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| OHFA Program Info | Compare Loan Payments | The Cost of Renting | Home Buying Guides |
STEPS TO BUYING A HOME
The exact steps may
vary depending on where you live and your personal situation.
Pre-qualification
If possible, get "pre-qualified" for a loan. This means the lender or
real estate broker will informally qualify you for a loan by getting basic
information on your income, debts and credit. By getting pre-qualified, you can
usually estimate how much you could borrow for a home.
Find a real estate agent
You may want to use a
real estate broker/agent to help you with your search. This is the selling
broker/agent. Interview several brokers/agents to find one you are comfortable
working with, who will answer your questions and help you find a property that
meets your specifications. A listing broker lists the property for sale and
actively markets the property. The selling broker or agent shows the house to
the buyer. Sometimes, the listing and selling brokers are the same agency. The
fees for the listing and selling broker/agent are generally paid by the seller,
usually as a percentage of the purchase price. 
What kind of home and where?
Given your price range, decide what kind of home you want/need: size, location,
special features (such as fireplace or fence), etc. You will also want to
consider school districts and other factors that are important to you and your
family. Consider your home as an investment. What will make your home attractive
to purchasers when you are ready to sell? A couple without children would not be
interested in local schools for themselves, but the quality of local schools may
be an important factor when they want to sell the house. There are good
resources available at bookstores, your library and through real estate agents
on what factors are especially important for buyers and for sellers.
Begin house hunting
Allow time (up to several months) to see a number of houses, so you have a good
basis for making a final decision.
When you find a home you like, carefully give it your own
personal inspection. You will also want to tour the neighborhood and perhaps see
the house at different times of day or on weekends to check traffic patterns and
other
amenities that may affect your decision.
Make an offer and sign a Purchase
Contract
If you're comfortable with the home, make an
Offer to Purchase, including an "earnest
money" deposit. You should make sure the Offer allows you to get your money
back if a professional inspection reveals problems with the house, or if you
aren't able to get approved for a mortgage.
Get professional inspections
Your Purchase Contract will permit you to have various professional inspections
and will govern your rights if the inspections show problems. Before you make an
offer and sign a purchase contract, ask your real estate agent or attorney which
inspections are best for your area. For example, standard purchase contract
forms often do not provide for radon inspections. Have the necessary inspections
included as a contingency for your offer.
Select and apply for a mortgage
Mortgage interest rates, fees and other terms can vary widely. Research what is
available by calling several mortgage lenders or using the internet. When you
have selected the mortgage terms that are right for you, apply for a mortgage
loan at a bank or other lending institution.
Closing
Close the loan (also called "Loan
Settlement"). This is also when you make the rest of your down payment, pay
loan fees, sign all necessary legal documents, and get the keys to your new
home.
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Tim Bradford |
This Site is Maintained and
Supported by Tim Bradford, A Loan Officer
with American Midwest Mortgage Corp.
Consider Visiting his
AllOhioMortgage.com Website.
or start a Pre Approval or Online Loan Application
This site is designed for consumers looking to buy or sell a home, or find a qualified real estate agent and Realtor in the following towns in the Northern Ohio, Greater Cleveland, Ohio area: Westlake, Rocky River, Avon, Avon Lake, Bay Village, West Park, Ohio City, Lakewood, Fairview Park, North Ridgeville, North Olmsted, Olmsted Falls, Elyria, Lorain, Medina, Lyndhurst, Berea, Middleburg Heights, Parma, Strongsville, Independence, Brecksville, Sheffield, Broadview Heights, or North Royalton. Tim Bradford is a full time Mortgage Banker/Broker serving Northern Ohio, Including Cuyahoga County, Lorain County, and Medina County.
If you are looking for a home to buy, a homes for sell, to find a Realtor, MLS Listings, Cleveland Relocation Information, First Time Home Buyer information, home values or property Values, Multiple Listing Service, buyers agent, real estate investment, hud homes, or foreclosures, This site has the information that you are looking for.