Rutman Burnside Realty Group

Portsmouth Ohio Real Estate



740.354.HOME
hello@rutmanburnside.com

1118 Hutchins St. Suite B Portsmouth Ohio 45562

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Buying FAQ’s

Why should I buy, instead of rent?

Answer: You’ll love the feeling of having something that’s all yours – a home where your own personal style will tell the world who you are. A thriving vegetable garden in the backyard, a tiled entryway, a yellow kitchen…when you own, you can do it all your way! But there’s more to owning a home than personal satisfaction. You can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes, too. And interest will compose nearly all of your monthly payment, for over half the number of years you’ll be paying your mortgage. This adds up to hefty savings at the end of each year. And you’re also allowed to deduct the property taxes you pay as a homeowner. If you rent, you write your monthly check and it’s gone forever. Another financial plus in owning a home is the possibility that its value will go up through the years.

I've had bad credit, and I don't have much for a down-payment. Can I become a home buyer?

Answer: Most banks offer several different loan products which are designed for borrowers with bad credit and little down payment money. If, however, banks are not able to pre-qualify you for one of their loans, most lenders are willing to offer counsel to improve your credit and even offer good tips for saving your money for a down payment.

I'm a single mother. How would I go about buying a home?

Answer: Although you won’t have the benefit of two incomes on which to qualify for a loan, there’s no reason that you can’t become a homeowner. Become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan.

Should I use a real estate broker? How do I find one?

Answer: Using a real estate broker is a very good idea. All the details involved in homebuying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, the broker can save you hours of wasted driving-around time. When it’s time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don’t have to pay the broker anything! The payment comes from the home seller – not from the buyer.

How much money will I have to come up with to buy a home?

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money (if required) – the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That’s why many first-time homebuyers turn to HUD’s FHA for help. FHA loans require only 3.5% down.

Closing costs – which you will pay at settlement – average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won’t be caught by surprise.

How do I know if I can get a loan?

Answer: Use our simple mortgage calculators to see how much mortgage you could pay – that’s a good start. If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer. But before you give up, why don’t you contact a real estate broker or look into getting pre-qualified? Both of these steps will help you evaluate your loan potential. A broker will know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. It’s always a great idea to get pre-qualified for a loan. This means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you’ll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

How do I find a lender?

Answer: You can finance a home with a loan from a bank, a savings and loan, a credit union, or a private mortgage company. Shopping for a loan is like shopping for any other large purchase: you can save money if you take some time to look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. Talk with several lenders before you decide. Most lenders need 3-6 weeks for the whole loan approval process. Your real estate broker will be familiar with lenders in the area and what they’re offering.

In addition to the mortgage payment, what other costs do I need to consider?

Answer: Well, of course you’ll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate broker will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association dues and you’ll definitely have property taxes. Taxes normally can be rolled into your mortgage payment as well as your homeowner’s insurance. Again, your broker will be able to help you anticipate these costs.

So what will my mortgage cover?

Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you’ve borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, you’ll pay far more in interest than you will in principal – sometimes two or three times more! Because of the way loans are structured, in the first years you’ll be paying mostly interest in your monthly payments. In the final years, you’ll be paying mostly principal.

What do I need to take with me when I apply for a mortgage?

Answer: Good question! If you have everything with you when you visit your lender, you’ll save a good deal of time. You should have: 1) social security numbers for both your and your spouse, if both of you are applying for the loan; 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years’ income tax statements; and 8) the name and address of someone who can verify your employment. Depending on your lender, you may be asked for other information.

I know there are lots of types of mortgages - how do I know which one is best for me?

Answer: You’re right – there are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. There are several government mortgage programs that might interest you, too. Most people have heard of FHA mortgages. FHA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. Talk to your real estate broker about the various kinds of loans, before you begin shopping for a mortgage.

When I find the home I want, how much should I offer?

Answer: Again, your real estate broker can help you here and provide you with sold comparables which will help you decide on what an appropriate offer would be based on the local market. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? 3) How long has the home been on the market? If it’s been for sale for awhile, the seller may be more eager to accept a lower offer. 4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.

What if my offer is rejected?

Answer: They often are! But don’t let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn’t normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember – don’t get so caught up in negotiations that you lose sight of what you really want and can afford!

So what will happen at closing?

Answer: Basically, you’ll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you’re signing. After all, this is a large amount of money you’re committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you’ll have to supply at closing, and a list of documents you’ll need at closing. If you don’t get those items, be sure to call your lender BEFORE you go to closing.

