Portland Oregon Real Estate

Things To Do In Portland Oregon: Portland Center for the Performing Arts Presents "The Color Purple"

noreply@blogger.com (Tim Phommany) — Sat, 27 Dec 2008 22:52:00 +0000

Oprah Winfrey Presents THE COLOR PURPLE, a soul-stirring musical based on the classic Pulitzer Prize-winning novel by Alice Walker and the Oscar-nominated film by Steven Spielberg. It is the unforgettable and inspiring story of a woman named Celie, who triumphs over tremendous odds to find joy in life, and her true inner beauty.

When:

12/30/08
12/31/08
01/01/09
01/02/09
01/03/09
01/04/09

More Info:

Ticket information can be found at the PCPA box office online.

Hours:
Tuesday-Friday at 7:30pm Saturday at 2pm & 7:30pm Sunday at 1pm & 6:30pm
Phone:

503.248.4335

Buy Tickets

Portland Oregon Real Estate: First Time Homebuyers - 8 steps to getting your finances in order

noreply@blogger.com (Tim Phommany) — Sat, 27 Dec 2008 22:17:00 +0000

As a first time homebuyer, there are several ways that you can adequately prepare your finances in order to qualify for your new home, and have the funds available and budget necessary to afford your new home without bringing on undue stress.

1. Develop a family budget
Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

2. Reduce your debt

Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt - car loans, student loans, revolving balances on credit cards - down to between 8 percent and 10 percent of your total income.

3. Get a handle on expenses

You probably know how much you spend on rent and utilities, but little expenses do add up. Try writing down everything you spend for one month. (Make sure to include those daily lattes!) You'll see some great ways to save.

4. Increase your income

It may be necessary to take on a second, part-time job to get your income at a high enough level to qualify for the home you want.

5. Save for a down payment

Although it's possible to get a mortgage with only 5 percent down - or even less in some cases - you can actually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent down payment.

6. Create a house fund

Don't just plan on saving whatever is left toward a down payment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

7. Keep your job

While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

8. Establish a good credit history

Get a credit card and make payments by the due date. Do the same for all of your other bills. Pay off the entire balance promptly.

See our blog - 8 ways to improve your credit history

E-mail: phommany29@gmail.com

Portland Oregon Real Estate: First Time Home Buyers - 8 Ways To Improve Your Credit Score

noreply@blogger.com (Tim Phommany) — Mon, 22 Dec 2008 19:19:00 +0000

Credit scores, along with your overall income and debt, are a big factor in determining if you'll qualify for a loan and what loan terms you'll be able to qualify for.

1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.

3. Don't charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year.

5. Do NOT purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.

6. Don't open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, "Knowing and understanding your credit" visit http://www.homebuyingguide.org

E-mail phommany29@gmail.com

Things To Do in Portland Oregon: PGE Festival Of Lights Holiday Parade

noreply@blogger.com (Tim Phommany) — Fri, 12 Dec 2008 19:21:00 +0000

PGE Festival Of Lights Holiday Parade

Salem, Oregon

December 13, 2008 - 6:3o PM

The PGE Festival of Lights Holiday Parade is the largest nighttime illuminated holiday parade west of the Mississippi!

The whimsical holiday experience has become a family tradition for thousands of Oregonians since 1989 and continues to grow exponentially each year.

For more information, including the parade route please go to folHolidayParade.org

Email: phommany29@gmail.com

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First Time Home Buyers In Portland Oregon: Find Down Payment Assistance Programs

noreply@blogger.com (Tim Phommany) — Fri, 12 Dec 2008 04:39:00 +0000

As a First Time Home Buyer, you have probably weighed all of the options of buying v.s. renting your own home, and you've come to the conclusion that buying a home is still a great investment into your future.

In my series for First Time Home Buyers, I have outlined the steps that you should take to ensure that your first home purchase is a smooth transaction. If you have been following the steps, you know that it is very important to know what you can afford. You also know that you will have a distinct advantage in purchasing your new home, if you've taken the time to get pre-qualified, or better yet, pre-approved .

If you are like many other First Time Home Buyers, you might have concerns about the down payment, and the closing costs.

If you live in Oregon and you are in the low to moderate income range, Oregon Housing and Community Services offers many options to assist you in your goal of home ownership.

Some of these services include down payment assistance programs. Here's one that you can research:

Home Purchase Assistance Program (HPAP): This is a state wide program, targeted specifically toward down payment and closing cost assistance.

Home Purchase Assistance Program Brochure

Home Purchase Assistance Program Brochure - En Espanol

Program Income Limits (Opens in an excel file)

The Department of Housing and Urban Development also offers many helpful resources for the First Time Home Buyer who lives in Oregon. You can find those resources here.

