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Jumbo Loans 101

Since this is a 101 about jumbo loans and when you should use one, let’s start with the basics. A jumbo loan can also be referred to as a non-conforming mortgage. This is a loan that does not conform to the guidelines of Frannie Mae and Freddie Mac. Created by Congress in 1938 and 1970 respectively, Frannie Mae and Freddie [...]

Smart Moves for First-Time Home Buyers

First-time home buyers, are you ready to buy? It is a seller’s market right now so we are here to prepare you with tips before entering the market. Your biggest challenge is that you are probably bringing less cash to the table, which makes it harder to compete with more season buyers. What YOU do have is flexibility-you’re not counting [...]

June 17th, 2016|Tags: , , , |

Mortgage Rates Update

Unfortunately May brought a disappointing jobs report for the U.S. and a speech by the Federal Reserve Chair Janet Yellen that seemed to take a June rate hike by the Fed’s rate-setting committee off the table, for now. This created a worrisome week for the U.S economy which led to lower rates for home loans. Here is where the mortgage [...]

June 10th, 2016|

Buying a Home with Student Loans

  The housing market has been waiting for millennials to settle down and start buying homes instead of renting or remaining in their parent’s home for a few years now. If you ask any millennials, many of them will say these decisions are being prolonged due to the amount of student debt haunting them. The average Class of 2016 graduate [...]

Renters: Are You Ready to Buy a Home?

Most renters are planning to buy a home at some point. If so, they are probably saving up for the down payment right about now. Besides that obviously step, here are four more advanced steps towards moving out your rental and into a dream home of your own. Understanding the full cost of homeownership As a renter, you are used to [...]

Down Payment: How much you should save to buy a home

Is buying a home on the horizon for you? Have you started to save up for the down payment? Let’s first start with the basics of what a down payment is. A down payment is the amount of money you will spend upfront to purchase a home and is typically combined with a home loan to fulfill the total purchase [...]

May 3rd, 2016|

Components of a Mortgage Payment

Before you dive into buying a home, it is important to know what your money is going to each month. Your monthly mortgage payments are commonly referred to as a “PITI” or principal, interest, taxes and insurance. PMI and homeowner’s association dues may also make up a portion of your total payment. Principal: The original amount of the loan. Interest: [...]

April 21st, 2016|

Is Refinancing Right for you?

It is no question that mortgage rates are low right now, the real question is how long are they going to stay like this? Well unfortunately there is no exact answer for this but rates are looking to increase by this time next year. So would this be the right time for you to refinance? Let’s start with the basics. [...]

April 14th, 2016|

Tips for a Quick Closing

If you look at our reviews or testimonials, you’ll notice that so many of our customers have stated how happy they were with the timeline of their experience working with First Ohio Home Finance. The customer’s timeline is always a number one priority, it is important to be upfront with your Loan Officer about your timeline, it is also helpful [...]

April 1st, 2016|

VA Mortgage Loans

In 1944, as part of the G.I. Bill, the Department of Veterans Affairs launched a mortgage program to help returning service members purchase a home. The VA loan program is still available and remains an important part of the benefits package for veterans and active members. The VA Loan is a mortgage loan issued by approved lenders, like First Ohio [...]

March 24th, 2016|