Active
Residential$168,000

3401 Westwood Portsmouth

3401 Westwood
Portsmouth, OH. 45662

  • 3Beds
  • 1.5Baths
  • 1,675Sq ft
View Listing
Pending
Residential$249,000

3509 SR 522 Wheelersburg

3509 SR 522
Wheelersburg, OH. 45694

  • 3Beds
  • 2.5Baths
  • 2.535Sq ft
View Listing
Pending
Residential$108,000

1240 23rd St. Portsmouth

1240 23rd St.
Portsmouth, OH. 45662

  • 3Beds
  • 1Baths
  • 1,354Sq ft
View Listing
Active
Residential$989,000

127 River View Ct.

127 River View Ct.
Stout, Ohio 45684

  • 4Beds
  • 3.5Baths
  • 4411Sq ft
View Listing
Sold
Residential$235,000

43 Shenandoah, Portsmouth

43 Shenandoah
Portsmouth, OH 45662

  • 3Beds
  • 2Baths
  • 2928Sq ft
View Listing
Active
Residential$160,000

2434 Micklethwaite Portsmouth

2434 Micklethwaite
Portsmouth, OH. 45662

  • 3Beds
  • 3Baths
  • 2,044Sq ft
View Listing
Active
Residential$110,000

309 Schuler Hollow Lucasville

309 Schuler Hollow
Lucasville, Ohio 45648

  • 3Beds
  • 2Baths
  • 1408Sq ft
View Listing
Sold
Residential$399,000

2174 Eastwood Ln., Portsmouth

2174 Eastwood Ln.
Portsmouth, Ohio 45662

  • 4Beds
  • 5Baths
  • 5335Sq ft
View Listing
Sold
Residential$359,000

548 Mershon West Portsmouth

548 Mershon
West Portsmouth, OH. 45663

  • 3Beds
  • 2.5Baths
  • 1,765Sq ft
View Listing
Sold
Residential$319,000

2835 Willow Way Portsmouth

2835 Willow Way
Portsmouth, OH. 45662

  • 3Beds
  • 2.5Baths
  • 3,233Sq ft
View Listing
Sold
Residential$125,000

1920 Baird Ave. Portsmouth

1920 Baird Ave.
Portsmouth, OH. 45662

  • 3Beds
  • 2Baths
  • 1,558Sq ft
View Listing
Active
Residential$123,500

2226 Eck Ct. Portsmouth

2226 Eck Ct.
Portsmouth, OH. 45662

  • 3Beds
  • 2Baths
  • 1,350Sq ft
View Listing
Sold
Residential$70,000

2026 High St. Portsmouth

2026 High St.
Portsmouth, OH. 45662

  • 2Beds
  • 1Baths
  • 988Sq ft
View Listing
Sold
Residential$146,500

2746 Hillview Portsmouth

2746 Hillview
Portsmouth, OH. 45662

  • 3Beds
  • 2.5Baths
  • 1,539Sq ft
View Listing
Active
Residential$410,000

3267 SR 52 Stout

3267 SR 52
Stout, OH. 45684

  • 3Beds
  • 3Baths
  • 2,000Sq ft
View Listing
Pending
Commercial$100,000

100 Dixon Mill Rd., Portsmouth

100 DIxon Mill Rd.
Portsmouth, Ohio 45662

View Listing

Instagram

2434 Micklethwaite Portsmouth 3 Bed / 3 Bath 2, 2434 Micklethwaite  Portsmouth  3 Bed / 3 Bath  2,044 SF
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Offering all the space you can imagine, this unique listing will make you feel right at home. A peaceful and comforting lifestyle await your next move. Notable features:

• Den off the foyer
• Open layout kitchen
• Glassed-in sunroom
• Large recreational room
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Asking price: $160,000
Below payments are based on the asking price, a 30 yr. loan term, and a 5% interest rate:
• 10% Down Payment: $773.02
• 20% Down Payment: $687.13
• 3.5% Down Payment: $828.85 (requires mortgage insurance)
***Above payments are estimates and will slightly differ according to your personal finances and whether or not taxes and insurance are escrowed into your payment. Plug in some numbers on your own by using our mortgage calculator on our website! ————————————————————————
#portsmouthohio #sciotocounty
We have a winner! Congratulations to Tiffany Wea We have a winner! 

Congratulations to Tiffany Weaver Hartman for coming up with our favorite band name! There were plenty of great ones to choose from and we want to thank everyone that participated.

We are very excited to embark on our road to a Grammy and we want to unveil the updated album work + track list.

This album is dedicated...

to all the teachers that told us we'd never amount to nothin'

to all the people that lived above the buildings that we was hustlin' in front of.
New Listing! —————— 3401 Westwood Por New Listing!
——————
3401 Westwood  Portsmouth  3 Bed / 1.5 Bath  1,675 SF
————————————————————————
This cozy home is situated in a quiet Portsmouth neighborhood and it awaits your next move. Offering a peaceful living and recently updated, this listing is equipped to make you feel right at home. Notable features:

• Stone fireplace
• Potential for a home office 
• Newer electric box, furnace, roof & hot water tank
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#house #realestatemarketing #realestate #ohio #lifestyle #newhome #ohiohomes #broker #buyhomes #mortgage #realestatebroker #property #househunting #homesforsale #exploreohio
New year, New signs! We are very excited to unvei New year,
New signs!

We are very excited to unveil our new signs that are just waiting to be displayed outside your beautiful home. 

We value simplifying the buying and selling processes and we wanted to incorporate that simplicity into our new branding.

We look forward to giving our clients a fresh perspective + an innovative touch on their next move.

#lovewhereyoulive
#wesellsouthernohio
Market Watch Wednesday 🏡 On the fence about se Market Watch Wednesday 🏡

On the fence about selling your home?

You may want to consider selling as buyers are scrambling to take advantage of the record low interest rates.

These low rates will not be around forever!
🎵 Giveaway - Help us name our album! 🎶 RBRG 🎵 Giveaway - Help us name our album! 🎶

RBRG formed a band and we are about to drop our first album. This potential Grammy-award winning album needs a name and this is your chance to help us shape the future of the music industry for years to come.

Best name wins and we’ll pick the winner on Friday! 🏆

How to win: 

✅ Like this post
✅ Share to your story
✅ Leave us your best album name
Scioto County Market Update: Inventory is low as Scioto County Market Update:

Inventory is low as we enter 2021. Interest rates are expected to remain at record lows while home prices are expected to increase.

As a result, buyers will still save money + have more purchasing power while sellers have the possibility to sell their home for a larger value.
Sold x 2! 🏠✅ We are delighted to announce th Sold x 2! 🏠✅

We are delighted to announce the sales of 2174 Eastwood + 2746 Hillview! Congratulations and thank you to our clients for choosing #RBRG
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