Central Ohio Homebuyers Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Mortgage Mistakes for Central Ohio Buyers to Avoid

RealSupport — Wed, 27 Sep 2017 20:00:30 +0000

The great thing about becoming a homeowner in Central Ohio is that many have come before you! You can learn from their mistakes so that you avoid making them altogether. As you Exclusive Buyer’s Agency, we are here to fill you in on some of the most common mortgage makes that first-time buyers make. By avoiding these, you could save yourself heartache and a lot of money in the long run!

1. Don’t begin your home search before finding your mortgage. Talk to a mortgage lender three months to a year before you plan to buy. Have a pre-approval in hand before seriously beginning your search. This will allow you to know exactly what budget to search in, and you will be a better candidate in the eyes of sellers. If you make a bid over what you can afford, this could cost you tens of thousands of dollars over the life of a loan.

2. Don’t skip the process of comparing loans. First-time buyers may focus only on a low interest rate and not take the cost of fees into account. When comparing loans, compare them by the annual percentage rate, or APR, not just by interest rate. If your lender doesn’t provide you with the APR in the loan estimate, find a different lender! This will help you understand exactly what you’ll be paying over the life of a loan, and by comparing and choosing the best options, you could again save thousands.

3. Don’t fall for marketing gimmicks from lenders. Mortgage lenders may try to get you into their doors by offering a deal you can’t refuse, like paying your mortgage insurance or paying your closing costs. Don’t believe them. Mortgage experts say that lender always make up for the deals they make, so if you’re not paying for one thing, you’re making up for it in your interest rate. This adds up quickly if your interest rate is higher than it should be.

4. Don’t take the highest loan offered to you. A mortgage lender may offer you the highest loan that you can technically handle, but that doesn’t mean you should accept and then buy the most expensive Central Ohio home you can! You have to budget in the rest of your life, such as what you spend disposable income on. What are your passions and hobbies? Do you enjoy going to the gym or taking yoga classes? Do you love your morning coffees or happy hour drinks? Track your monthly spending and factor this in when choosing a mortgage loan.

It’s important to shop around, to read through all of the documents you receive, however daunting it may seem, and to speak up with questions or concerns. As your Exclusive Buyer’s Agents, we can recommend some local lenders and help answer any of the home-buying questions you may have.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Mortgage Mistakes for Central Ohio Buyers to Avoid appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Why Millennials Become Homeowners in Metro Columbus

RealSupport — Wed, 20 Sep 2017 20:10:49 +0000

If you’ve heard rumors that millennials are uninterested in becoming homeowners in the Metro Columbus area, don’t believe them! Millennials make up the biggest group of first-time buyers, and they believe homeownership is an integral part of the American Dream! As your Exclusive Buyer’s Agency, we are here to fill you in on why millennials choose to buy.

The 2017 State of the American Dream report found that more millennials believe homeownership is part of the American Dream than baby boomers! Millennials are 77 percent more likely than baby boomers to see a home primarily as a way to build wealth, and they are 29 percent more likely to see a home as an achievement that reflects hard work.

Millennials are portrayed as fickle and transient, but the report found that they are seeking the stability of homeownership even more than their parents. Two-thirds of millennial renters view homeownership as part of the American Dream.

Why does this group of young Americans want to own their own home? Aside from building wealth, here are the top five reasons, according to NerdWallet’s Millennials & Homebuying Study:

1. They want control over their living space. A whopping 93 percent of young renters want to own so they can paint and renovate however they wish. They also want the freedom to grow their family or own pets and to have the space for doing so.

2. They want a sense of privacy and security. These go hand-in-hand in homeownership, and 90 percent of millennials want this from homeownership. When you own, you have more control over who has access to your space and how you choose to secure it.

3. They want to live in a nicer home. With rent prices skyrocketing, many young renters are living in outdated spaces to save money. This is why 81 percent of millennials want to live in a nicer space, which they can do by renovating or by buying a home that is newer and upgraded.

4. They want to feel engaged in their community. Owning a home in a community can make you more involved, as 75 percent of millennials reported. When you stay put and get to know your neighbors, and when your home value depends partly on your surroundings, you care more!

5. They want to have flexibility in future decisions. Owning a home is like forced savings, which gives your future more options. This is why 53 percent of millennials find it important to have financial options for the future in case of unforeseen circumstances.

As you can see, there are plenty of great reasons why owning a Metro Columbus home is the way to go!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

The post Why Millennials Become Homeowners in Metro Columbus appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Why to Buy a Central Ohio Home This Fall

RealSupport — Wed, 13 Sep 2017 17:12:20 +0000

If you are considering a Central Ohio home purchase, this fall is the time to buy! As your Exclusive Buyer’s Agency, allow us to explain why you may want to buy now rather than waiting.

Home Prices – CoreLogic’s latest Home Price Index shows that home prices have increased 6.7 percent over the last 10 months and are expected to continue increasing at a rate of 5.0 percent over the next year. This means that the sooner you buy a Central Ohio home, the more you could save.

Mortgage Rates – Same is true of mortgage rates! Freddie Mac’s Primary Mortgage Market Survey shows that while mortgage interest rates have remained around 4 percent for a while now, most experts predict that they will increase over the next 12 months. No one knows for sure when rates will go up, but if you buy now, you know you’re historically getting a low rate!

Mortgage – If you’re renting right now, you’re still paying a mortgage. You’re paying your landlord’s mortgage! However, when you purchase a Central Ohio home, you’re paying your own mortgage, and investing in your future. With rent, you never see that money again. With homeownership, you can someday sell and get most, all or more of that money back! It’s like forced savings.

Freedom – Many people become homeowners not only for the financial benefits, but also for the freedom of decorating their home as they see fit! This means that you can paint and design the home however you wish. You can have pets, you can have a yard, and you can get involved with the community, knowing that you’ll be around to grow roots. There are many perks!

Time – If you are thinking about buying a home, it’s because you’re ready to move on with your life. Do you want to grow a family? Do you want the freedom to design and decorate as you wish? Do you want to be closer to work, or to family and friends? Why wait? The sooner you buy, the more you could save, and you deserve to accomplish this milestone!

When ready to buy a Central Ohio home this fall, contact us. Pretty soon, we will be in holiday season, and your schedule may become hectic. This time before the holidays is the perfect time to get started.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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