Resources
Three "Caballeros"
When you buy a house or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser will look for "three caballeros" or three "comparables"--homes that are very similar to the one you are buying--and will make adjustments to reflect the differences between the properties.

Housing patterns tend to be homogenous, meaning homes worth $100,00 are located in $100,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price.

This is not the only factor considered in determining the worth of a property, but it is an important one. The buyer or seller may view the property as a home or an investment, but lenders view it in a completely different way. To a lender, property means security in the event a borrower fails to repay a mortgage. Therefore, lenders must know real estate values in order to limit their risks.

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more advice on ... buying real estate in Columbus, Ohio (16)
Do You Need Mortgage Protection?
If you have a mortgage on your home in the West and North Columbus area, you have probably gotten several offers from insurance companies.
Do You Really Need Title Insurance?
Title insurance is one of the closing cost items on the closing statement when a home is purchased.
Earning Your Loyalty
When you begin to search for a new home, you will probably encounter several Realtors at open houses, through friends or from signs or advertisements.
Keeping an Eye on Zoning Decisions
Zoning classifications are the most important tool that a local government has to control the way land is used in a community.
Keeping Your Earnest Money Safe
When you make an offer on a house, it is accompanied by an earnest money check.
Leaving Yourself a Financial Cushion
When you calculate how much you will need to purchase a home you will add up the down payment and closing costs.
Making Your Dream Home Come True
Your first child is on the way, and you are outgrowing your small apartment.
More Down Payment Help
Perhaps the most common deterrent to first-time home buyers is the lack of a down payment.
Should You Read Every Word?
Buying a house involves a lot of paperwork.
The Elements of Location
When you are in the market for a home, how should you evaluate the properties that appeal to you?
The Language of Financing
When you meet with a lender to apply for financing, you may feel as if you are in a foreign country as the loan officer talks points, Regulation Z margins, PMI, and ARMs.
The Rewards of Home Ownership
People buy a home for a lot of different reasons. They may want to put down roots in a community and create a sense of stability in their lives.
Three "Caballeros"
When you buy a house or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value.
Understanding the Bottom Line
An important part of buying a house is sitting down with your Realtor or a mortgage lender to get a clear idea of how much you can afford.
What is a Balloon Mortgage?
In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date.
When You Are Buying Property to Build
You noticed a lot for sale in a suburban area in the West and North Columbus area that looks like a perfect place to build your dream home.
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Broker One Realty, Inc.
3400 N. High Street, Suite 130 Columbus, Ohio 43202
Phone: (614) 246-7153 | Fax: (614) 246-7157
Copyright© 2007 Broker One Realty, Inc.. All Rights Reserved. Privacy Policy. Last Updated: 2008-05-15 11:05 Site Map All information is deemed to be accurate but is subject to errors and ommissions and should be verified to your satisfaction. Broker and Agents Licensed in the State of Ohio.
Our agents Steve Hutchinson, Clare Brofford, Michael Chambers, Gary Josephson, Nathan Fisher, Deborah Pitzo, Marla Spencer, Scott Wheeler, Rollins Custom Homes / Ben Rollins, Aaron Strange, proudly serve Hilliard, Dublin, Worthington, Powell, Westerville, Grove City, Upper Arlington, Plain City, West Jefferson, Marysville, Clintonville, Grandview, Gahanna, New Albany, Groveport, Pickerington, Canal Winchester, Pataskala, London, Whitehall, Bexley, Choctaw Lake, Galloway, Madison County, Delaware County, Union County, Franklin County, and all areas of Columbus and Central Ohio!
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