If you would like additional information, assistance or a referral to a lender who specializes in any of the programs you have read about, please send me an email, or you are always welcome to give me a call.

Email: phommany29@gmail.com

Related Posts:

Common Mistakes Smart People Make When Buying Their First Home
First Time Home Buyers - Consider Five Reasons Why You Should Buy
First Time Home Buyers - Find Out How Much You Can Afford
First Time Home Buyers- Getting Pre-Qualified
Buying Your First Home? Find A Great Buyers Agent!
First Time Home Buyers- You've Hired A Buyers Agent- What's Next?
First Time Home Buyers - Get A Home Inspection

First Time Home Buyers - It May Be Time To Buy- NYTimes.com weighs in

noreply@blogger.com (Tim Phommany) — Mon, 08 Dec 2008 18:59:00 +0000

Despite the gloom and doom surrounding the real estate market - there are ever increasing signs that the sluggish real estate market is showing glimpses of hope - especially with regard to first time home buyers.

A positive article by the NYTimes.com indicates that this may just be the "golden age" for first time home buyers, and that if this key demographic continues to wait - they may kick themselves later.

The article indicates that this is a perfect time for first time home buyers who qualify for a mortgage to buy.

There are indications that the federal government may be lobbying to drop the rates on 30 year fixed mortgages yet again, from an already low 5.5% to an even lower 4.5%.

Don't wait any longer for the market to drop - by all indications, the market is at it's lowest, and with the 30 year fixed mortgage rates being as low as they are, coupled with fact that housing values have fallen drastically from their peak levels - NOW is the time to get pre-approved, and to buy your first home.

Here is a link to the NYTimes.com article: First Time Home buyers- Now may be the time to buy

Time to get pre - approved - read more about it in this blog: First Time Home buyers - get preapproved

Email: phommany29@gmail.com

Related Posts:

Common Mistakes Smart People Make When Buying Their First Home
First Time Home Buyers - Consider Five Reasons Why You Should Buy
First Time Home Buyers - Find Out How Much You Can Afford
First Time Home Buyers- Getting Pre-Qualified
Buying Your First Home? Find A Great Buyers Agent!
First Time Home Buyers- You've Hired A Buyers Agent- What's Next?
First Time Home Buyers - Get A Home Inspection

First Time Home Buyers - Get A Home Inspection

noreply@blogger.com (Tim Phommany) — Sat, 06 Dec 2008 02:39:00 +0000

Congratulations! Now that you have made an offer You are on a fast track to owning your first home! But your work is not complete. In order to protect yourself, and your investment, you need to order a complete home inspection, prior to closing on the home.Why is a home inspection important? A Home inspection is crucial because you should make sure that the home you intend to buy is in good condition.

Several years ago, the actor Tom Hanks did a movie called "The Money Pit". The story centers around a couple who buy a beautiful home, one that they consider to be the home of their dreams. It is highly unlikely that they had a home inspection done, as problem after expensive problem begins to surface.

For every dime they spend to resolve one issue, another expensive issue would appear, hence the movie's title "The Money Pit". Although the story is fictional, the movie could serve as a precautionary tale of what NOT to do when buying a home. The circumstances in the movie can be a harsh reality if a home inspection is not done prior to closing.

Spending a couple hundred dollars on a home inspection could in fact, save you thousands of dollars down the road. It could also prevent you from purchasing a home that just isn't as good as it looks.

A home inspection evaluates the condition of a home through the eyes of a trained expert. A qualified inspector will take an impartial look at the property you want to buy, and provide you with a written report of findings, usually within five to seven days.

Here are a few links for you to go to, for more in depth information about what you can expect from a home inspection:

What is a home inspection?
Get A House Inspection Before Buying
For Your Protection Get A Home Inspection
10 Important Questions To Ask Your Home Inspector

Remember, a home inspection will reveal things about the home that the eye cannot see. Protect yourself, and know the facts about the home you intend to buy before you make it final.

First Time Home Buyers: You've Found The Perfect Home - Make An Offer

noreply@blogger.com (Tim Phommany) — Sun, 30 Nov 2008 20:18:00 +0000

The process of finding a home for the first time can be challenging, but if you are properly equipped and know what to expect during the process, looking for your first home can be an exciting, and rewarding experience.

If you have been following my First Time Home Buyer series, then these are the steps that you've completed so far:
Common Mistakes Smart People Make When Buying Their First Home
First Time Home Buyers - Consider Five Reasons Why You Should Buy
First Time Home Buyers - Find Out How Much You Can Afford
First Time Home Buyers- Getting Pre-Qualified
Buying Your First Home? Find A Great Buyers Agent!
First Time Home Buyers- You've Hired A Buyers Agent- What's Next?

