Two interesting articles caught our eye this week. The first, from industry publisher Inman News, suggested that some people aren’t buying homes because they fear being rejected for a mortgage. According to an industry survey of potential home buyers, 54% did not apply for a mortgage because they assumed they would not qualify!
The fear of mortgage denial is based in the tighter underwriting standards that became commonplace several years ago. And while down payment requirements have eased somewhat, credit scores and debt-to-income ratios remain under strict scrutiny. Yet 2 out of every 3 mortgage applications are currently being approved. This is a sharp improvement over the lending environment in 2013, when a 40% rejection rate was the norm. Times have changed!
On the other end of the spectrum, an article in Housing Wire states that 42% of prospective home buyers know very little about financing a home. It points to buyer surveys by Chase and ClosingCorp that show a lack of understanding about mortgages and closing costs. These same respondents indicated they plan to buy a home within the next 18 months. Without proper information, many of these buyers will end up failing, or paying far too much!
Columbus home buyers should not make assumptions about mortgage financing or the home buying process, one way or the other. There is a wealth of free information available to help you prepare for home ownership, such as our comprehensive ebook, “How to Buy a Home Like a Pro.”
The guidance of expert professionals also takes the fear and uncertainty out of your home buying experience. By obtaining information and constructive advice up front, you’ll be able to make home buying and financing decisions with confidence. Here’s how we help you:
1. We provide a free, no-obligation Buyer Conference that offers a look at your financing options. We explain the pros and cons of each mortgage program, and how each program affects your mortgage payment and closing costs.
2. We provide you with valuable checklists and insider info to help you get the best loan for your needs, with the best rates and terms!
3. We include supplemental financing info in our Educated Buyer Notebook. This notebook is an indispensable resource for our Buyer-Clients, and helps take the stress out of home buying.
4. Because we have a fiduciary relationship with our Buyer-Clients, we can help you evaluate your financing offers, and identify the lender and program best suited to your needs. This is a completely objective review performed without bias; we are here to protect your best interests! This is just one example of the peace of mind and confidence that you’ll enjoy when working with an Exclusive Buyer’s Broker.
When you are ready to buy a Central Ohio home, turn to Buyer’s Resource Realty Services! We can refer you to reputable mortgage lenders, and help you find the best solution for your financing needs.
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 at all times.
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
