Buying a Home Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, we're only a phone call or email away! Home Inspections Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. Some of the inspections which may be required or recommended by your real estate professional are: Standard Home Inspection - The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold "as-is" even though an inspection may take place. Termite Inspection - A termite inspector will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist. Inspection requirements vary by state. Lead Paint Inspection - Painted surfaces of a home can be evaluated to determine the presence of lead paint. Homes that were constructed before 1978 may contain lead-based paint. Lead exposure can be harmful to young children and babies. Children with lead in their bodies can suffer from damage to the brain and nervous system, behavior and learning problems, slowed growth, hearing problems, and headaches. On-Site Waste System (SeptiChekTM) Evaluation - SeptiChekTM is an evaluation performed by an on-site waste management professional. It involves accessing the cover of the septic tank to examine the fluid level inside the septic tank. The tank is then pumped to check the condition of the tank and its baffles. The leaching field is probed to check the level of sub-surface liquid waste (effluent). This test alerts the buyer to a wide range of potentially costly septic system repairs or failures. The SeptiChekTM evaluation provides more reliable information of potential problems than a septic dye test. Private Well Flow and Potability Inspection - Designed to determine whether or not a private well adequately supplies water to the house. Samples are sent to a lab for potability (drinkability) analysis. Stucco Siding Inspection - There are two types of stucco siding to be aware of: cement-based "traditional" stucco and synthetic stucco. An inspection of the siding's application according to manufacturer's installation specifications is recommended. Synthetic stucco siding is commonly referred to as Exterior Insulated Finish System (EIFS). In considering a home with stucco exterior, we recommend an inspection be conducted to determine the condition of the siding. Synthetic stucco is predominately found in the Southeast but it is present in homes in other areas of the country as well. Hidden structural damage has been documented in synthetic stucco homes in 34 states. Moisture readings are taken to determine if the system has already experienced water intrusion. Underground Storage Tank (UST) Inspection - The most common methods for testing a UST, typically used to store oil for heating homes, are either the soil test or vacuum test. The soil test consists of random core samples taken around the location of the tank and submitting them for lab analysis. This will determine if any product has contaminated the soil at that particular area and to what extent. The vacuum test consists of having a technician seal off and place the tank under a vacuum. Readings are periodically taken to determine whether or not the tank is losing its vacuum. With this test immediate results are available for the buyers. Sewer Scopes - Popular in metro Portlnad these are not too expensive and if the property is older than 25 to 30 years, worth the cost.   Obtaining the proper inspections for a home prior to purchase is one of the best ways to make a smart purchase decision and protect your investment. Interest Rates As you start shopping for a home loan, your first question of each lender will probably be "What's your interest rate? How much are you charging?" Interest rates are usually expressed as an annual percentage of the amount borrowed. If you borrowed $200,000 at 5.5% interest, you'd owe interest of $10,933.00 for the first year. Principal pay down for the first year would be $2,694.00. Above is an example of a 30 year fixed rate. No pre-payment penelties. You could make an extra Principal and Interest Payment per year and reduce from 30 years to several years less than that.   Loans are still available with good credit scores with less than 20% downpayment. Many times loans are still made with 5 or 10% down. However, the debt to income ratio is increased. Consult with a knowledgeable mortgage loan broker or banker. Call us for some names and phone numbers.