Frequently Asked Questions: Real Estate Edition

The Most Frequently Asked Questions in Real Estate:

Expert Insights for Oregon & SW Washington First Time Home Buyers 

Navigating the real estate market in Oregon and Southwest Washington can be complex. As an experienced real estate professional with deep knowledge of the local market, I’m here to provide answers to the most frequently asked questions I receive from clients. From understanding mortgage options, to tackling common buyer and seller concerns, this guide will equip you with the information you need to make informed decisions. Whether you’re buying your dream home in Portland, Vancouver, the scenic Willamette Valley, or anywhere else in the Metro area I’ve got you covered with expert advice tailored to the unique nuances of the Oregon and SW Washington real estate markets.

What is the first step in buying a home?

• The first step is to determine your budget and get pre-approved for a mortgage.

How do I know how much I can afford?

• Your lender will consider factors like income, debt, credit score, and down payment to determine your affordability.

What is a down payment?

• A down payment is the upfront amount you pay towards the purchase price of the home. It typically ranges from 3% to 20% of the home’s price.

What is a mortgage pre-approval?

• Pre-approval is when a lender evaluates your financial situation and gives you a loan amount you are likely to qualify for.

What additional costs should I budget for?

• In addition to the down payment, consider closing costs, home inspections, property taxes, homeowners insurance, and maintenance.

What’s the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?

• A fixed-rate mortgage has the same interest rate for the entire loan term, while an ARM’s rate may change over time.

What is closing?

• Closing is the final step in the home-buying process where you sign all the paperwork and officially become the homeowner.

Can I buy a home with student loans or other debts?

• Yes, but your debt-to-income ratio will be considered by lenders when determining how much you can borrow.

What is a good credit score for buying a home?

• Generally, a score of 620 or higher is considered good for most types of loans, but the higher your score, the better your loan terms will be.

What is the difference between pre-qualification and pre-approval?

• Pre-qualification is an informal estimate of how much you can borrow based on basic financial information. Pre-approval is a more formal process that involves submitting financial documentation and allows you to get a specific loan amount from a lender.

How long does it take to buy a house?

• From making an offer to closing, the home-buying process usually takes around 30-45 days. However, this timeline can vary depending on factors like negotiations, inspections, and financing.

What is a contingency, and should I include one in my offer?

• A contingency is a condition that must be met for the deal to go through, such as a home inspection or financing contingency. It’s wise to include contingencies to protect your interests, especially as a first-time buyer.

What are the best mortgage options for first-time buyers?

• FHA loans, VA loans (for military members), and conventional loans with low down payments are popular options for first-time buyers. The best loan for you will depend on your financial situation, credit score, and down payment.

What is earnest money, and how much should I offer?

• Earnest money is a deposit that shows the seller you’re serious about purchasing their home. Typically, earnest money ranges from 1% to 3% of the purchase price. This money is credited toward your closing costs or down payment if the sale goes through.

What happens if I don’t get approved for a mortgage?

• If you’re not approved for a mortgage, you can work with your lender to understand why and address any issues, like improving your credit score or reducing your debt. You may also explore other mortgage options or down payment assistance programs.

For more frequently asked questions, in depth information & a more personalized discussion please register for either a virtual or in person first time home buyers class https://www.livingroomre.com/stories/first-time-home-buyer-class-southwest-washington/

Jessica Ward

Broker | ADU Specialist | OR & WA

She/Her

My life is fueled by a profound passion for serving others and making a positive impact on my community.

https://youtu.be/x1kSQm5UdQo?si=Wam5-ZRcj3VTRn_g I’m a Great NW native and— five years into this industry—a broker known for delivering results while making people feel genuinely taken care of. I grew up in Portland and Southwest Washington, and I know this market—its neighborhoods, culture, pricing nuances, and opportunities. That lived understanding informs every recommendation I make. I’m inclusive of all people, price points and committed to creating a space where clients feel safe, respected, and fully themselves. I’m a mother to my daughter, Wynter Katie, and a dog mom to a very cute Yorkshire terrier, which keeps me grounded in real life and real perspective.

When I’m not working, you’ll find me hiking in the Gorge, wine tasting in the Willamette Valley, dining at local restaurants, hosting social gatherings, perusing an art gallery, flowing through hot yoga, drinking a good hazy IPA at a brewery, listening to an audiobook or podcast, attending a networking event, chaperoning my daughters field trips. boating on the river, or unwinding at local spas and bathhouses.

I stay deeply connected to my community through volunteering and board participation. I’m especially passionate about children’s needs—particularly those involved in the foster care system—climate impact and sustainability, justice and equity for people of color, and mental health advocacy.

My clients consistently rate their experience with me five stars, whether they are buying selling or simply attending one of the first time home buying classes I host for free to educate and empower the community. I’ve been called the “queen of resources and connections,” and I take that seriously. I’m known for navigating down payment assistance programs, grants, ADUs, seller financing, and non-traditional paths to ownership with ease and clarity. Think polished expertise with a side of “I got you.” Access is power. Education is leverage. And I believe everyone deserves both. I’m also a real estate investor who manages my own properties, including an ADU, so my guidance is grounded in lived experience. I understand long-term value, cash flow, development potential, and creative strategy—not just on paper, but in practice. As a black woman in real estate, I lead with excellence and purpose in an industry where representation is still very rare. I’m honored to be the first African American broker in Oregon state history to close a transaction with a Black-owned title and escrow company, but my greatest accomplishment is impact—helping clients secure stability, build wealth, and step confidently into ownership. I run a tight ship—transparent, strategic, and supportive—but don’t get it twisted, we’ll laugh too. I bring luxury-level service without the stiffness. Professional polish with real and genuine personality. To me, real estate isn’t just about property—it’s about security, freedom, and community. And when you work with me, you’re not just closing a deal… you’re building something bigger. Follow along: @Jessica_TheHomeGirl

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What Clients Are Saying:

Clients consistently share that working with me feels:

• Supportive and steady, even in high-pressure moments

• Clear and transparent, with no unanswered questions

• Strategic and informed, particularly during negotiations

• Personal, never transactional

First-time buyers say they felt educated and empowered. Sellers value my pricing insight and communication. Investors trust my numbers, perspective, and long-term thinking. Five stars—because the experience is intentional!

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Affiliations and Accolades:

• ADU Specialist
• Earth Advantage Certified
• Portland NAACP (Member)
• LRR Diversity Chair Award Winner
• Lents Neighborhood Association (Former President)
• Youth Rights and Justice (Board Member & Sponsor)
• Asian Real Estate Association of America (Member)
• National Association of Real Estate Brokers (Member)
• Portland Metropolitan Association of Realtors (Member)
• Broker Advisory Group at Living Room Realty (2024-2026)

 

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• T: 971-230-8164
• jessicaw@livingroomre.com