Here Are SomE Frequently Asked Questions
Am I Ready to Be a Homeowner?
Becoming a homeowner is a big and exciting decision. The first thing I always recommend is that you try to gather as much information as possible about the process and how it works. Educating yourself is key. I like to walk buyers through the process including costs involved so you can decide what is right for you.a
Is Renting or Buying Better?
Generally, in the Cincinnati are, you will do better owning you own home. However, it is always going to depend on your situation. If you plan on remaining in the same location for at least 3 -5 years there are many reasons why buying a home could be a great decision for you. The most important thing is that you make the right investment. I am here to help you with that :).
What Is the Lender's Formula?
Each lender will have different financing options and products for you. You can get a different rate depending on how much money you are putting towards your mortgage and how many years you intend to pay the mortgage. I work with some great lenders that I would be happy to put you in touch with when you are ready.
What Do I Look for in Homes?
What you are looking for will depend on your needs and your situation. However, I am always here to help you find the perfect home. I can help you navigate the process and flag any potential defects in homes you are considering. I want to ensure that you are making a sound financial decision.
Do I Need a Home Warranty?
A home warranty always gives you peace of mind. Many first time home buyers like having a home warranty. However, they are not always necessary and certainly not required.
What Should I Expect at Closing?
Closings in Ohio are considered “round table” closings. This means that unlike other States, all parties are at the same table to sign the documents. While it is not required, it is customary. You can always have someone represent you with a Power of Attorney.
Closing on your home can be an emotional and exciting time. You should receive a statement a day or so before closing outlining all of the costs and fees associated with the purchase or sale of the property. This is given to you for your review so that you do not have any surprises and can have time to check for mistakes. On closing day be prepared to sign a lot of documents. If at any time you have questions about what you are signing your real estate agent can answer them for you.
You will want to bring a valid government issued ID (generally your driver’s license). While it is not common, it is also recommended that you bring your check book in case there is a small (under $200) discrepancy on the closing calculations.
What Is Pre-approval?
A Pre-approval is better than a Pre-qualification. It is a more specific estimate of what you could borrow from your lender. It requires documents such as your W2, recent pay stubs, bank statements and tax returns. The lender will then use these documents to determine exactly how much you can be pre-approved to borrow.
Am I Ready to Rent?
Perhaps you would like to sell your current home and rent until you find a new home. This is always an option. However, in the Cincinnati market it is often a better financial decision to own a home if you can afford to.
What Should I Offer?
Your offer will depend on many factors including how many days the home has been on the market, the price of the home and the homes condition. Generally speaking, homes in the Cincinnati area sell for 98% of list price. It is always important to realize that if you make an offer that is too low a seller may not want to work with you.
Can I Ask You for Advice?
I am always here to answer any questions you may have. If there is anything you need I am here for you.
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