Mortgage Calculator Ohio

Use this tool to help you estimate your monthly mortgage payments based on variables such as loan amount, down payment, interest rate, and loan term. 

Step 2: Find a Realtor To Guide You Through the Process

Finding a great real estate agent is key to making the home buying process as smooth and successful as possible.

Types of Agent Representation in Ohio

  • Dual Agency: Ohio is a state that allows Dual Agency which is a real estate practice where a single agent or brokerage represents both the buyer and seller in a transaction. In a dual agency scenario, the agent or brokerage owes fiduciary duties to both parties, which can create conflicts of interest.
  • Buyer’s Agent: When an agent is representing you in a Buyer Agent capacity, they work on behalf of the buyer to help them find and purchase a home that meets their needs and budget. The buyer's agent can provide guidance throughout the process, from scheduling property showings to negotiating the purchase price to being by your side through closing and possession. They represent the buyer's best interest and work to secure the best possible deal for the buyer. 
  • Seller’s Agent: This type of agent works on behalf of the seller to market and sell their home. They can help the seller prepare their home for sale, price it appropriately, and negotiate offers from potential buyers. They are looking out for the seller's best interest and securing the best deal for them. 

How To Find a Buyer’s Agent

While it is possible to not have an agent represent you when buying a home, it can be risky as the Seller's Agent may not have your best interests in mind. Without a Buyer's Agent, you may also miss out on valuable information and negotiation strategies. Therefore, it is recommended to have a Buyer's Agent to represent you.

When looking for a Buyer's Agent, be sure to consider their experience, knowledge of the local market, communication style, and availability. It's also important to find an agent who is a good fit for your personality and who you feel comfortable working with.

Keep in mind that the cost of a Buyer's Agent is typically paid by the seller, as the agent will receive a commission from the sale of the home. However, it's important to clarify this with your agent before entering into a contract.

Here are a few tips for finding a trusted and experienced Buyer's Agent:

  • Referrals: Ask friends, family, or coworkers who have recently bought a home for recommendations.
  • Online Search: Use real estate websites or directories to find agents in your area. Check online reviews and examine the agent’s online presence.
  • Open Houses: Attend open houses and talk to the agent. If you like their style, ask if they can represent you.
  • Real Estate Offices: Visit local real estate offices and interview agents to find one who fits your needs. 

Looking for a Buyer's Agent?

Looking to find your dream home in Ohio? Let Kevin and the team at Jose Medina & Associates help! With years of experience and a deep knowledge of the local market, they provide valuable guidance and support throughout the home buying process. 

Step 3: Understand the Current Housing Market

Your ability to make informed decisions when buying a home is closely tied to your understanding of the current real estate market. A knowledgeable Buyer's Agent can help you stay informed on the latest market conditions, and advise you on how to best prepare for each phase of the home buying process based on the type of housing market you are currently in.

Real Estate Market Trends to be Aware of:

  • Interest Rates: Interest rates can impact how much home you can afford and what type of loan is best for you. Talk to your lender about how they may affect your mortgage options and budget.
  • Housing Inventory: Knowing how much housing inventory is available can impact how quickly you need to act when making an offer on a home. If there is less inventory, buyers typically have little time to make an offer and have to decide quickly. When there is less inventory, buyers have more time to decide whether or not they want to make an offer on a home.
  • Property Taxes: In Ohio, property taxes are based on the assessed value of a property, which is typically lower than the market value. They are used to fund local government services such as schools, police and fire departments, and road maintenance. Townships in Ohio usually have lower property taxes than urban areas due to lower demand for services and a smaller population. Property taxes are paid twice a year, typically in February and July. Homeowners have the option to pay the full amount in one payment or in two installments and they can be paid directly to the county treasurer's office or Homeowners can choose to have their property taxes paid through an escrow account managed by their mortgage lender.
  • Recent Sales of Similar Homes: Your Buyers' Agent can provide you with information on homes that have sold in your price range and desired areas to help you understand what you can expect to pay for a home in the neighborhoods you prefer to live in.
  • Historic Market Values and School Ratings: Historic market values can give you an idea of how housing prices have fluctuated in the past, helping you make informed decisions about potential investment opportunities. Additionally, school ratings can impact home prices and the stability of neighborhoods. Areas with great school ratings often attract buyers and can maintain their property values over time.

