Buying a Home - Advice From Your Butler County Ohio Realtor®
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Contact a trusted Loan Officer and arrange to meet with him or her prior to looking at your first house. If you would like a list of recommended Loan Officers in Butler County, Ohio, please do not hesitate to contact me. I have seen many people disappointed because they were looking outside of their approved amount or desired budget. For example, once you look at homes in the $250,000 range, it is hard to adjust to what the market has to offer in the $180,000 range. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range. If you need a list of recommended Lenders, just ask - I will be happy to provide you with some names.
Here are the questions that each home buyer should ask:
How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.
The 28/36 Rule No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.). The most important consideration should be your "personal budget." The Lender will probably approve you for more than your personal budget allows. If you like to travel, invest in antiques, or have expensive hobbies, you don't want your house payment to radically change your lifestyle. I have always told my clients not to get into a situation where they are "house poor."
If you are thinking about buying a home in Butler County, Ohio and have any questions, please do not hesitate to call me at (513) 238-8809 or email me at myrealtor@cinci.rr.com.
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Fair Housing Statement
Ohio Revised Code 4735.55
It is illegal, pursuant to the Ohio Fair Housing Law, Division (H) of Section 4112.02 of the Revised Code and the Federal Fair Housing law, 42 U.S.C.A. 3601, to refuse to sell, transfer, assign, rent, lease, sublease or finance housing accommodations, refuse to negotiate for the sale or rental of housing accommodations, or otherwise deny or make unavailable housing accommodations because of race, color, religion, sex, familial status as defined in section 4112.01 of the Revised Code, ancestry, military status as defined in that section, disability as defined in that section, or national origin or to so discriminate in advertising the sale or rental of housing, in the financing of housing, or in the provision of real estate brokerage services.
It is also illegal, for profit, to induce or attempt to induce a person to sell or rent a dwelling by representations regarding the entry into the neighborhood of a person or persons belonging to one of the protected classes.
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