Are you looking for a home in the Columbus area? Regardless of whether this is your first time buying a home or you are a seasoned expert, we have the answers to all of your home buying questions! Utilize our buying guide to learn the basics of what you need to know about buying a home.
Answer Your Burning Buyers Questions
1. How Do I Begin the Home-Buying Process?
- The starting point for most buyers is to organize and ensure that their finances are in order. Determine a budget that will allow you to afford a down payment for your next home.
- Begin to research communities around the Columbus area that seem to fit the lifestyle you are looking for.
- If this is your first time purchasing a home, be sure to check out this first-time buyer page to learn more!
2. What Should I Look For in My Next Home?
- The answer to this question is up to you! What are you looking for in your next place? Consider why you are moving in the first place to begin your search.
- Take some time to think about things that you may need in order to properly function in your new place. Do you need a bigger kitchen or a bigger yard for Fido? Write down some of your needs to ensure your new place has the proper qualifications.
- Think about some features that you are eager to have in your home. Make these items a priority when searching for your new home.
3.Why Is It Important to Use a Realtor?
- An experienced Realtor can help you through all of the big and small questions you may have throughout the home-buying process.
- Utilizing a local Realtor who is familiar with the area can grant valuable insight into a neighborhood that you may not have any additional knowledge about.
- By using an expert Realtor, you will be able to find a home that fits in the right price range for your income and finances.
4. How Do I Get a Loan?
- Buyers can get a mortgage loan through a bank, credit union, private mortgage companies, or government lenders.
- Realtors can help find a mortgage that works best for you! They are great resources to find a lender that may offer you a loan.
- Tip: Contact your local government agency to discover programs that may be available for homebuyers in the area! A majority of state and local governments offer additional programs for buyers who are looking for a home in a specific community or meet certain criteria.
5. My Credit Isn’t Great, Can I Still Buy a Home?
- Yes! There are mortgage programs available for buyers who may not have the best credit but are in the market for a new home.
- You may be eligible for a federal mortgage program or a local home buying assistance program. Reach out to local authorities or your local agent to learn more!
- The Federal Housing Authority assists home buyers by offering insured loans. Essentially, this allows a lender to still collect the money they are owed if a buyer defaults on their loan. This guaranteed payment encourages lenders to work with buyers who may not have the best credit score.
6. When I Find My Home, What Do I Need to Be Prepared to Pay?
- Earnest Money: This is the “security deposit” that is included in the offer to the seller to prove that you are serious about the offer put in on the home. If the offer is accepted, this money is applied to your down payment or closing costs.
- Down Payment: The down payment is a percentage of what you are purchasing the home for. The amount you pay is dependent on your circumstances and what loan you are utilizing.
- Closing Costs: Sellers typically have higher costs than buyers do for this portion of the process. Buyers are usually responsible for fees associated with paperwork, and any lender charges that may be present.
7. What Other Costs Will I Pay?
- New homeowners should be prepared to pay for HOA fees, property taxes, and any utility setup charges there may be.
- Reach out to your Realtor to determine any other additional fees that may come with the purchase of your new home.
Do You Still Have Questions?
Do you still have a few questions about buying a home in the area? Reach out to our team of experienced local Realtors today! We are ready to answer any of your home-buying questions about finding a home in the Columbus area.