Now, your Buyers Agent has been working hard for you, looking for homes that match the wish list that you submitted and reviewed. Keep in mind that you may have to view a few homes before one stands out as having the potential to be your first home. Don't worry! It will happen.

Since this part in the series has to do with making an offer, we are assuming that you've found The One. The Perfect house to call a home. Now, you are ready to make an offer.

What to expect:

Your Buyers Agent will prove to be invaluable at this stage, because the negotiation of the sales price, and writing up of an offer will be done for you, on your behalf.

Before you make an offer, you must be sure that the house you have decided on is the one that you really want. Make sure that you are serious about buying. Once an offer is accepted by the seller, it is a legally binding contract.

Here are some helpful links from Freddie Mac that will describe the process of making an offer in more detail:

Making An Offer
Negotiating An Offer

Here is another helpful link from Realtor.com
The Basics Of Making An Offer

Forbes.com offers the follow video tips for the first time home-buyer: View The Video

While having a Buyers Agent will definately assist you in getting through the negotiation and writing of an offer to present to the seller, staying knowledgeable about the process, and knowing what to expect will make buying your first home a much smoother and much more relaxed experience.

Email: phommany29@gmail.com

*Photo Courtesy of Flickr - shaug
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First Time Home Buyers- You've Hired A Buyers Agent- What's Next?

noreply@blogger.com (Tim Phommany) — Tue, 25 Nov 2008 04:16:00 +0000

In my series for First Time Home Buyers, I have been covering the steps that a First Time Home Buyer should follow in order
to make sure that the purchase of your first home runs smoothly.

If you are reading this for the first time and want to re-visit my previous blogs on this subject, here is what we've covered so far...

Common Mistakes Smart People Make When Buying Their First Home
First Time Home Buyers - Consider Five Reasons Why You Should Buy
First Time Home Buyers - Find Out How Much You Can Afford
First Time Home Buyers- Getting Pre-Qualified
Buying Your First Home? Find A Great Buyers Agent!

So, to pick up where we left off, you should be in the process of interviewing and hiring a Buyers agent to begin the process of looking at homes.

Because you have gone through the process of getting pre-qualified, or pre-approved, you know what price range to provide your Buyers agent with, but have you given any thought to what you really want in a home?

If you haven't done so already, consider making a wish list. A wish list will make the job of finding your first home much easier for your Buyers agent, because it will help your Buyers agent narrow the criteria for homes that might suit your needs.

The Department of Housing and Urban Development has a wish list on their website that you can download here. Start compiling a wish list of things that you really would like to have in your first home.

Once your Buyers agent has a wish list from you, and the amount you are qualified for, they'll start the search for your new home! Now the process begins to really speed up, and the fun begins. Your Buyers agent will begin to schedule viewings of homes that they've found to match your wish list as closely as possible.

While you are out viewing homes, here is a handy home shopping checklist for you to bring along. Once you've found a home, it will be time to make an offer. We'll cover that topic in another blog. In the meantime, happy house hunting!

Email: phommany29@gmail.com

Portland Oregon Real Estate: First Time Home Buyer? Find A Great Buyers Agent!

noreply@blogger.com (Tim Phommany) — Sun, 23 Nov 2008 19:49:00 +0000

Now that you're well into the process of obtaining your dream of home ownership, you've probably followed the steps necessary to ensure that the purchase of your first home is a smooth process.

Home ownership has many advantages and benefits, as you're aware, and the process of buying your first home doesn't have to be as time-consuming or complex, if you're following a sound plan.

Before you begin looking for a Realtor® to hire as a Buyers Agent, let's recap what you've done so far, to make sure that you are really ready to start looking at homes.

First, you've gone through the process to find out how much you can afford. Knowing how much you can afford will assist your Realtor® in identifying the right properties for you to view.

Second, you've reviewed Common Mistakes Smart People Make When Buying Their First Home to know what common pitfalls to avoid when making your first home purchase.

Third, you've interviewed and hired a good lender to get Pre-Qualified. If you are really ready to buy, get Pre-Approved. A firm approval will make it much easier for your Realtor® to negotiate the price of your home, and gives you an advantage over someone who is not approved, or is simply pre-qualified.

Pre-Qualified vs. Pre-Approved - What's the difference?

Getting pre-qualified may sound official, but it is really a ballpark estimate of what you can afford. Getting pre-approved means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan prior to you finding a home to purchase. Just remember- don't give out your social security number to several different lenders. Start with the pre-qualification process, and once you've found the lender you like, then get pre-approved.

