Monthly Archives: March 2018

When buying a home, it can be a scary thought to think about competing against those who are making a cash offer on a house. Cash buyers can perform and close quickly and provide sellers with a sense of comfort. Does that mean to rule yourself out of the fight? Absolutely not.

If you can’t make a cash offer on a house? That is OKAY! There are a lot of people who cannot make a cash offer. Ask yourself these questions:

• Do you have a 20% down payment?
• Are you well employed?
• Do you have cash reserves in addition to your down payment?
• Do you have very little debt?
• Do you have good credit?

If you answered yes to most or all of these questions, your offer should be just as good as the cash buyer.

Here is how to stay competitive:

• Pre-approval. This will make you so much more competitive in the eyes of the buyer because pre-approval is proof to the buyer that you will be approved for the loan and can make the purchase. In addition to the pre-approval letter from your lender, be open to allowing your agent or lender to provide the financial information with your offer. If you bring a statement of how much you make, how much you have in the bank, credit reports, etc. then they will be able to see for themselves that you are the same as the cash buyer, financially.
• Shorten the loan and appraisal contingencies. Ask your lender how quickly they can send an appraiser to the property and how long the loan would take to turn around. First Ohio Home Finance prides our company on how quickly we are able to turn loans around for our customers.
• Inspect quickly. Along […]
  

It is no question that every year, the spring market is competitive. People usually take a break from home buying and selling in the winter then are ready to hit the ground running as soon as warmer weather is on the horizon. This is for many reasons: most people do not want to move during the winter, therefore buyers have trouble selling, many people do not want to move mid school year if they have children and frankly properties do not look as nice during those grey months.

So, spring is right around the corner and you want to jump into the market and most importantly, you want to be competitive. First Ohio Home Finance is ready to help you every step of the way, let’s check out how you can stand out among other buyers to help you get the home of your dreams. When you find the home, make an offer. Here are tips to help you win the offer:

Get Pre-Approved

If you get a lender to look over your financials ahead of time and they preapprove you for a mortgage, you will be able to show the seller you can buy their house. You will need to prepare documents, which can be done way in advance to the purchase. The documents you will need are:

• Tax returns for the past two years W-2 forms paycheck stubs from the past few months
• Proof of mortgage or rent payments for the past year
• A list of all debts, including student loans, auto loans, credit cards and alimony
• A list of all your assets, like auto titles, real estate, any investment accounts and bank statements.

Down Payment

By this point in the buying process, you probably know how much of a down payment you have thus […]