A straightforward guide to buying in Portland
What actually happens, in order — from your first call to a lender through the day you get the keys.
1. Start with financing, not house-hunting
It's tempting to start by touring houses. Don't — start by talking to a lender. Getting pre-approved tells you your real budget instead of a guess, and it's the difference between casually browsing and actually being ready to make an offer when the right house shows up.
Pre-qualification and pre-approval aren't the same thing. Pre-qualification is a quick, informal estimate based on what you tell a lender. Pre-approval means a lender has actually verified your income, credit, and assets and is prepared to lend — that's the version sellers take seriously.
2. How much house can you actually afford
Your lender will tell you the maximum you qualify for. That number and the number you should actually spend are often different — lenders calculate based on debt-to-income ratio, not on what leaves you comfortable month to month.
A useful gut check is PITI: principal, interest, taxes, and insurance — the full monthly cost of owning, not just the loan payment. Add in what you're currently spending on things a mortgage won't cover (maintenance, HOA dues if applicable) before you decide your real ceiling.
3. Working with a buyer's agent
A buyer's agent represents your interests specifically, not the seller's — they'll tell you when a listing is overpriced, what an inspection is likely to turn up, and whether a neighborhood fits what you actually said you wanted.
Compensation for a buyer's agent is set out in a written buyer agreement before you start touring homes, so you know the terms upfront rather than discovering them at closing.
4. Making an offer that actually wins
Price is the most visible lever in an offer, but it isn't the only one. Your closing timeline, how many contingencies you attach, and your earnest money deposit all signal how serious and how flexible you are — a seller choosing between two similar offers is often deciding based on certainty, not just dollars.
In a competitive situation, your agent's job is figuring out what this specific seller actually needs — a fast close, extra time to move out, fewer conditions — and structuring around that, not just raising the number.
5. Inspections and contingencies
A home inspection isn't about finding a reason to walk away — it's about knowing what you're actually buying. Expect a list of findings on any home, including new construction; the question is which ones are dealbreakers and which are normal wear you can budget for.
An inspection contingency gives you the right to renegotiate or exit the deal if something serious turns up. Waiving it can make an offer more competitive, but only do that with a clear-eyed understanding of the risk — your agent should walk you through what you'd be giving up.
6. What closing day actually looks like
By closing day, the real work — financing, inspection, negotiation — is already done. You'll sign a stack of loan and title documents, wire your down payment and closing costs, and the title transfers once everything is recorded.
Budget for closing costs beyond your down payment — typically 2–5% of the purchase price, covering lender fees, title insurance, and prepaid taxes and insurance. Your lender provides a closing disclosure at least three days before closing so there are no surprises on the day itself.
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