Step 4: Find Your Perfect Home - The Hunt Begins

When you're ready to begin house hunting, there are a few steps you should take to make the process as smooth as possible.

  • Research Neighborhoods: It's important to research neighborhoods before deciding where to buy a home because the location of a property can have a significant impact on quality of life, property value, and resale potential. Factors to consider when researching neighborhoods include access to good schools, public transportation, local amenities like parks and restaurants, crime rates, and overall affordability. 
  • Email Listing Alerts: One of the first things you can do is get set up on email listing alerts from your real estate agent. This will allow you to receive notifications of new properties that meet your criteria as soon as they hit the market.
  • View Homes In-Person: This will give you a sense of what's available in your desired area and price range, as well as help you identify any must-have features or deal breakers. As you begin to evaluate properties, there are several things to consider, including price, square footage, the condition of the home and major mechanicals, location to work and schools, number of bedrooms and bathrooms, real estate taxes, style of home, and proximity to places you frequently visit. It's also a good idea to think about any potential renovation or repair costs that may need to be factored into your budget.

If you’re working with a Buyer’s Agent, when looking at homes, a reputable Buyer's Agent will also be pointing out any concerns they see with the condition of the home and reminding you of what you said was important to you in your home search. This can be incredibly helpful as it can be easy to get swept up in the excitement of seeing a potential new home and overlook some important details. A Buyer's Agent can provide an objective view of the property and help you make an informed decision.

It's also important to keep in mind that finding your perfect home may not happen overnight. It's common to look at multiple properties before finding the right one. Don't feel discouraged if it takes some time, as the goal is to find a home that you will be happy with for years to come.

Another helpful tip when looking at homes is to bring a checklist of your must-have features and deal breakers. This can help you stay organized and focused during your search, and also serve as a reference point when comparing different properties.

By taking these steps and considering all relevant factors, you can be better equipped to find the home that's right for you.

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Step 5: Make an Offer

Once you have found the perfect home, it's time to make an offer. Your real estate agent can help you draft an offer that includes the terms of the sale, such as the purchase price, earnest money, type of financing, home inspections, closing date, and possession date. The purchase contract outlines the expectations and obligations of both the buyer and the seller during the home buying process.

Key Terms to Know When Making an Offer on a House

  • Preapproval Letter: This document is issued to a potential borrower, stating the borrower has been preapproved for a certain amount of money to be borrowed for a mortgage or other type of loan. The preapproval letter is based on the lender's evaluation of the borrower's creditworthiness, income, and other factors, and serves as a preliminary indication of the borrower's ability to obtain a loan. This letter is typically used to demonstrate financial strength to sellers and the Selling Agent when making an offer on a home.
  • Purchase Price: The purchase price is the amount of money that the buyer is offering to pay for the property. This is typically negotiated between the buyer and the seller, and may be influenced by factors such as market conditions, the condition of the property, and the location.
  • Down Payment: A down payment is an upfront payment made by the homebuyer to the seller, usually a percentage of the home's price, to secure a mortgage loan. The required amount varies based on factors such as creditworthiness, loan type, and home price. A larger down payment results in lower mortgage amount and monthly payments.
  • Earnest Money: Earnest money is a deposit that the buyer provides as a show of good faith when making an offer on a property. This money is held in escrow until the sale is finalized, at which point it is applied to the purchase price of the home. If the sale falls through due to reasons outlined in the contract, the earnest money may be returned to the buyer.
  • Type of Financing: The type of financing refers to the method by which the buyer plans to pay for the home. This may include a conventional mortgage, FHA loan, VA loan, or other financing options. The type of financing can impact the terms of the offer, as some types of financing may require additional contingencies or restrictions.
  • Closing Costs: Closing costs when purchasing a home refer to the fees and charges that borrowers must pay when securing a home loan. These fees typically include loan origination fees, appraisal fees, title insurance, escrow fees, and other miscellaneous charges. The amount of closing costs can vary depending on the loan amount, location, and the type of loan. Ohio homebuyers should be prepared to pay anywhere from 2% to 5% of the total loan amount in closing costs. Sellers may be willing to pay a portion or all of the buyer's closing costs and this is negotiated as part of the offer.
  • Home Inspections: Home inspections are an important part of the home buying process, as they can uncover any potential issues with the property. When making an offer, the buyer may include a contingency that allows for a home inspection to be conducted within a specified timeframe. The results of the inspection can impact the final terms of the offer.
  • Seller’s Disclosure: In Ohio, the Seller's Disclosure document is a legal form that the seller of a residential property is required to provide to the buyer. It contains information about the property's condition, known defects, and any other material information that may affect the buyer's decision to purchase the property. This document is provided prior to signing a purchase agreement. It is important for buyers to carefully review this document to ensure they have a clear understanding of the property's condition and any potential issues. There are circumstances, like foreclosures and probate transactions, where the seller does not have to provide this document.
  • Contingency: Contingencies in a real estate purchase agreement refer to specific conditions that must be met in order for the home sale to proceed. These conditions are usually written into the contract and must be satisfied within a certain timeframe. Examples of contingencies include obtaining financing, satisfactory completion of a home inspection, and resolution of any title issues. If conditions are not met within the specified timeframe, the sale may be terminated without penalty to either party.
  • Closing Date: The closing date is the date on which the sale of the property is finalized, and ownership is transferred from the seller to the buyer. This date is typically negotiated between the buyer and the seller, and may be influenced by factors such as financing, inspection results, and other contingencies.
  • Possession Date: The possession date is the date on which the buyer takes possession of the property and can begin occupying it. This date can be the same day as your closing day or another day. The day agreed upon by the buyer and seller will be in the purchase contract. 