Now that you're pre-qualified, or pre-approved, it's time to find a Realtor® who can represent you as a Buyers Agent.

Why Do I Need A Buyers Agent? The seller of the house I like already has a Realtor®.

Traditionally, real estate agents represent the sellers in a transaction. When you are not working with a Buyers Agent, there is a chance that you may not be able to negotiate on price as well or request contingencies. It is best that you hire a Buyer's Agent, who will represent your best interests, and the seller's agent will represent the seller's best interests.

A Buyers Agent's job and legal duty (fiduciary responsibility) is to you, the buyer.

Before working with an agent, it is always best to establish whether they are a buyer's agent or a seller's agent. Since you will be working and spending a lot of time with your Realtor®, you'll want to feel like your working together as a team.

A Buyers Agent can guide you each step of the way to prevent costly errors.

Failure to find out about defects in the property or the actual value of the property can be an expensive mistake. Failure to negotiate a contract that works for you can be a costly mistake. You will receive advice and assistance in selecting the best property and determining an offering price when you work with a Buyers Agent.

Who pays the Buyers Agent fee?

That depends. Buyers Agents generally receive a share of the sales commission built into the list price. Many listing agreements between the seller and the seller's agent indicate whether the commission will be split between the seller's agent and a buyer's agent. That's because most sellers are prepared to pay a commission simply to get their home sold. They aren't concerned whether it's a Buyer's Agent or a subagent that shares the commission.

The Bottom Line

In summary, here are just some of the reasons you'll want to hire a Buyers Agent to help you find your first home.

A Buyers Agent will fully represent your best interest

A Buyers Agent will give you help in evaluating property

A Buyers Agent will negotiate to get you the best price and the best terms

A Buyers Agent will do due diligence to help you avoid costly errors and identify defects in the property that you should be aware of.

Email: phommany29@gmail.com

Portland Oregon Real Estate: First Time Home Buyers- Getting Pre-Qualified

noreply@blogger.com (Tim Phommany) — Fri, 21 Nov 2008 01:35:00 +0000

If you have made the decision to purchase your first home, Congratulations!

Home ownership has many advantages and benefits, and you are in a perfect market to find the home of your dreams.

Before you employ the services of a Realtor®, there are several steps that you will want to follow to make sure that the purchase of your new home is as smooth as possible.

One of the first things you'll want to do is to find out how much you can afford
for your new home.

Getting pre-qualified by a qualified lender is one of the first things that you can do to
get the ball running.

There are many reasons why this will give you an advantage;

Pulling a credit report will give you the chance to correct any errors that might appear.
Shopping for rates will give you more knowledge about rates, fees, and the monthly payment you will be making and more.
Knowing how much you can afford gives you bargaining power when you do find the home you would like to own.
Pre - qualification will allow your Realtor® the ability to know in advance which homes will suitable to show you.

What should you look for when shopping lenders for a competitive rate?

The U.S. Department of Housing and Urban Development offers a free brochure that you can download, with information that can answer many of the questions that you might have. You can download the pamphlet here.

Once you have obtained a pre-qualification, and know how much you can afford, it is time to hire a Realtor®.

Having a Realtor® negotiate on your behalf, with your best interest in mind is one of the best ways to ensure that your first home purchase is a wonderful experience.

Email: phommany29@gmail.com

Portland Oregon First Time Homebuyers - Considering FHA? Better Hurry!

noreply@blogger.com (Tim Phommany) — Wed, 19 Nov 2008 03:37:00 +0000

While there are several good reasons for taking the leap and purchasing your new home, upcoming changes with FHA may be very good incentives to make the leap sooner than later.

The top 3 reasons to buy now, rather than wait are as follows:

Reason #1

Beginning January 1, 2009 the maximum loan amount in most areas of Oregon will be reduced for FHA Loans. An example would be in Lane County, Oregon, where the maximum loan amount that first time homebuyers will be able to qualify for will be reduced from $343,750 to $271, 050.

Reason #2

Beginning January 1, 2009 the minimum down payment required for a FHA loan will increase from 3% to 3.5%. For a $200,000 home purchase, this could be a difference of up to $1000.

Reason #3

As of July 1, 2009 The Tax Credit of $7,500 will no longer be available for First Time Home Buyers. The credit is currently expected to expire on July 1, 2009.

Email: phommany29@gmail.com

Olivia's First Encounter with Santa Claus

noreply@blogger.com (Tim Phommany) — Wed, 19 Nov 2008 03:31:00 +0000

I just couldn't resist! Santa Claus looks a bit amused...

