Monthly Archives: September 2014

//September
26 09, 2014

One-year plan to buying your first home

September 26th, 2014|Blog|

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If you are thinking about buying your first home within the next year, it’s never too soon to start planning. There are a lot of details that go into buying a home, so it’s important to have a plan in place. Use this one-year plan to buying your first home, to ensure you are on the right path to qualifying for a mortgage.

 

One Year Out:

 

Start saving for a down payment
Coming up with a down payment can be the one of the biggest obstacle when buying a home, especially for first-time home buyers. No matter what type of loan you choose, you will likely have to put some amount of money down. Saving up for a down payment can seem like a daunting task, but with the right planning and budgeting you can reach your savings goals faster than you think. Click here for strategies that can help you save for a down payment.

 Check your credit report
If you are thinking about buying a home in the near future, it’s a good idea to check your credit report and find out what your credit score is early on.  You are entitled to a free credit report once a year from each of the three credit bureaus – Equifax, TransUnion, and Experian, which you can access at www.annualcreditreport.com. Check for mistakes on your credit report. A mistake on your credit report can cost you when trying to secure a home loan. Mistakes do happen, so review your credit report closely to ensure everything is correct and dispute any errors you might find with the appropriate credit bureau.

Work on improving your credit […]

12 09, 2014

10 Mortgage Terms You Should Know

September 12th, 2014|Blog|

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If you’re thinking about purchasing a home, here are 10 mortgage terms you should know before you start mortgage shopping.  There are a lot of acronyms and abbreviations used in the mortgage industry, and it can be confusing if you don’t understand what they mean. Familiarize yourself with these terms so you’ll be prepared when you start the mortgage process.

 

GFE
A GFE, or good faith estimate, is a document that the lender is required to give a prospective borrower when they apply for a loan. The GFE is an estimate of all closing costs and fees required for the proposed mortgage loan.

 

HUD-1
When the mortgage officially closes, lenders are required to state the actual costs of the loan on a HUD-1 form. (HUD is an acronym for the Department of Housing and Urban Development.) The HUD-1 should track with the GFE, but it can also include other costs, such as a broker’s commission, which might not have been included in the original estimate.

 

DTI
A debt-to-income ratio, or DTI, is how a lender determines how much a borrower can afford to pay every month. By dividing the borrower’s monthly liabilities by monthly income before taxes, the lender arrives at a percentage. To qualify for the mortgage, borrowers usually need to fall below certain thresholds.

 

LTV
Loan-to-Value. LTV is a ratio used by the lender that divides the amount of money borrowed by the appraised value of the home expressed as a percentage. For example, a borrower may purchase a home appraised at $200,000 with a down payment of $40,000. This means he has a loan-to-value ratio of 80%.

 

RESPA
The Real Estate Settlement Procedures Act requires lenders to provide borrowers with a GFE within three days of applying for a loan as well as the HUD-1 at or before closing.

 

TILA
TILA, or Act Truth in […]

5 09, 2014

First Ohio Home Finance is Proud of Better Business Bureau A+ rating

September 5th, 2014|Blog|

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First Ohio Home Finance is a pleased to announce that it has earned an A+ rating from the Better Business Bureau (BBB). A+ is the highest rating an accredited business can achieve and is based on an in-depth review of many different aspects of First Ohio’s business practices.

The A+ rating is a reflection of First Ohio’s ongoing effort to provide customers with high-quality, professional service, and is a representation of the BBB’s opinion of the business. The rating is based on an evaluation of multiple elements, including complaint and resolution history, type of business, time in business, background information about the business and its practices, and how the business interacts with the BBB and others.

First Ohio Home Finance has been an accredited member of the BBB since 1999. BBB accreditation is an honor that represents the organization’s confidence that a business is operating in a trustworthy manner and will make a good faith effort to resolve any customer concerns filed with the organization.

As a BBB accredited business, First Ohio Home Finance has maintained honest and reliable business practices and met the BBB’s “Code of Business Practices.” The standards call for building trust, sound advertising, embodying integrity, and selling and customer service practices that enhance customer confidence in business. To maintain their BBB accreditation a business must be transparent, honor their promises, be responsive to customers and take care to safeguard customer privacy.

To review the BBB rating for First Ohio Home Finance go to: http://www.bbb.org/centralohio/business-reviews/mortgage-brokers/first-ohio-home-finance-inc-in-westerville-oh-37002853

 

 

 

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