Buying a home can be one of the most exciting and frightening experiences at the same time. However, when you utilize the right steps in the home buying process, the experience can generate a lot more excitement than anxiety. If you are seeking to purchase a home in beautiful Columbus, OH you will have the privilege of living in a great city with lots to offer a family. The home buying process in Columbus requires a series of steps in order to be successful. Fortunately the steps are not difficult – they only require diligence. The following are some suggested measures you should consider in your home purchasing journey.
Learn Your Three Credit Scores
In order to get a mortgage loan you must have good credit. Various mortgages may require different credit scores – so it is important to see where your credit status stands before seeking to purchase a property. If you discover that your credit is too low to be approved for a mortgage loan it is not the end of your quest to purchase a home. What it simply means is that you must take time and research ways to build your credit score. Develop a plan and follow the plan so that you can become eligible for a loan.
Know What You Can Afford
Many people find themselves losing their property because they do not take into account all that comes with owning a property, in conjunction with expenses they already have. When considering a purchase of a home you must consider four things regarding your budget:
- Your monthly income
- Expenses you currently have (do not consider rent- as this expense will not be a factor once you purchase a home)
- How much a mortgage will cost you
- Miscellaneous expenses that can occur as a homeowner. Make wise decisions when it comes to your budget. A practical way of thinking about this is that your potential mortgage should not exceed 25-30 percent of your gross monthly income
Hire A Good Realtor
A good realtor makes a world of difference in your home buying process. They will be on top of properties you desire when they first hit the market, so you can get an early viewing of the property. They will be a point of contact for everything you ned. A good realtor will be a good representative of you and your desire as a potential buyer.
Find the Right Mortgage
A good lending company will go over with you about the type of mortgage that will best suit your financial situation. A good lender will explain conventional loans, VA loans, and first time buyer loans so that you will be have the right type of mortgage. Once it is determined which mortgage is best for you, you will receive a pre-approval letter. This letter will be vital for you to place bids on homes. Talk to our preferred lender today and see what mortgage you qualify for.
Finding the Right Property and Bidding On the Property
Before going out to search for your home make a list of things you want and do not want in a home. Understand what it will take to upkeep the type of home you desire. For example: if you desire a large yard space then understand that there will be lawn care expenses involved in keeping up the quality of the yard space. Be sure to consider everything you desire in a home and what it will take to upkeep it.
Once you find your desired home it’s time to place a bid. You never want to bid the asking price of the seller. But rather 5% lower than what they are asking. This leaves you a little wiggle room to negotiate. An important thing to remember if your bid is accepted is that not only must you have money for your down payment, there are also closing costs that are required to be paid. Sometimes the buyer takes on the cost and sometimes the seller does. This is something that can be negotiated.
Buying a Home
Following these steps when seeking to purchase your home in Columbus, OH can go a long way to help the process be a smooth transaction.