Seller’s Response

When a real estate offer is submitted to a seller, there are three possible outcomes: offer accepted, offer rejected, or counteroffer.

  • Offer Accepted: The seller accepts the offer as written, the sale can move forward as planned.
  • Offer Rejected: The seller rejects the offer and they are not willing to sell the property at the price or terms outlined in the offer. They typically are also not willing to negotiate further with the buyer. Sellers usually reject offers because the offer was too low.
  • Counteroffer: If the seller makes a counteroffer, they are proposing different terms for the sale, such as a higher price or different closing date. The buyer can choose to accept the counteroffer, reject it, or make their own counteroffer. This negotiation process continues until both parties reach an agreement or one party decides to walk away from the deal.

Step 6: Closing Process

When buying a home, once the purchase agreement is signed, the closing process begins. This process typically involves several steps, including mortgage application, home inspections, home appraisal, and title work.

Mortgage Application

A mortgage application is a document that a homebuyer completes when applying for a mortgage loan to purchase a property. This application typically includes information about the buyer's income, assets, debts, and credit history, as well as information about the property they wish to purchase. The lender uses this information to determine the buyer's eligibility for a loan and to calculate the final loan amount and interest rate.

There are circumstances where a buyer may not be able to obtain a mortgage even after submitting an application. It's important to work with a lender who thoroughly screens you during the pre-approval process to help identify any potential issues early on. This can save you time and frustration in the long run by helping you avoid applying for loans that you may not be eligible for. By working with a reputable lender and being honest about your financial situation, you can increase your chances of obtaining a mortgage and successfully closing on a home purchase. Learn more about financing a home and finding a reputable lender.

Overall, it's important to maintain a stable financial situation during the mortgage process. Any changes to your income, debt, or credit can affect your eligibility for a loan, so it's best to avoid taking any unnecessary risks until after you have closed on your mortgage. 

7 Things to Avoid After Applying for a Mortgage [Infographic]

After you apply for a mortgage and get approved, you might think that the hardest part is over. However, it's essential to be cautious about your actions post-approval, as they can still affect your loan status. To help you navigate this critical time, check out this list of seven things to avoid after applying for a mortgage. These tips will help ensure that your mortgage approval remains intact. Read on to learn more!

infographic showing 7 things to avoid after applying for mortgage 

Home Inspections

Home inspections are an integral aspect of the home buying process as they provide a thorough evaluation of the property's condition. If you’re working with a Buyer’s Agent, they can advise you on the standard home inspections they’d recommend, based on the home you’re buying. 

In Ohio, standard home inspections range from $200 to $400 and encompass an overview of the home's structural systems, roofing, electrical systems, plumbing systems, heating, cooling, and ventilation systems, as well as its appliances. Moreover, specialized inspections such as termite, radon, well, and septic inspections may be necessary and can cost between $100 to $500 each. Your real estate agent can provide you with a list of reputable inspectors to research before selecting the one(s) you prefer.

