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The growth in and around Columbus, the capital city of Ohio, has been steady and consistent. Despite the economic downturn, Columbus real estate experts predict that positive price appreciation will return in the coming years. So home buyers, who want to settle down in this part of the country should start with their home buying process now. A buyer needs to consider the price range and also short list the desirable neighborhoods. But before that study the current household budget; this helps in verifying the present financial situation as well as the buyer’s ability to repay the mortgage. The other factors that one needs to consider include:
· Look for a reliable Columbus real estate agent.
Recommendation from family and friends is a good option. But remember, one must be very careful while selecting a real estate agent as he/ she will play the most curtail role throughout the home buying process.Â
· It is recommended to opt for an exclusive buyer’s agent, rather than going to a listing agent while looking for home for sale in Columbus, Ohio. Also avoid appointing a dual agent; these agents keep the entire commission and thus are only concerned about their profit.
Alternatively, a Columbus real estate agent who is solely representing the buyer will always look out for the buyer’s best interest and will help them to get the best deal possible.Â
· A little research is required from the buyer’s part. The Columbus real estate agent can help them in this field. Study the current home prices in the targeted neighborhoods. Also consider the neighborhoods, whether or not it is offering all the facilities that one needs such as proximity to work place, health care center, schools, and shopping districts.
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· Selecting the right type of home is also a curtail factor. Depending on the budget and the buyer’s ability to mortgage payment the Columbus real estate agent can help in finding a suitable home for sale in Columbus, Ohio. Those who have moderate budget can go for Columbus condos or single family homes.
After finding the right home for sale in Columbus, Ohio, the buyers need to consider the mortgage amount that they can afford as well as find a lender. The Columbus real estate agent can help the home buyer in finding a lender and can deal with the mortgage process, on behalf of the buyer.
These days, many are reselling mortgages in the secondary market. There are organizations that purchase the mortgage directly from the lenders and then sell them to investors. Ask the Columbus real estate agent about the qualification requirements. Generally the borrower must meet the total obligations to income ratio and the housing expense ratio to qualify. Also ask the Columbus real estate agent about pre-approved loans. There are lenders who prequalify the borrowers for a certain amount. With such loans it is much easier to focus on the affordable home for sale in Columbus, Ohio. In addition, pre-approved loans help the buyers to get an edge over the home buying deals and to negotiate for a lower purchase price. Down payment is also an important factor that one needs to consider; with a debt ratio of 28% to 36% the down payment will be around 10%. However, the amount may vary and a lower down payment usually means higher m onthly payments.
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