HOMEBUYER INFORMATION GUIDE

OWNING YOUR OWN HOME

How important is... getting pre-qualified; my credit record; the fact that I'm a first-time homebuyer?

WAYS TO FIND A HOME For sale by owner (FSBO); real estate agent; neighborhood organization; repossessed or foreclosed home.

A REAL ESTATE AGENT'S ROLE

Who pays the real estate agent's commission? Can I choose another agent?

HOW MUCH HOUSE CAN YOU BUY?

Do you qualify for a mortgage and what amount do you qualify for? What are ratios?
How much can I afford in a mortgage payment?
Figuring the cost of a mortgage.

MAKING A LOAN APPLICATION

What to take to the bank.

PRIVATE MORTGAGE INSURANCE

What is PMI? Will PMI be required on my mortgage? How will PMI affect my mortgage?
Do my PMI payments stop after I've built up equity?

INSURANCE

Title Insurance and Homeowner's Insurance.

HOME INSPECTIONS

Why a home inspection? Doesn't the lender inspect the house?
How do I choose an independent home inspector? How do I make the most of an inspection?

SPECIAL HOMEOWNER PROGRAMS

Department of Community Development - Housing Programs

Downpayment Assistance

Special Financing Programs for Conventional Purchase

Ohio Housing Finance Agency Programs


REAL ESTATE TERMS TO KNOW