What I can do is remind you what to consider as you go about making this decision. The Columbus real estate market hasn’t been easy to navigate over the past few years, beginning back in 2004-05. And yes, there are a number of national and local economic factors to consider. You also have to remember, however, that there is so much more to deciding whether or not to buy a home than statistics.

Keep these three phrases in your head as you go about making your decision, and I can pretty much guarantee that the right answer will come:

I can’t change certain things. The Central Ohio economy is getting better than it has been in past years, but the recovery is incredibly slow. Things still aren’t where they need to be for many buyers in this market. Lending restrictions are still incredibly tight. They should factor in to your decision, but you shouldn’t let them frustrate you because there’s nothing that you can do about them.

If I can change something, I need to do so sooner rather than later. When it comes to buying a home, you need to remember that it’s important to take advantage of every opportunity and make yourself look as appealing as possible to sellers and lenders. If your finances aren’t in order, now is the time to start rectifying your mistakes and getting your credit score back up. We have resources that can help you in raising your credit score! If you start taking proactive steps to have a successful and logical transaction for your family, then you’ll be able to proceed and move forward with your Columbus home search sooner.

Know the difference between what you can and cannot change. Once you figure out what you can and can’t change, you need to decide whether you’re going to let what you can’t change hold you back. How urgent is it for you to move forward? Are you willing to put what you want on hold until things “get better” economically? For some families, this does make sense, but for others, it’s more important for them to move forward sooner. You need to base your decision on what’s best for you, not on national numbers and statistics.

Once you make your decision about whether or not you’d like to start your home search, you’ll feel much more comfortable about going to your Exclusive Buyer’s Agent to get started. Whether you want to hold off for a year or two or proceed full-speed ahead, the right Exclusive Buyer’s Broker will be your best choice to help you with your housing needs.

If you have any questions about how to start your Columbus home search, don’t hesitate to contact me and ask! You can also download our free e-Book for savvy home buyers for additional guidance. I’d be happy to help you. I hope to hear from you soon!

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
www.BuyersHome.com

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The post Remember: The Choice is Yours in the Columbus Real Estate Market appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

While lending restrictions are gradually loosening, there are still a number of things that you need to do in order to be successful when applying for a mortgage loan. Here are a few things to avoid right after applying in order to ensure a speedy and stress-free loan process:

Don’t deposit large amounts of cash into your bank account. Your lender needs to be able to source and track all of your money as they review your application. Cash is not really traceable. Small deposits that are easily explained are okay, however large cash gifts and their source are not. If you need to deposit a large sum, contact your loan officer and discuss the best way to document it.

Avoid large purchases. Buying things such as a new car or new furniture, however needed they may be, is not wise after applying for a loan. Additional monthly debt payments will take away from your potential mortgage payment. This can take you from being a qualified borrower to a risky one. Prioritize what needs to be purchased and hold off on other large items until after your closing.

Don’t co-sign any additional loans. You are obligated when you put your signature on a loan for someone else, and with that comes higher debt ratios. You become a riskier borrower. Even if you won’t be the one making the monthly payments on that loan, your lender WILL count it against you.

Refrain from changing bank accounts. Remember, your lender needs to be able to easily track all of your assets before you’re approved. In order for this to be done both accurately and quickly, your accounts need to be consistent, and changing bank accounts can complicate things. Even transferring money between accounts can get confusing. Talk to your lender before making decisions about where to place your money.

Don’t apply for new credit. When you have a credit report that has multiple financial channels on it, your FICO score will be affected. Lower credit scores will determine your interest rate and alter your eligibility for approval. Applying for new credit, whether it is for a car or a new new credit card, will affect your score, and that can potentially alter your eligibility for a loan.

Try not to close any credit accounts. There’s a common myth out there that having less available credit for review will make you a less risky borrower, thus bettering your chances for approval. This is inaccurate. A major component of your credit score is length and depth of history. Your total usage of credit is also a factor. Closing a credit account will actually negatively impact your score, as you are negating some of that history that you have built.

Avoiding these common errors after applying for a mortgage on your Columbus, OH home will certainly help the home buyer process move much faster. Obtaining a loan can be a stressful part of the transaction, however if you know which behaviors to avoid and which documents you need for the application, then everything will go much more smoothly. If you have any questions about buying a home on the Columbus, OH real estate market, don’t hesitate to contact me. I’d be happy to help you in any way that I can and put you in touch with some lenders in the Columbus area. I hope to hear from you soon!

Andrew Show
Buyer’s Resource Realty Services
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The post What NOT to do After Applying for a Mortgage in Columbus! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.