First steps to buying

With all the news every day about the mortgage industry you may wonder if you can get a loan or if you should buy at all. There are only a few things more frustrating when searching for a new home than falling in love with a house that simply doesn’t fit your budget. So before you begin looking for a new home, work with a mortgage company to determine how much you qualify for and get pre-qualified and/or pre-approved. And be sure you understand the differences between those seemingly similar terms.
Pre-qualification. Starting with this step is easy, and it provides you with an estimate of how much financing you may be eligible for. Then you can talk with your agent so he or she can select homes that fit both your preferences and your price range. A pre-qualification is simply just running numbers for you, so you should really get a full fledged pre-approval that includes a credit check. Most loan programs these days are so credit-score sensitive that a lender can’t really tell what programs you qualify for with out having your credit score. This is especially true if you are trying for 100% financing.
If you've never been pre-approved before, you might be pleasantly surprised at your loan estimate. While pre-qualification is a good guideline, it's just that – a guideline. You'll also need to look closely at your monthly income and expenses. Consider whether your future mortgage payment will fit comfortably into your budget; and don't feel it's necessary to spend the full amount for which you've been pre-qualified. A good rule of thumb is that your mortgage payment should be no more than 25 to 33 percent of your monthly gross income, and your total debt-to-income ratio should be less than 38 to 40 percent of your gross income.
Learn how to figure your housing budget. If you didn’t complete a full pre-approval during your first talk with your loan officer, it would be smart to complete the pre-approval process now that you have established a budget. The lender can inform you of any special language you need to include in your offer to purchase based on the loan program you have selected. Often a seamless step, being pre-approved can be the advantage you need if you're bidding against another buyer who is not. Pre-approval also speeds up the actual loan process once you're in contract with a particular property.

Here's some additional information to explain the differences between pre-qualification and pre-approval of your loan:

Pre-Qualification
Based on preliminary information regarding your income, debts and assets.
Information is usually provided verbally to the lender by you.
Once a purchase agreement is executed, you must complete a loan application.
There's no fee.

Pre-Approval
The same as the pre-qualification except you take it a step further and pull a credit report.
The loan officer underwrites the file with desk top underwriting software when applicable.
You are informed of the documentation required to process your loan should you choose to go further.

And then there’s the loan commitment:
You provide documentation of income, assets and debts.
The information you provided is reviewed and an underwriter approves the loan.
Your mortgage is fully approved pending a sales contract and property appraisal.

Learning what you can afford is easy and effective. A mortgage loan officer will help you understand your credit, debt and income and determine the loan amount available to you.
Contact a helpful mortgage loan officer to get pre-qualified. And if you're serious about buying a home, call a loan office to learn how to get pre-approved .

Country Retreat in Dublin area

I just listed a great property in the Dublin area. Over 9 acres and a large 5 or 6 bedroom house. This would be a great place to raise a family in the Dublin School District and is close to Glacier Ridge Metro Park, Corazon/Tartan Fields and the future developments of Tartan Ridge and Jerome Village. You can find out more information about it on my website. This property is also available for a lease-purchase agreement.

Home Search

Recent statistics show that as many as 80% of people search for their new home online. There are many search engines available to do this. Real estate is really a local market. Using a site that lets you get to the area you want to search with ease will make it easier. Sites like HER Real Living allow you to set up your own site to save favorites, set up searches and get automatic alerts when properties that meet your criteria come on the market or have price changes. I had one client tell me they hook their laptop up to their home theater and do their searching on the big screen.

Waterford Village development - Dublin, OH

This is a great neighborhood in Dublin. It is close to Historic Dublin, shopping, transportation, bike path system, the new Dublin Methodist Hospital and is in the Dublin School district. There is a great ranch for sale on Monterey Dr for $249,500 you should check out and also a nice 2-story on Odessa Ln for lease if you aren't in the market to buy. You can go to my website and see both properties. It is still a great time to be a buyer in the Central Ohio market.

Home Inspections are important

When buying a condo or house you should always have a home inspection conducted. A professional assessment by a reputable home inspector may uncover any problems (large or small), alerting you to any needed repairs and updates. With your agent's help, you may even be able to negotiate for repair or replacement of items before the purchase is complete. You'll be able to bring in a home inspector of your choosing once you go into contract. The inspector will perform a comprehensive evaluation of the home and property, doing everything from testing outlets and faucets; to identifying signs of dampness, termites or carbon monoxide; to making sure walls are strong and windows are secure. Don't overlook this important step in the buying process as it can help insure you have made a good investment.

Condos

New condominium developments are being built in the Dublin, Hilliard, and Powell areas in all price ranges with various amenities. Downtown Columbus is a fast developing condo/loft market. In addition to these newer units, existing condos are available and some offer great value and sometimes more space for the money. There are hidden gems you might not know exist without help.

Condominiums

If you want to own a home of your own but without the amount of work that comes with a house – like yard work, you may want to consider purchasing a condominium. Condos are popular for a number of reasons including size, location, amenities and, things like limited lawn care and maintenance responsibilities. You should decide based on your lifestyle, your budget and your personal preferences if a condo is right for you. You can ask yourself questions like the following: Do you want or need to minimize the time you spend on yard work and household maintenance chores? Do you want availability of a swimming pool, fitness center, party house or storage facility? Do you need to reduce your monthly mortgage expenses? Are you comfortable paying a condo fee from $100-$400 monthly in exchange for upkeep of common areas, including snow plowing, leaf removal, parking lot maintenance and lawn mowing? Are you willing to submit to the rules and regulations for your community set forth by a condo association? If you answered yes to some of these questions then condo ownership might be for you.

The beginning

Welcome to my blogspot. I hope you will enjoy this journey with me as we explore real estate in general and particularly in Central Ohio. My goal is to provide interesting and informative posts on the subject of real estate, all geared toward helping you. I encourage you to send me your feedback and ideas.