First Time Homebuyer Resources

Your First Home Starts Here

Buying your first home can feel complicated, intimidating, and full of unknowns. Our mortgage experts walk you through the process, answer your questions, and help you feel confident every step of the way.

The Homebuying Process Made Easy (Step-by-Step)

Follow these four simple steps to get into your new home.

Get Financially Ready & Pre-Approved

Review your budget and credit.
Talk with a mortgage loan officer.
Submit documents and get a clear price range.

Find the Right Home

Work with a real estate agent you trust and connect with.
Tour homes and narrow your options.

Make an Offer & Complete Inspections

Submit your offer.
Complete inspections and appraisal.
Address repair or adjustments if needed.

Close & Move In

Final walkthrough and paperwork.
Get the keys and move in!

START MY PRE-APPROVAL CONTACT US

First-Time Homebuyer Glossary: Terms you should know

Adjustable-rate mortgage (ARM): A mortgage with an interest rate that can change over time.
Amortization: The process of paying off a loan with regular monthly payments over time.
Annual percentage rate (APR): The total yearly cost of a loan, including interest and certain fees.
Appraisal: An estimate of a home’s value done by a professional.
Closing: The final step in buying a home, when ownership is officially transferred.
Closing costs: The fees and expenses paid at closing, such as lender fees, title fees, and taxes.
Conventional loan: A mortgage not backed by a government agency.
Down payment: The upfront amount you pay toward the home’s purchase price.
Earnest money: A deposit showing the seller you’re serious about buying the home.
Escrow: Money held by a third party for things like taxes and insurance, or the account used to manage those payments.
Fixed-rate mortgage: A mortgage with an interest rate that stays the same for the life of the loan.
Home inspection: A professional check of the home’s condition before closing.
Homeowners insurance: Insurance that helps protect your home against damage or loss.
Interest rate: The cost of borrowing money, shown as a percentage.
Lender: The bank, credit union, or other company that gives you the loan.
Loan estimate: A form that explains the expected costs and terms of your mortgage.
Mortgage: A loan used to buy a home.
Principal: The amount you borrow, not including interest.
Pre-approval: A lender’s review of your finances to estimate how much you may be able to borrow.
Pre-qualification: A quick early estimate of how much home you might afford, usually based on self-reported information.
Private mortgage insurance (PMI): Insurance some borrowers pay when their down payment is less than 20%.
Property taxes: Taxes charged by local governments based on the value of your home.
Title: The legal right of ownership to a property.
Title insurance: Insurance that protects against problems with the property’s ownership history.
Underwriting: The lender’s review process to decide whether to approve your loan.

Local Education & Community Resources

DevNW
Homebuyer education, financial coaching, and down‑payment assistance programs serving many Willamette Valley communities.
https://devnw.org

NeighborImpact (Bend/Deschutes area)
Homebuyer classes, counseling, and down‑payment assistance for qualifying first‑time buyers.
https://www.neighborimpact.org/dpa/

RootedHomes (Bend)
Permanently affordable homeownership opportunities for income‑qualified buyers in Bend.
https://rootedhomes.org

City of Salem – Housing Programs
Information on current affordable homeownership and assistance options.
https://www.cityofsalem.net/community/housing

City of Eugene – Housing & Community Development
Programs and contacts that may support first‑time homebuyers.
https://www.eugene-or.gov/260/Housing-and-Community-Development

Oregon Association of Realtors – Down Payment Assistance by County
Directory of local nonprofits and agencies offering education and assistance across Oregon.
https://oregonrealtors.org/homebuyer-resources/down-payment-assistance-by-county/

Frequently Asked Questions

Join our expert Mortgage Loan Officers as they tackle the most frequently asked questions about home loans, refinancing, and the mortgage process. Whether you’re a first-time homebuyer or looking to refinance, these quick videos will help you make informed decisions with confidence. Subscribe for more tips and insights!

Take the Smart Path to Homeownership

If you haven’t owned a home in the last three years, you may qualify for an Oregon tax subtraction of up to $5,000 for single filers or $10,000 for joint filers per year your account is active.

With the Central Willamette Credit Union First-Time Homebuyer Savings Account, your savings can be used for:

Down payment
Closing costs
Realtor fees
Appraisal costs
Loan origination fees
And more homebuying expenses!

One of our friendly Financial Advocates can help you set up this special savings account and answer your questions along the way.

Start your journey by CONTACTING US.

VIEW RATES SCHEDULE APPOINTMENT

Ready to Take the First Step?

You don’t have to have it all figured out. A simple conversation can help you understand your options, ask questions, and feel more confident about what comes next. Whether you’re just starting to explore or ready to move forward, our mortgage team is here to help.

- Alex Singletary
  
  NMLS: 2692366
  541-497-8507
  [email protected]
  With five years of lending experience in banking and credit unions, Alex prioritizes a member-first approach to mortgages. Outside work, he enjoys golfing, time with his wife and kids, and solving a Rubik’s Cube in under two minutes.

- Susan Wack
  
  NMLS: 764472
  503-580-8084
  [email protected]
  Sue has 26 years of mortgage industry experience and has received multiple awards for outstanding service. She cares deeply for her community, holding leadership roles in various organizations. Outside of work, she enjoys singing with the Willamette Master Chorus.