Monthly Archives: August 2016

//August
18 08, 2016

4 Things to pay Attention to while Shopping for a Mortgage

August 18th, 2016|Blog|

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The children are heading back to school which means summer is winding down. The busy home buying season is coming to an end, which is great for buyers. When the busy season winds down it means less competition and can allow you to take your time looking for a mortgage and a home. Let’s discuss four things you need to pay attention to if you are shopping for a mortgage.

  1. Rates. It is crucial to pay attention to rate trends in your state. Even though you shouldn’t shop on rate alone, a low rate can save you a significant amount of money a month which can lead to thousands of dollars over the lifetime of a loan. Rates are also very low right now due to different factors in the economy. Now is a great time to think about locking one in. Call our office today to ask our lenders about rates.
  2. Points. Do you want to pay points? Borrowers sometimes pay “discount points” to reduce the loan’s interest rate. This may make sense for those that are planning to stay in the same home and not refinance for a long period of time. You can also talk through your options about points with one of our knowledgeable lenders.
  3. Fees. Typical fees include: an origination fee, appraisal fee, credit report fee, tax-related fee, underwriting fee, FHA upfront premiums, etc.
  4. Reviews. We love hearing from our customers and their experience with First Ohio Home Finance. We believe that our reviews and testimonials are the truest reflection of our service for our customers. To see what our customers are saying, you can check out our testimonials or our reviews on Zillow.

Shopping for a mortgage can be an overwhelming process; we […]

5 08, 2016

Things Every Home Buyer Should Pay Attention to This Time of Year

August 5th, 2016|Blog, Buying a home|

Sold House

There are many things for the buyer to take into consideration when purchasing a home especially during the summer months when the market seems to be favoring sellers over buyers. Every buyer will have things that are especially important to them but might not be a top priority for others. Let’s take a look at what every buyer can agree on that they need to pay attention to.

The Interest Rates

Interest rates extremely low right now, check out the latest information. The average 30-year fixed mortgage rate is at 3.43%, the lowest it has been in months which is great news for buyers. The Federal Reserve has not yet determined when they are forecasting interest rates to rise (hint: they think it might be soon) but they have not officially raised them yet. So it is crucial for buyers to understand that rates are not going to be this low forever and it might be time, sooner rather than later to think about taking advantage of them.

The Home Loan

Here at First Ohio Home Finance, our Loan Officers are dedicated to finding the right loan for everyone’s needs. Whether you can put down the recommended 20% down payment or not, they will find a loan for every person’s current financial situation. Head over to our Types of Loan page to explore the different options.

Timeline

As the buyer, your timeline is just important to us as it is to you. If you need to be settled into a new home by a certain point that is something we want to know right from the beginning. Also if you are planning a trip away during the buying process, that is something to communicate as well so we know if you won’t be reached […]

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