Jim Kreminski

Direct Lender, Branch Manager & Advisor

NMLS# 348261

541-526-7210

jkreminski@gemcorp.com

Jim Kreminski Direct Lender, Branch Manager & Advisor
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ONE OF THE BEST MORTGAGE LENDERS IN CENTRAL OREGON

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Considering Buying a House in Central Oregon?

LET'S GET YOU A HOME LOAN!

Who doesn't want to own a home? Who doesn't want to see their kids create memories in their own room or backyard. A place to share with the family and friends, a place you can call your own!

WHEN BUYING A HOUSE....IT IS JUST AS IMPORTANT TO CHOOSE THE RIGHT HOME LOAN AS IT IT TO CHOOSE THE RIGHT HOME.

Our licensed professionals  take your personal situation and financial future into consideration before recommending what home loan you should choose. 

How to buy a house in 7 steps:

  1. Speak with a qualified loan originator to determine how much you can afford.
  2. Get a pre-approval letter. Once our loan originator has gone over your application they should be able to give you a pre-approval letter which will put the seller at ease knowing that your offer is stable.
  3. Find a buyers agent. Choosing the right real estate agent is an important piece of the process. You can choose your own or if you are needing some referrals, we will be happy to recommend a few for your consideration. 
  4. Start shopping. You are ready to go look at homes with your agent, having confidence that if the right one comes up you are good to go.
  5. Submit an offer to the seller. If you find your perfect home, then you will be able to make a solid offer. We will submit a pre-approval letter to send to the seller that will show you have the financial resources available.
  6. Once your offer is accepted by the seller, we will begin to process your loan application for our underwriting department which will position you for closing.
  7. MOVE IN! Now that your loan is approved, you are "Clear to Close".

WELCOME TO YOUR NEW HOME!

The Secret of Getting Ahead is Getting Started

Buying a house? The next step is the first step by reaching out to a professional loan orignator. Not sure you are ready yet? We keep your pre-approval on file so that you are good to go, just in case that perfect home becomes available.

We offer you several options for reaching out to us.

  1. Start the application process by clicking the apply now button. It will take you to our home connect portal, safe and secure. You can fill out the information you are comfortable with and then come back to complete it when you are ready.
  2. Not sure you are ready to start an application? Call one of our mortgage experts who will be happy to give you all the information you are needing to make the decison whether you should move forward or not.
  3. Fill out the contact information below and someone will get right back to you.
  4. Stop by our office, located in Eagle Crest, Redmond, Oregon. 
Learn More

A pre-qualification is an "estimate" of what the lender believes you will qualify for based on your information whereas a pre-approval is a step up because the lender has taken the extra steps to access the information provided on the credit application, ran a credit check and reviewed the documentation to support your income and assets.

When you're ready to make an offer on your house, a pre-approval letter tells the seller that they can accept your offer having confidence that your finances are in place to close. 

That is a tough question and we get it, of course you want to purchase a home when prices are lower. Is it a good time to pay rent? 

The housing market will always have highs and lows and nobody can truly predict what future housing prices will look like. The bottom line is housing is necessary and whether you are putting your hard earned dollars into a mortgage payment or into rent, it is going to cost you. Your decision to buy a house should depend more on your financial situation and  future goals not just the current housing market. For instance, your budget, the amount you've saved for a down payment, and your credit score all play a factor in whether you're ready to buy a house or not. We can help you put all the pieces together which will be a huge value in making your decision on what is best for you. 

To buy a house you will need a minumim 580 FICO score for FHA loans and a 620 FICO score for conventional. 

A mortgage broker takes your information and goes through the process of getting a home loan application package ready to present to a lender for approval. A mortgage lender has their own underwriting team and funds to close your loan direct. Northwest Mortgage Advisors as a subsidiary of Golden Empire Mortgage is a direct lender, therefore we are able to control the process from beginning to closing.

You can have a pre-approval within minutes, once we have received documentation verifying your income and assets.

There are loans available that will that allow a buyer to purchase a home with no money down like the USDA Home Loan or a Down Payment Assistant (DPA) home loan. 

Most conventional and government loans allow homebuyers to use gift money for their downpayment and closing cost. Typically the funds will need to come from a family member.

Closing cost are the expenses, beyond the property itself. The cost are broken into 3 catagories.

  1. Escrow fees to process the transaction and insure the deed to the property from having any prior liens.
  2. Cost related to the real estate transaction such as the appraisal or inspections.
  3. Fees for your mortgage loan, for example; rate buy downs, initiation fees and processing cost. 

The seller can contribute to the buyers closing cost up to 3% of the selling price for conventional home loans, 6% of the selling price for FHA and USDA and 4% for VA home loans. 

PMI (private mortgage insurance) is often required by the lender when your down payment is less than 20%. With conventional mortgagle loans it can be paid upfront or in your monthly payment.

Government backed home loans such as FHA and USDA require MIP (mortgage insurance premium) collected upfront and there is also a premium in the monthly payment. Upfront premium cost for FHA home loans are 1.75% and for USDA home loans 1%.