BEND – Buying Bend Oregon Real Estate can be one of the most exciting experiences of your life and also a little scary as well since there’s going to be a lot of terms and definitions that you will hear which may be unfamiliar to you.
In today’s article I will break down some of the most common terms you’re going to hear when buying Bend Oregon Real Estate so you will be more knowledgeable during the home buying process.
A mortgage loan is what you will use to to buy the home or property you are interested in purchasing.
Some of the most common types of mortgage loans include: 30-year fixed, 15 year, ARM, VA, FHA and HUD mortgage loans.
As you close on a home you can expect to pay fees for an inspector, surveyor, and attorney and title insurance company.
In most Real Estate transactions closing costs range from three to six percent of the homes purchase price.
Your down payment for a home will range from five percent to 20 percent of the purchase price for the Bend Oregon Real Estate you want to purchase.
Escrow is the third party or account which will be used to protect your down payment money rather than that money being paid directly to the owner who is selling their home.
This Real Estate term refers to the amount of money you are borrowing to buy a Bend Oregon Home. This amount may change over the years due to your mortgage interest rate.
Buy Bend Oregon Real Estate
To get started with buying Bend Oregon Real Estate contact me, Sheree MacRitchie, Principal Broker with Re/Max Key Properties in Bend by calling me at (541) 480-8919.