Monthly Archives: June 2019

//June
24 06, 2019

Factors That Impact Your Credit Score

June 24th, 2019|Tips & Advice|

Your credit score is one of the main factors in purchasing a home. That’s why it’s important to know which factors influence your credit score before applying for a mortgage loan. At First Ohio Home Finance, our loan officers can help you understand the makeup of your credit score and also help you manage and improve your credit score. 

Components That Make Up A Credit Score

Payment History

Payment history is the most important component of your credit score. Be sure to always make payments on time. Late payments will negatively influence your score. Have a system to assure your bills are always paid on time. Avoid late payments or the excessive use of credit by maintaining a cash “cushion” to pay for unexpected expenses. Don’t “max out” your cards. It’s better to have a high credit limit with a low balance. Payment history makes up about 35% of your credit score.

Amounts Owed

Another important component is the amount you owe. Revolving utilization is one indicator of how much you owe on accounts. Your revolving utilization is determined by your total balance owed and your total credit line. The amount you owe lenders impacts your credit and makes up about 30% of your credit score.

Length of Credit History

The length of your credit history is also factored into your credit score. In general, the longer your credit history, the better. Never close old accounts as the age of these can actually help your score. How long your accounts have been opened determines the length of your credit history, which typically makes up about 15% of your credit score.

New Credit

Lenders perform a strict inquiry when you apply for a new credit card or loan. These inquiries […]

21 06, 2019

Loan Officer Spotlight: Donna Ward

June 21st, 2019|Uncategorized|

 

At First Ohio Home Finance, we know that choosing a lender is an important, personal decision. Our team of loan officers are skilled in providing personalized mortgage solutions while providing 5-star service to our customers. We want to give you the opportunity to get to know our amazing team! Donna Ward is featured in this loan Officer Spotlight. Donna has been a loan officer for the last 24 years! Here’s a little snapshot from our interview with Donna for this week’s Loan Officer Spotlight.

Q: What inspired you to become a mortgage loan officer?

A: I like working in the banking industry and being a mortgage loan officer is personal and rewarding helping homeowners

Q: What is your favorite part about being a loan officer?

A: Fulfilling homeowners dreams

Q: What interests you about the mortgage business/industry?

A: Assisting the customers in the process of home ownership

Q: How do you ensure excellent customer service for your clients?

A: Constant communication

Q: Tell about a success story when working with a past client

A: I had a single mother that was denied 2 times with another banker. I worked with her on repairing her credit and enhancing her credit scores. Shortly thereafter we were able to complete a new mortgage. She and her 4 children moved into their very first home! Very rewarding.

Q: What is your advice to first-time homebuyers?

A: Give time to sit with your banker and go over everything involved with purchasing a new home and become educated.

Q: How would people describe you?

A: Friendly, helpful, knowledgeable

Q: What’s your favorite quote?

A: Wake up every morning with the thought that something wonderful is about to happen

Q: What do you like to do when you’re […]

17 06, 2019

Tips For Refinancing

June 17th, 2019|Blog|

Are you thinking about refinancing your home mortgage soon? Whether you’re looking to decrease your interest rate, cut your monthly payment or take cash out of your home, these are the tips you need to get the best deal when refinancing your home.

Keep Making Your Regular Mortgage Payments

Be sure to stay consistent with your monthly mortgage payments even if you’re going through the refinance process. That way your credit score will not drop and affect your refinance rate. However, if your next mortgage payment is due right before closing, reach out to your loan officer at First Ohio Home Finance to see if it might be better to pay at the closing instead.

Make Sure You Have All the Necessary Financial Documents

During a refinance, underwriters require more documentation than signing for the original loan. They may request your latest pay stubs, W-2s, tax returns and more. Be sure to get the requested documents to the underwriter as soon as possible so it does not hinder the refinance process.

Don’t Apply For New Credit

Changes in your credit may cause delays during the refinance process or even prevent you from closing. Be sure to consult with your loan officer if you think any changes in your credit will occur before closing.

Don’t Start Any Home Improvement Projects

Smaller projects such as painting are okay. Avoid bigger projects like a bathroom or kitchen makeover. Any project that will not be finished by the time of the appraisal, it’s best to avoid until after closing.

If you’re interested in refinancing your home mortgage, contact a loan officer at First Ohio Home Finance! Our loan officers are knowledgeable and […]

4 06, 2019

Loan Officer Spotlight: Dave Macintyre

June 4th, 2019|Uncategorized|

At First Ohio Home Finance, we know that choosing a lender is an important and personal decision. Our team of loan officers are skilled in providing personalized mortgage solutions while providing 5-star service to our customers. We want to give you the opportunity to get to know our amazing team! This week’s loan officer spotlight features Dave Macintyre. Dave has been a loan officer for the past 18 years. Here’s a little snapshot from our interview with Dave for this week’s Loan Officer Spotlight.

Q: What inspired you to become a mortgage loan officer?

A: I had a realtor as a client who suggested I should get into the business

Q: What is your favorite part about being a loan officer?

A: My ability to impact the lives of my clients

Q: What interests you about the mortgage business/industry?

A: It is never boring and always changing

Q: How do you ensure excellent customer service for your clients?

A: Great listening and communication skills

Q: Tell about a success story when working with a past client

A: I have a client that I worked with for 3 years repairing credit and advising before we were finally able to help them achieve the dream of homeownership

Q: What is your advice to first-time homebuyers?

A: Make sure you have a competent agent and loan officer

Q: How would people describe you?

A: Straight forward, humble, eager to serve

Q: What’s your favorite quote?

A: It Is Finished – Jesus

Q: What do you like to do when you’re not working?

A: Spending time with my wife and two girls

Q: What are your hobbies?

A: Hunting, Shooting, 4 wheeling

If you’re ready to buy a home or refinance,

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