Even with the current home buying frenzy at full tilt, it is possible to get a home by being prepared. With this quick 6-point check list, you can be at the top of your home buying game by having all of your ducks in a row.

It doesn’t do you a lot of good to be looking at million dollar homes if your budget says you can only afford a home in the mid 200k zone. Income is a big factor on not only if you get a loan but the size of the loan for which you qualify. Determine early on, before you start looking, how much home you can afford by using this affordability  calculator.

Knowing the difference between these two can sometimes be the difference between getting your home or watching it set sail. Prequalification is an educated estimate of your potential buying power and can be done over the phone. You can get a ballpark number of what your purchasing power could be.

In a much more formal process, pre-approval requires financial records, a completed application, and that a lender has taken your social and other financial information. Additionally, they’ll run a credit check, resulting in a hard pull on your report. While not a guaranteed loan commitment, it much closer to approval than prequalification.

At Ohio Capital Mortgage, minimum down payments range from 3 to 5 percent depending on credit score, income, and property location.

For those willing and able to put down 20 or more you will obtain the lowest rates, costs, and most favorable loan options.

Another crucial point to address,  would be to have the ideal DTI or debt to Income ratio. Mortgage lenders require that your total monthly debt must include car and student loans, and credit card bills, and anything else that shows up on your credit report. Groceries, insurance and general spending are not part of the DTI calculation. Keeping those totals under a certain percent makes you more attractive to lenders. Recent guideline changes vary depending on loan types and credit scores with. Fannie Mae update guidelines raising DTI to 50% with approved eligible findings. Use this  mortgage calculator  for quick figuring.

Maintaining a credit score of 720 or better will grant you the most favorable mortgage rates. The easiest loan to qualify for is the Federal Housing Administration loan or the FHA. If your credit score comes in under 580, you have two options: rebuild your credit and improve your score  or make sure you have a larger down payment.

Longevity at a job is definitely a plus over the person who hops from job to job. Any favorable consideration  you can attract benefits you and your loan. Also, working for commission or being self-employed won’t count against you if you have bank statements to verify income history.

In addition to saving you from unnecessary fees and thousands of dollars of interest over the life of your loan, you can  have a much more enjoyable home buying experience. For more answers to your questions, please call our office and speak with one of our loan officers (614) 891-9000 or visit us on

facebook  or  OhioCapitalMortgage.com.