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Are you considering refinancing your mortgage?
While mortgage rates are expected to rise a little this year, they are still historically low compared to the trend over the last few decades. So, if you are thinking about refinancing, you can still get a great deal!
There are several reasons why refinancing might be right for you. Usually, people refinance their home for one or more of the following reasons:
Does refinancing make sense for you? Use our refinance calculator to analyze your situation.
If you’re interested in refinancing or would like more information about this option, please contact us.
Loan officers and real estate agents are key players in the home buying process. Real estate agents may from time to time get a cash buyer, but in most instances buyers are taking out loans, which requires a loan officer’s help. Long-term relationships with referrals from real estate agents help loans officer keep volume up, which means it is important for them to cultivate these relationships. Here are tips to help loan officers and real estate agent relationships.
No matter what team you are on, every member needs to be accountable. This team is no exception. Each member of the team needs to be upfront with the other person about timelines, any problems that arise and goals. As long as you are accountable for your part in the process, the other members will respect that and honor that in future transactions. During your first interactions with the real estate agent, be clear about your role and what you can and cannot accomplish. Real estate agents will respect that and want to work with you in the future because of these qualities.
Establish a Communication System
Throughout the home buying process, communication plays a key role for all parties involved. From the start, it is best to establish what form of communication works best for everyone. Some people prefer texting, phone calls or emails so it is best to talk about that in order for the process to move as quickly as possible. The real estate agent is often the first line of communication for the customer, it is up to the loan officer to ensure they are informed about everything that is going on on their end. If you have a system for how you work, make sure to communicate that to the […]
First Ohio Home Finance is excited to welcome Brandon Cooper to our home office! Brandon is joining the team as a Senior Mortgage Banker. He graduated from The Ohio State University and received a bachelor’s degree in business finance with a specialization in Real estate. He has worked in the mortgage business since 2010 specializing in all products (specifically FHA, VA, and Conventional). He love seeing the satisfaction on customers’ faces when helping them out with their purchase or refinance. He strives himself on communication, integrity and transparency. Brandon truly does look out for the borrower / buyers best interest, and I’m as honest as they come. Outside of work, Brandon loves spending time with my 3 year old son, golfing, working out and attending country music concerts.
First Ohio Home Finance is thrilled to welcome Lee Talley to our Central, Ohio office. He is joining the team as a Senior Mortgage Banker.
Lee was born and raised here in the heart of America; Ohio. He has personally lived or owned properties in northern, southern and southeast Ohio. He is certainly no stranger to the multiple services provided by a mortgage company/broker. He uses his personal experiences to ensure his clients receive the best service.
Lee epitomizes hard work, integrity, dedication and energy in every detail of his clients’ needs; whether they be buying a new house or refinancing a home. He is passionate about his clients’ peace of mind and strives to ensure excellent consumer satisfaction during their journey with him through the home buying/refinancing experience.
In his spare time away from clients, he enjoys spending time with his family. He enjoys vacationing, staying active through multiple modalities and is an outdoor enthusiast. He currently resides in Powell, Ohio with his wife, daughter and their family dog. He looks forward to working with you for your immediate finance needs and developing a long lasting relationship.
If you are a homeowner or even make payments on your car loan then you have probably been approached about an option to refinance your loan. Refinancing is simply financing your home or automobile again at different loan terms, usually at a lower interest rate. For most homeowners, this is a good idea if rates drop significantly lower than what they current have. Refinancing can mean a savings of $100 or more per month depending on the loan terms and this is significant for anyone living within a strict budget. Refinancing, however, is not available to everyone. There are certain criteria that must be met in order to refinance.
- Do you hold at least 20% stake in your equity? – Your lender will likely want to see that you have a significant amount invested into your equity, usually 20% is ideal. To determine the amount of equity you have, divide the principal amount that you are trying to borrow by the value of your home. (Example: Your home is valued at $300,000 and you want to borrow $200,000, you have a loan-to-value ratio of .66 or 67%. This means that you have a 33% equity position in the home. If your mortgage is backed by Fannie Mae or Freddie Mac you may be able to qualify for federal programs to help you refinance without having a 20% equity in the home.
- Do you have a good credit score? – Most lenders require a minimum score of 600 to 650 to approve refinancing applicants while some lenders (credit unions and banks) look for scores of 720 or above. It is important to remember that the breakdown of your credit score comes from five different factors, payment history (35% of your score), utilization (30%), length of credit history […]
Homeownership is an immensely exciting process and lifetime achievement. Whether you live in one or two houses during your life or bounce around to five or six, you are likely to experience the following stages of homeownership. We want to help our first-time buyers know what to experience in each phase.
Buying Your First Home
You have packed up your old place, the moving boxes are ready and the sold sign is in front of the house. It is time to start unpacking in your new home and really get to know the place. If you are moving into a new home, chances are you are upgrading from renting an apartment or condo. It may feel like you need to fill all the extra space right away, but it is helpful to really live in the space and get to know it before you rush out to buy new things. The same rule applies for making major renovations, obviously there will be things that need done pretty quickly after you move in. Wait until you have lived in the space for a little bit before knocking down walls or taking on major renovations.
A House Becomes a Home
The unpacking phase may take a couple months or years for some rooms but once you get all that done, start decorating and getting to know the neighborhood, your house starts to feel like a home. At this point, you know where everything goes, have your local hangouts and your favorite spots and you have created memories thus far. You have grown to know and love the unique features of your home.
This is often when people take advantage of the equity you have gained as a homeowner. If you purchased an older home, […]