First Ohio Home Finance

I go to a number of networking events each week, some with the Chamber of Commerce, smaller groups, or dedicated Young Professionals. It never ceases to amaze me how, upon learning that I work in the mortgage industry, these people look at me sadly as empathy washes over their face. They say something like, Oooh, that must be hard now!

I usually explain how it’s becoming a fun challenge! That’s not because I am coming from a position of phony bravado, sheer ignorance, or unrealistic confidence. I truly see the current market as a positive place to be. We have less competition, a reasonable selection of conventional and government loan products, and steady number of clients wanting those products.

I also explain that most of the bad news you read is from Realtors and sellers, frustrated with waves of competition in the marketplace.

According to a recent report from the NAR, the average Realtor is having a tough go. The report showed that the average Realtor is a 50-year old who works more than 40 hours each week, and made less than $40,000 in 2007. It also shows only 82% use cell phones and 27% use digital cameras.

While the overall statistic is not a huge vote of confidence for the sales side of real estate, it illustrates the need to do business with the very best. Now more than ever. There are great Realtors out there who have amazing teams, the latest technology, broad experience, and a deep pool of clients and contacts.

If you are considering selling your home, heard rumors about a transfer, or can see that you would want to refinance in the coming 12 months, call us today. Many people are still refinancing out of adjustable rate mortgages, for home improvements now that they expect to be in their home awhile, or for major expenses like college tuition.  We can get a team of professionals in lending, real estate, tax, and financial planning to support you as you make critical decisions for your family.

As inflation fears eased on Wall Street, mortgage rates fell this week. It seems a new equilibrium is being reached in financial markets as the US dollar finds a bottom.

Credit guidelines are still tight but we are not seeing the rapid tightening that occurred through the winter and spring months. Some examples of the changing guidelines include the end of many subprime and 0-down programs, the end of 100% LTV lender-paid mortgage insurance, and a stronger scrutiny of most appraisals.

There are doors opening, too. Get this; you can now buy a HUD-owned home with only a $100 down payment AND use the FHA rehab program (loan amounts up to $340,000) to roll in as much as $35,000 in repairs!

Turn your nose up at HUD homes? Not so fast. There are more than 75 short sale or bank owned homes listed in Westerville now OVER $300,000! You can buy a mighty nice home with very little down.

If you have a substantial down payment for a large home, you can still get a jumbo adjustable below 6%, too.

I know the market is slower than sellers and professionals would like. But the bright side really is quite remarkable right now.