Tagged : first time buyers

Found 34 blog entries tagged as "first time buyers".

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

816 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

3,757 Views, 1 Comment

Nuts and Bolts Behind Cincinnati Real Estate Negotiations

When the goals motivating the parties in a negotiation—including Cincinnati real estate negotiations—are understood by all concerned, the odds for success are greatly improved.

cincinnati real estate negotiations

In most cases where the negotiation is between a buyer and seller of Cincinnati real estate, the goals are straightforward enough that it doesn’t seem to require much attention. Yet with a negotiation as weighty as the buying and selling of a home, stripping down the motivations common to the various parties can be a clarifying exercise.

Here is what you might call a negotiation matrix:

When a buyer puts together an offer, more often than not their mental decision-making process goes something like this:

1,723 Views, 0 Comments

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

1,916 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

5,191 Views, 1 Comment

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

5,112 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

12,066 Views, 2 Comments

11 Tips to Prevent Real Estate Closing Delays

If you’re thinking of buying a home, selling a home or perhaps already in the process, one of the most painful things a first time buyer, or any home buyer, can face is a delayed real estate closing which can cause a great deal of upset.

Bookmark this page! If you are selling a home, these tips will serve you well as they would a home buyer. 

real estate closing

Buying a home in SW Ohio?

Just because you have a closing date, or just going with what generally accepted time frames are is no guarantee that your real estate closing will happen in a timely manner.

There are many reasons a real estate closing can be delayed, some of it falling on the seller’s shoulders, some on the agents involved and some delays are

12,910 Views, 3 Comments

Greg's 7 Positive Thinking Quotes

Hello again fans and followers, today I'm sort of taking a break from talking about real estate, and wanted to share some positive thinking evolved from my own life experiences. It's served me well in my home and private life, and also in my real estate business. 

positive living quotes

I was moved to post this as many of our clients have expressed the woes of life, difficulty not just with a home purchase, though we saw them through, but we end up yakking and are often confided in. It's a funny, but sometimes tragically true saying "Realtors double as therapists".

When you're done reading, I'd really appreciate you're touring some of our real estate blog's other posts or consider sharing this article if you like it.

7 Positive

2,288 Views, 0 Comments

Listing agent vs Buyer's agent; Dual agents - Roles in Real Estate

If you're buying a home, you might be tempted to call the number on the sign in the yard, but you should stop and think before you dial.

Who you call for assistance with buying a home can either cost or save you a lot of money, and potentially time and grief down the road as well. 

roles in real estate

In a on going effort to educate home buyers new to the experience, there is a simple thing you really need to get in your head before you start house hunting and that's understanding agency.

It's really quite simple:

The listing agent is (hopefully) a very skilled and voracious marketer that has promised the seller to net as much as possible from the sale of the home. A buyer's agent is like

7,162 Views, 0 Comments