Home loans can be available from several types of lenders--thrift institutions,
mortgage companies, commercial banks, and credit unions. Various lenders may
quote you different prices, so you should contact several lenders to make sure
you�re getting the best price. You can also get a Cincinnati home loan
through a mortgage broker. Brokers set up transactions rather than lending
money directly; in other words, they will find a lender for you. The
broker�s contacts to several lenders can mean a bigger selection of loan
products and terms from which you can choose.
There are many factors to consider when looking for a home
Types of Cincinnati homes - There are many different types of homes: single
family, condominium, townhouse, and duplex. Additionally, the type of home you
select may impact your buying power.
New or existing home - Consider whether you want to move into a new home or
an existing home. In general, new Cincinnati homes are more costly than
existing homes. However, the condition of an existing home can significantly
increase your maintenance requirements.
Quality of home - Examine the condition of the home. Carefully inspect the
structure, interior and exterior of the house for defects. The additional
renovation costs may add up over time and exceed your maintenance estimates.
Will the house need a lot of repairs? How old are the appliances? The purchase
of the home is one step, but the renovations and repairs are added costs that
need to be considered. Would you prefer to purchase a newer, costlier home or
would you prefer to invest additional time and money into renovations and
repairs for an older, less expensive home?
Features - Consider the features of the home. Does it have gas or electric
heating? How many bathrooms does it have? How many bedrooms do you need? All of
these characteristics will influence the price of the home and your monthly
housing expenses. HUD's Wish List worksheet (A PDF Reader is necessary to view
this file. PDF reader options for the visually impaired.) can help you identify
and prioritize the features you are looking for in a home.
Location - Would you rather live in the city, the country, or the suburbs? Do
you want to be near parks or the library? What about a shopping center? Is it
important for you to be near major highways or public transportation? Get a
feel for the surrounding area by exploring the Cincinnati neighborhood and
talking to residents.
Crime rate - Look into the safety of the Cincinnati neighborhood. Does the
Cincinnati neighborhood have a high crime rate? Has there been an increase in
crimes committed in the area? If so, how will this influence the future
property value of your home?
School system - The quality of the school system in a particular area is not
only important to families with children but can influence the property value
of your home.
Economic stability of area - The economic growth and stability of the area
surrounding a Cincinnati home can influence its future property value.
Cincinnati Home tax - Examine the annual amount of Cincinnati real estate
taxes and other assessments levied on Cincinnati homes in the Cincinnati
neighborhood you are considering.
Brokers will generally make contact with several lenders regarding your
application, but they do not have to find the best deal for you unless they are
contracted with you to be your personal agent. You should also consider
contacting more than one broker, just as you would with banks or thrift
institutions.
Knowing if you are dealing with a lender or a broker may not always be cut
and dry. Some financial institutions work as both lenders and brokers. And most
brokers� advertisements do not use the word "broker." So be sure to ask
whether a broker is involved. This information is important because brokers are
usually paid a fee for their services that may be separate from and in addition
to the lender�s origination or other fees. A broker�s
compensation may be in the form of "points" paid at closing or as an add-on to
your interest rate, or both. You should ask each broker you work with how he or
she will be compensated so that you can compare the different fees. Be prepared
to negotiate with the brokers as well as the lenders.
Real Estate for Investment
---------------------------------
Looking for last minute shopping deals? Find them fast with Yahoo! Search.