Typically, the buyer covers the costs of these inspections. However, in certain cases, the seller may agree to pay for specific inspections. It is critical to clarify who will bear the expenses in the purchase agreement.

Once the inspections are completed, you will receive a detailed report highlighting the findings. Based on the results, you can opt to proceed with the purchase, request repairs from the seller, or terminate the transaction.

Mortgage Appraisal

Before finalizing the sale, your lender will require a home appraisal to ensure that the home's value is consistent with the purchase price. The cost of an appraisal is typically included in your closing costs and can range from $300-$500. If the appraisal comes back lower than the agreed purchase price, you can pay the difference, the seller can lower their sale price, you and the seller can negotiate other terms, or the deal can fall through. Your Buyer's Agent will be able to negotiate on your behalf and make recommendations. 

Title Work

The title process involves verifying the legal ownership of the property you are wanting to buy and ensures there are no liens or other issues with the title that could affect your ownership rights or ability to sell the property in the future. The title search and insurance policy are typically paid for by the buyer, and the fees can range from a few hundred to several thousand dollars depending on the purchase price and other factors. It's important to work with a reputable title company and review the title insurance policy carefully to ensure that you're adequately protected in the event of any unforeseen issues with the title. If you’re working with a Buyer’s Agent, they will have recommendations on a reputable title company to use.  

Prepare for Closing Day

As you approach closing day, there are a few important steps to take to ensure a smooth transition. You will need to transfer the utilities into your name, schedule your moving day and arrange for a moving truck if necessary. 

You'll also want to schedule a final walkthrough of the home to ensure that all repairs have been completed and the home is in the condition you expected. Your Buyer’s Agent would negotiate this in your offer. 

The average time frame to purchase a home in Ohio from the time the offer is accepted until the closing date can vary depending on several factors. Typically, it can take anywhere from 30 to 45 days to close on a home purchase in Ohio, although it's not uncommon for the process to take longer. Factors that can impact the timeline include the complexity of the transaction, any issues that arise during the inspection or appraisal process, and the availability of the parties involved. It's important to work closely with your real estate agent and lender to ensure that you understand the timeline and have everything in order to help move the process along as smoothly as possible.

Free Moving Truck

younger couple sitting in the back of a moving truck with boxes around themKevin and Jose Medina & Associates offers their clients a unique perk that sets them apart from other agents: a free moving truck. That's right, clients of Jose Medina & Associates get to use the truck at no additional cost! This added benefit demonstrates their commitment to helping clients save money wherever possible during the process of buying or selling a home.

They want you to focus on the important aspects of your move, without the added financial burden of renting a moving truck. Contact Kevin now to learn more about their services and how they can help you achieve your real estate goals!

Step 7: Closing, Possession and Getting the Keys to Your New Home

After the closing is complete, you'll receive the keys to your new home and take possession of the property. Congratulations, you're now a homeowner in Ohio!

Closing Date: The closing date is the date when the final paperwork is signed, and the funds are transferred, officially transferring ownership of the property to the buyer.

Possession Date: The possession date is the date when the buyer can take possession of the property, usually immediately after the closing but there are circumstances where this is not the same day.

These dates are agreed upon in the purchase contract, which outlines the terms of the sale and any contingencies that must be met before the sale can close.

In some cases, the closing or possession dates may need to be changed due to unforeseen circumstances or issues that arise during the transaction. In such cases, a follow-up addendum may be added to the purchase contract, outlining the new dates and any other changes to the terms of the sale.

Despite any unexpected twists and turns along the way, the excitement of finally getting the keys to your new home is well worth it!

Begin Your Journey Towards Homeownership in Ohio

Looking to find your perfect home, have questions about the home buying or selling process, or want to schedule a free, no-obligation buyer consultation? Kevin McCaulley and Jose Medina & Associates are here to help!

Together they are dedicated to guiding you through the home buying process, from start to finish, whether you're a first-time homebuyer, looking for your next dream home, or relocating to Ohio.

Contact Kevin today and let's work together to get you the keys to your new home with ease and expertise! 

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