by admin on March 3, 2010
When you are buying a home, especially in Cincinnati, one of the most helpful things you can do for yourself is to hire a Realtor. As the buyer, it costs you nothing and the rewards are great.
Of course, you can always go it alone and look for a home yourself, read all the paperwork, legal documents, make offers, and negotiate with the bank, or you can get a Realtor and let a professional walk you through the entire process.
Not only will they help you navigate through all the paperwork, they will also find homes for you in Cincinnati which match your preferences and detailed specifications. This is a great time saver.
It can take a lot of time and effort on your part without a Realtor. They know a lot about the homes in their area including taxes, schools, demographics and other important considerations such as restaurants and shopping.
Realtors have the tools to determine a fair market value for the homes in the various Cincinnati neighborhoods you are interested in. They will even work with you to help you through getting pre-approved for your mortgage. Once you know what you can afford, you can focus on choosing the best home you can afford.
Best of all, its good to have someone knowledgeable to talk with when you are facing one the largest financial transactions in your life.
by admin on March 2, 2010
Planning to become a Cincinnati homeowner in the near future? Are you a bit nervous about everything that is involved in making such an important purchase? Buying a home is definitely something you should not do without advice and assistance.
Here is an overview of the basic steps that are involved in buying a new home in Cincinnati or anywhere else, for that matter.
First, determine what you can afford. This means going to the bank or meeting with a broker to get pre-approved for your mortgage, unless you are paying cash. Now you know the most you can spend on your new home.
Next, find a Realtor to assist you with your purchase. They will put their extensive knowledge and experience with the Cincinnati marketplace to work helping you find your ideal home at the lowest possible price.
Third, narrow down specifically what you want in your new home. That takes a lot of stress out of the process. Knowing what you want and what you can afford simplifies the home buying process. Make a list of the features you are looking for and give it to your Realtor for future reference.
Next, shop around. Look at homes that are currently up for sale. This will give you a good idea of the features that are available in your price range.
Fifth, Make an offer. Once you’ve found the home, it’s time to make an offer. Many people choose to offer less than the listing price of the home, especially if it’s been on the market for a while. Your Realtor will be able to advise you on your best course of action.
Then, if your offer is accepted, the next month (or couple of months) will be spent getting ready for the closing. There are lawyers to hire, conditions to meet, financing to obtain, and a lot of other little things you may not have considered. I can help make the process go more smoothly.
Finally, its Closing Day. You’ll review and sign your mortgage making your new home officially yours.
by admin on March 1, 2010
Want to buy your next home in Cincinnati? Is it possible to go out and buy a home on your own without the assistance of a professional? Sure. But it’s usually not a good idea. Using a Cincinnati area Realtor to help you buy your home will make the entire process easier while making sure all the legal issues are handled properly.
Realtors are trained to help you narrow down the home buying process by assisting you in determining exactly what your needs and desires are for the new Cincinnati home.
A Realtor is more capable than you are of negotiating the best price for your new home. Since the home seller typically pays each Realtor’s commissions, as the buyer, your Realtor’s services are normally provided to you without any cost.
If you are unfamiliar with Cincinnati and its various neighborhoods, you need a Realtor all the more. They can provide you with important information about neighborhood demographics and area schools.
Realtors have access to online home listings that you may not have ready access to, making it possible for your Realtor to find a home for you that you wouldn’t have found on your own.
There are a lot of details to buying a home and you probably aren’t aware of, especially if you are a first time home buyer. Your Realtor can help you through every step of the process so that you understand what is going on and avoid making a costly mistake by paying too much for your new home.
The benefits to using a Realtor are obvious. And what it really boils down to is that buying a home is not something that you’re trained to do, so it makes sense to work with a professional who is trained.
When it comes down to it, whether or not you decide to use a Realtor is up to you. But since there’s little to no cost and numerous benefits, it is definitely the wise thing to do.
by admin on February 28, 2010
Buying a home in Cincinnati? With the current credit crunch caused by the sub prime mortgage issue, your credit score is more important than ever.
As a direct result of the credit squeeze, mortgage lenders have had to tighten their lending criteria significantly meaning that they are now paying much more attention to your credit score before approving a home purchase loan.
What sort of credit score do I need to buy a new home in Cincinnati?
Much depends on your chosen lender as well as the amount you need to finance. A larger down payment may be required for lower credit scores. What is certain is that the better your credit score the easier it will be to obtain financing at lower interest rates.
The average credit score in America is around 690. If your credit score is higher, then you should have no problem obtaining a competitively priced mortgage in Cincinnati. If your credit score is lower, you may still qualify for a loan, but it will be more expensive.
If this is the case, it may be best to first try to increase your credit score before applying for a mortgage, if time permits. Ways to raise you credit score include:
(1) Ensure you pay all of your bills on time – especially scheduled monthly payments. This will help prevent your credit score from further deterioration. Lenders are looking at your willingness to pay as well as your ability to pay.
(2) If you have any surplus income consider overpaying some of your debts. Start with the most expensive (the ones with the highest interest rates). Overpaying debts will improve the ratio between the amount of debt you have and your credit limits. Improving this ratio will increase your credit score.
(3) Try to avoid any unnecessary debts. Buying a home is a big financial commitment. Be sure to wait until you have moved in and found your mortgage payments are affordable before taking on any additional debts.
by admin on February 27, 2010
If you are looking to buy a home in Cincinnati or the surrounding counties, FHA financing may be a great fit for your needs.
The mortgage market has changed recently. Not long ago there were all sorts of programs for buyers with little or no money for a down payment, even if their credit history was spotty. Things have changed. Lenders have tightened their guidelines, and most of these programs have disappeared. It has become harder to purchase a home in Cincinnati for most prospective buyers.
At one time in Cincinnati, FHA was the only option if you wanted to buy but were strapped for cash. History is repeating itself and if you know how it works, FHA can make the difference between buying a home now or renting for another year.
Some of the reasons FHA may be right for you include:
FHA doesn’t require perfect credit. If you have had problems in your past, they will want to know what happened and what you have done to correct the problems. A few isolated late pays are no problem. If it is something bigger, they usually require a twelve months of good credit history.
Past bankruptcies are OK. If you are looking at conventional loans, they will require that you wait at least 3 years after a bankruptcy was discharged. FHA allows a new loan after 2 years, one year if you can show that the circumstances that led to the bankruptcy were beyond your control (medical problems, loss of job or similar situations). You will have to re-establish credit, and show that you can afford the new payment.