First Time Home Buyers In Portland Oregon - Find Out How Much You Can Afford

noreply@blogger.com (Tim Phommany) — Sun, 16 Nov 2008 02:51:00 +0000

Now that you've made the decision to buy your first home, the process of buying a home can be confusing, and complicated. Where should you start?

Find out how much you can afford. To get started with the process, consider getting pre-approved with a lender prior to making an appointment to view homes with a Realtor®. This will give you more leverage when you are

ready to make an offer once you've found the house you'd like to call home.

In my blog Common Mistakes Smart People Make When Buying Their First Home , I explain how important it is to decide which lender you would like to work with. Multiple credit inquiries may affect your credit rating and have a negative impact on loan amount, interest rate, etc.

Avoid Giving your Social Security Number out to several different mortgage companies while shopping for rates.

The Department of Housing and Urban Development offers these free links to calculators that can assist you,

but remember, it will be best to visit with your lender to find out for sure.

How much home can you afford?

Buying Vs. Renting

To gain a better understanding of the home buying process, contact me for a FREE homebuyer booklet that will explain the home buying process in simple terms, and show you how I can help make the process of buying your first home a much smoother process.

First Time Home Buyers in Portland Oregon - 5 Reasons Why You Should Buy

noreply@blogger.com (Tim Phommany) — Thu, 13 Nov 2008 00:17:00 +0000

If you've considered the benefits of buying a home, and you are like most first time buyers, you've probably had reservations about whether buying a home is right for you.

The more you know in advance about buying your first home, the easier the whole process will be for you.

Here are five great reasons why you should buy a home now:

Property Appreciation:

Even though real estate moves up, and then down, over a period of years real estate has consistently appreciated, and many who purchase their home consider their investment as a hedge against inflation.

Property Tax Deductions:

Real Estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. Read what the IRS has published regarding tax information for first-time home buyers.

Mortgage Interest Deductions:

Our tax rates highly favor those who own their home. Mortgage interest is fully deductible on your tax return, as long as the balance on your mortgage is smaller than the price you paid for your home.

Paying Your Mortgage down Will Build Equity:

Part of your monthly payment goes directly to the principal balance on your loan, and reduces your obligation. Every payment that you make reduces the interest on your loan, and increases the amount that is paid toward your principal balance. As the amount of your interest decreases, and the amount you pay toward principal increases, the amount of equity you have in your home builds.

The Pride of Owning Your Own Home:

This is the main reason people want to own a home. You have the freedom to make the choices you want, whether it is wall colors, landscaping, or decorating how you see fit.
Owning a home gives a sense of security, and stability. You are investing in your future.

If down payment is of concern to you, read the Purchase Assistance Loan blog by Rick Grand, a Mortgage Broker, in Eugene Oregon. Rick explains how the purchase assistance loan program works, and can give you assistance in getting pre-qualified for a home loan.

Forbes.com offers the follow video tips for the first time home-buyer: View The Video

phommany29@gmail.com

First Time Home Buyer In Portland Oregon? Avoid These Common Mistakes

noreply@blogger.com (Tim Phommany) — Tue, 11 Nov 2008 02:32:00 +0000

While there are many options out there for home buyers, I have listed some of the common mistakes smart people make when buying their first home.

Avoid Common Mistakes When Purchasing Your New Home

Mistake #1

Not knowing how much they can afford before they make an offer.

The easiest way to avoid this mistake is to get pre-approved for a mortgage, so you know in advance exactly how much you can afford.

Mistake #2

Not realizing in advance whom the real estate agent represents.

When you call the agent on the sign in the yard, that agent most likely is working for the seller. So beware that any information you give that agent may be used against you in negotiations with the seller. The best way to avoid this conflict is to find an agent willing to work with you as a Buyer's Representative. Ask about our Buyers Agreement with Phommany & Phommany Realty Ltd.

Mistake #3

Not discovering hidden defects before they buy a home.

One of the most expensive mistakes is also one of the easiest to avoid, by having a professional do a whole home inspection before buying the home. Even if the home is new, we recommend full home inspections to avoid any problems in the future.

Mistake #4

Giving a Social Security Number out to several different mortgage companies while shopping for rates.

Before you give out your personal information, decide which lender you would like to work with. Credit inquiries may affect your credit rating and have a negative impact on loan amount, interest rate, etc. There is a two week window in which you can shop for loans. Check with your lender concerning this matter.

To avoid these mistakes, and to have a better understanding of the home buying process, contact me for a FREE homebuyer booklet that will explain the home buying process in simple terms, and show you how I can help make the process of buying your first home a much smoother process.

phommany29@gmail.com