FAQ For First Time Home Buyers
If you are a first time homebuyer, you probably have a lot of questions about how it all works. As a Dayton & Cincinnati, Ohio local realtor, I've compiled the most commonly asked questions for first time home buyers. Q: How much of a home loan can I afford? A: Once you have determined the right loan company, you will be pre-approved for a certain amount by a loan officer. Their calculations are based on a variety of things including: debt-to-income ratio, income, credit score, job history, and type of property you are looking to purchase. If you aren't sure where to start with your loan company search, give me a call and I'll provide you a few recommendations. It's always best to get several loan companies offers. Q: Is it cheaper to buy a home than it is to rent? A: In most cases, it will be. If you don't have enough credit established or if you can't get pre-approved for a loan at this time, renting a house is always a good way to have insight into how ow...