Buy - Mortgage and Finance

In this category of our Complete Southwest Oho Real Estate Blog we post articles to answer questions like "How Much Money do I Need to Buy a Home?" or "What is earnest money?" and "What is the best home loan for me?"  Visit our Buying Page full of home buyer resources for southern Ohio real estate and Cincinnati Metro Area homes for sale. Bookmark us so you can find us easily and browse homes in Hot Communities or use our property search. Check out our reviews and see why you want to work with us.

Found 39 blog entries about Buy - Mortgage and Finance.

Some West Chester Luxury Homes Might Not be Out of Reach

The content the National Association of REALTORS® publishes is usually staid and non-controversial. After all, what they put out there has to ring true for the real estate industry in every nook and cranny of the country: in communities large and small, coast to coast—from Podunk to Peoria, Manhattan to West Chester. Real estate is, after all, the most massive industry in the country, so you’d expect the Association that represents its professionals to be hyper-cautious in its pronouncements.

custom luxury homes for sale west chester oh

7 prudent cautions and considerations for buying luxury homes

So it was eye-widening to come across an article in the REALTOR website that was a how-to on buying a luxury home without having to pay

256 Views, 2 Comments

Week of Mortgage Rate Speculation Ends on High Note

Last week there was another interest rate development—though it was a slightly whipsawed kind of development. Since mortgage interest rates are so important to the bottom line in all but all-cash Mason residential home sales, the direction rates are headed is something worth watching closely.

mason ohio mortgage rates

Last Wednesday was one of those days that come about twice a year. It was the occasion when the Federal Reserve Chairman is called upon to testify before Congress. The date is set as a biannual marker for revealing what’s likely to lie ahead for interest rates. If the Fed is going to decide to raise the Fed Funds rate, it’s usually the single strongest pointer to higher mortgage interest rates. All things

318 Views, 2 Comments

Student Loans: Less of a Mortgage Obstacle than Thought

All of a sudden last month our Mason, Ohio and Cincinnati-area readers might have come across a number of new articles dealing with the same topic: the problem young first time home buyers are encountering due to outstanding student loans. The target group is the millennials—everyone born between the early 1980s and 2000s. If you are one of them, you are frequently reminded that there are millions and millions of you out there. And millions who also share the same student loan problem.

student loan debt home loans

There are conflicting accounts of the precise size of the issue, but it seems that the average college graduate now carries somewhere between $30,000 - $50,000 in debt upon graduation. The Federal Reserve

629 Views, 1 Comment

Mason, Ohio Home Loan Applicants May See Credit Boost

For a few Mason mortgage applicants, next week may see a one-time favorable change in how they are viewed by home loan lending institutions. It’s a technical change that could amount to a significant difference in the results they get when they apply for Mason home loans.

mason ohio homes credit score boost

 See all current Mason, Ohio homes for sale

The first evidence of what the Washington Post calls “a surprise boost” will be triggered on Saturday, which marks the July 1 beginning of a changeover in the information gathered by the three national credit bureaus. Equifax, Experian, and TransUnion have been working with a number of states to handle an awkward technical problem: many states have outmoded computer reporting

610 Views, 1 Comment

What if my House Doesn't Appraise?

Hello, been a while since I've posted anything, but a situation came up where the common question "what if my house doesn't appraise high enough?" came up for both the seller and the buyer.

Dang it - the real estate appraisal was shy of where all parties needed it to be to move forward with purchase and sale. What can be done about it?

what if my house doesn't appraise

Now, my business partner, Marty Snyder, the top Ohio Realtor in our area is marvelous at challenging appraisals. He runs proper comps and his fastidious but friendly nature and appraisal challenge strategy usually wins appraisers over. Nearly 100% successful, this instance was not. As it turns out, the situation was one we've come across for the very first time.

Here's a

439 Views, 2 Comments

Rent or Buy a House - Busting 4 Common Myths

According to a recent ​report​ by Harvard University’s Joint Center for Housing Studies, the past 15 years have seen a drastic shift in how Americans approach renting and owning with many questioning whether to rent or buy a house.

More people are renting, while fewer are buying houses. In fact, the average annual growth number for renters is now approaching the peak number for ​home buying reached in 2006, just before the housing market crash. 

rent or buy a house

The reasons for such explosive rental growth are numerous: lingering effects from the economic collapse in 2008, the revitalization of many urban cores, Baby Boomers aging out of their houses, and high rates of student loan debt among Millennials.

Should

2,303 Views, 1 Comment

Making Real Estate Offers Explained

Hello readers and followers, back today to talk about what goes into making real estate offers but simplified and thought I'd throw in some other tips and links for home buyers to check out.

Think of making a real estate offer like a relationship. The first step is getting ready to propose and then the proposal itself and hope your offer is accepted.

real estate offers

On that note, getting ready for the proposal requires some due diligence. Here are some handy articles all home buyers should read before making real estate offers:

fico score vs credit score debt-to-income-ratio, the magic number

For making real estate offers, Realtors use a variety of similar forms and they vary from MLS territory to MLS territory and

1,318 Views, 0 Comments

FICO Score vs Credit Score - Credit Score for Home Loan

One of the biggest surprises for home buyers and home owners thinking about refinancing is finding out a FICO score vs credit score is greatly different and the credit score for home loan requirements of mortgage lenders are different for mortgage loans.

fico score vs credit score

Time for a tip! Start working on your credit now, and also work on your debt to income ratio. The vast majority of credit scores contain errors and if you want a qualified home loan which offers the best rates and terms you need to meet or exceed the current debt to income ratio requirements

Debt to income ratio requirements

Since the credit score for home loan requirements are different, your credit score could be surprisingly lower

3,946 Views, 2 Comments

The Frank-Dodd Act – Mortgage Lending Today

In 2010, a horrifying year for the economy and real estate market President Obama implemented the Frank-Dodd act. An action brought on to combat and end predatory lending like negative-amortization mortgages, sub-prime loans and giving loans to buyers that weren’t fiscally fit for the size of mortgages issues.

It was a terrible time back then, in the beginning unknowing consumers who were perhaps not the best money managers were ecstatic to be given a loan for a home, only to lose it later to foreclosure over cash flow issues, job cut backs and a geriatric economy. This in turn only further damaged people’s credit.

frank dodd act how hard is it to get a mortgage

In the end, nearly 8 million U.S homes fell into foreclosure, home builders saw their

3,931 Views, 2 Comments

Debt to Income Ratio - The 43% Target

Before a first time buyer, or any home buyer sets out to start viewing properties, getting pre-approved is one of the crucial first steps, but examining your debt-to-income ratio is best done before applying for a home loan.

Why is the debt-to-income ratio of 43% such an important percentage and factor?

debt to income ratios qualified mortgage

This ratio speaks to a home buyer’s financial capacity not so much in terms of buying a home but capacity to faithfully pay on the mortgage and not go into default – as much a concern for the lender as it should be for the home buyer.

For purposes of getting pre-approved for a mortgage, your debt-to-income ratio is calculated simply by adding up all your monthly debt payments and then divide the total

7,617 Views, 2 Comments