What to Know Before Buying a Home in Columbus, OH

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Understanding the Columbus, OH Housing Landscape

Strongly considering a home purchase in Columbus? Great idea! You selected a vibrant city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Columbus housing market.

Columbus's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Sustained economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Columbus area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Columbus and its nearby areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When buying a house in Columbus, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Traveling around Columbus will also give you an idea of why homes in west Columbus are priced differently than homes in east Columbus, what the neighborhoods are like, and where to find Columbus's hottest attractions.

Are your finances in the right place to buy a home in Columbus? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Ohio or elsewhere. We support experienced homeowners and first-time homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Columbus.

First, estimate how much house you can afford. This will help determine the price range for your Columbus house hunt. Then, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Columbus averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Move Up and Out: Buying Your Dream House in Columbus, OH

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Columbus. Contact Mr. Cooper as you look to buy a home in Columbus. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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