folks? They are experts in their field who focus on creative solutions for you. Get your ideas ready, take a look at our list below, and call us today!

  1. Aryne + Dulcinea, Real Estate Brokers + ADU Specialists—Aryne or Dulcinea will come to your home to discuss your ADU goals, value, and what is possible for your property. Contact Aryne + Dulcinea at aryneanddulcinea.com
  2. Melissa Wright—Short term rental expert and consultant, strpermit.com
  3. Hillary Seiler—Lender Umpqua Bank—she has several programs to help with financing including ADU loans and construction loans.  www.umpquabank.com/hillary-seiler
  4. Lucas Gray-Propel Studio—He will help you create a design that works best for your space and goals, www.propelstudio.com/lucas-gray
  5. Taylor-Smith Construction—Contractors who specialize in ADU construction, taylorsmithsc.com

Look for our January 2020 DIY Developer class, coming soon, to meet these folks in person!

 

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.