Monthly Archives: April 2019

//April
29 04, 2019

First Steps in the Homebuying Process

April 29th, 2019|Buying a home|

Are you thinking about buying your first home? You may feel overwhelmed or confused about where and how to start. Which steps should you take first? Who do you talk to first? Starting the home buying process doesn’t have to be overwhelming or confusing. At First Ohio Home Finance, our loan officers are here to help you throughout the entire process and walk you through it.

Choosing A Loan Officer

Your home buying process starts by choosing a loan officer that you will work with through this journey. Choosing your loan officer is an important first step on your way to home ownership. At First Ohio Home Finance, our loan officers are licensed by the NMLS and work with multiple lenders. We help you find competitive rates and the mortgage that works best for you. Working with this kind of local licensed loan professional, rather than a bank or credit union, gives you many more options to consider for purchasing your home.

The Importance of Pre-Approval

After selecting a loan officer to work with, the next step is to review your finances to determine how much you can afford in order to get pre-approved. This step is important to do early on in the home buying process and even before you start shopping for a home. Getting pre-approved tells you how much house you can afford, how much your monthly payment will be and how much you’ll pay for taxes and insurance. Since you will know exactly how much you can afford, you can focus your search on homes within your price range. Once you find a home you love and are ready to submit an offer, your […]

23 04, 2019

Breaking A Lease When Buying A New Home

April 23rd, 2019|Tips & Advice|

You’ve finally found a home that you love and want to purchase. There’s only one problem. You still have a few months left on your lease agreement. Currently having a lease for your rental property can seem like a big problem when buying a home, but don’t worry just yet! Sometimes landlords or leasing companies are open to negotiating a solution that benefits both parties. Before giving up on your dream home, here are a few tips that can help you break a lease.

Review The Terms of Your Contract

The first thing you should do is review your rental agreement to see what the terms are for contract cancelation. Your lease may give you conditions for paying the remainder of the lease or other penalties for breaking your lease early. Have a clear understanding of terms before making an appointment to negotiate with your landlord or leasing agent.

Discussing A Solution

Schedule a meeting with your landlord or leasing agent to talk about your lease agreement. Some landlords or property management companies will cut you a break if they know the details of your situation. Explain that you’ve found a home that you want to purchase, and you’re willing to come up with a mutually beneficial agreement. You could ask to pay a portion of the lease termination penalty, or you could suggest breaking the lease termination penalty into smaller payments that could be paid over a certain amount of time.

Find A New Tenant

If a mutual agreement cannot be met or the lease termination fee is greater than you can afford, look for a new tenant to take over the lease. Lease termination penalties are usually in place to discourage you from leaving and to cover the landlord from […]

15 04, 2019

Uncontrollable Factors that Influence Mortgage Interest Rates

April 15th, 2019|Buying a home|

Finding and securing the best mortgage rate can be a confusing process if you’re not sure what you’re looking for. Often times, larger lenders advertise the interest rate that is the best case scenario. But interest rates aren’t one size fits all. Learn more about which uncontrollable factors can influence interest rates.

Supply and Demand

Interest rate levels are determined based on the demand for credit. When there is an increase in demand for money or credit, interest rates will rise. When there is less of a demand for money or credit, interest rates will lower. On the other hand, if the supply of money banks have access to through checking and savings accounts decreases, rates will go up. If banks have an increased supply of money, rates will go down.

Inflation

Inflation occurs when the prices of goods and services rise. Inflation can be a good thing for some homebuyers with debt since it lowers the value of each dollar you owe. However, many lenders will raise the interest rate in order to account for a difference to due inflation.

Federal Funds Rate

Another factor that influences mortgage interest rates is the federal funds rate. It’s the interest rate that banks charge one another for short-term loans and is determined by the U.S. Federal Reserve. It is used to help balance the economy. If the economy is slow, the Federal Reserve lowers rates to boost borrowing. When the economy is growing quickly, the Federal Reserve will increase rates to deter borrowing.  

To learn more about current mortgage interest rates, contact a First Ohio Home Finance loan officer. We’ll help you every step of the way. Give us a call at (888) 818-1850 or

10 04, 2019

Spring Cleaning Tips

April 10th, 2019|Tips & Advice|

Spring is here and so is spring cleaning time! If you’re thinking of selling your home this spring, it’s a good idea to start cleaning and preparing for an open house. Even if you’re not selling your home anytime soon, we’ve put together a list of the best spring cleaning tips.

Make a Schedule and Stick to it!

Creating a schedule and alloting dates and times will help you strategically tackle each room. Start with the rooms you’ve been putting off or need the most work. Determining certain areas of your home you want to clean up will help keep you motivated and focused.

Get Rid of Things You Don’t Use

If your home is on the market and you will be hosting an open house or tours in the coming weeks, start by decluttering. A cluttered home is unattractive to buyers and doesn’t allow them to envision the space with their belongings in it. Even if you’re not moving, take some time to declutter and get rid of things that have piled up over the years. Set aside some time to organize closets, organize your office, or go through your pantry to get rid of expired items. Being organized and knowing where things are will lower your stress level and freshen up your home.

Don’t Forget About the Windows and Walls

It’s easy to think of floors and counters getting wiped down, but spring cleaning is a great time to pay special attention to windows and walls. Wipe down window sills and blinds to clean off the dust that has accumulated over the winter.

Don’t Forget Your Air Filter!

Replacing furnace and HVAC filters is one of the most important and overlooked parts of spring cleaning. With spring […]

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