30 10, 2018

Is it Time to Refinance From an Adjustable Rate Mortgage to a Fixed-Rate Mortgage?

2021-09-28T16:52:52+00:00October 30th, 2018|Refinance|

If you have an adjustable rate mortgage and noticed your mortgage payment has been steadily rising each month, it might be a good idea to refinance to a fixed rate mortgage instead.

While adjustable rate mortgages can be attractive compared to a fixed rate in the beginning due to the often lower interest rate, rates are likely to increase over time. Locking in a rate with a fixed rate mortgage allows you to know exactly how much your mortgage will be each month and avoid rising rates.

Below are some advantages for fixed-rate mortgages to consider:

  • Rates and payments remain constant, despite what happens in the broader economy.
  • Stability makes budgeting easier. People can manage their money with more certainty because their housing payments don’t change.
  • Simple to understand, so they’re good for first-time buyers who wouldn’t know a 7/1 ARM with 2/6 caps if it hit them over the head.

There are many reasons to refinance with First Ohio Home Finance:

  • Lower interest rates for monthly savings
  • Shorter loan term for overall savings
  • Debt consolidation
  • College tuition
  • Cash home improvements

First Ohio Home Finance can assist in the evaluation process to determine if refinancing is the right move for you. Throughout the entire loan process, our mortgage bankers will help by offering a customized program to meet your financial requirements and by providing the individualized attention you deserve. Contact us today to learn more!

18 10, 2018

Fall Home Maintenance Checklist

2021-09-28T16:52:55+00:00October 18th, 2018|Tips & Advice|

Days are getting shorter and nights are getting cooler. The leaves are starting to turn and fall off the trees. Fall weather is officially upon us! Check out these tips for doing some chores around your home this fall to avoid problems later on.

Clean out the gutters

Clogged gutters can lead to drainage issues and even cause water to come into your basement. It’s best to take the time in the fall to clean out leaves and debris to avoid drainage issues when all the snow melts in the spring. While cleaning out your gutters, take some time to evaluate your roof. Check for missing shingles or any weak sealing to be addressed before your heat is turned on to avoid wasting energy.

Turn off outdoor plumbing and sprinkler systems

When temperatures plunge below freezing, pipes can freeze and burst. Be sure to disconnect water hoses and sprinkler systems. Open outdoor faucets and run your sprinkler system to drain any remaining water.

Fertilize your lawn

Applying fall lawn fertilizer will help prevent winter damage and spring weeds. Fertilizing your lawn now will help repair the damage from the summer and get your lawn healthy before the cold temperatures come.

Have your furnace inspected

Before shutting off your air conditioning for the season, be sure to clean the coils. Also, install a new filter. While you’re at it, it’s a good idea to clean out air ducts and make sure all the heat vents are open.

Preventative maintenance now will save money on expensive emergency repairs and wasted energy costs. Properly maintaining your home also enhances its value and appeal and is less effort than managing a crisis later. […]

10 10, 2018

Do I Qualify for Down Payment Assistance?

2022-02-17T21:40:35+00:00October 10th, 2018|Buying a home|

If you’re searching for a home and nervous about making the down payment, don’t shy away from homeownership just yet. A down payment assistance program could be the answer to your problem.

Having knowledge about the requirements and qualifications about down payment assistance programs can be a helpful tool during the home buying process. At First Ohio Home Finance, we’ll help you find programs that you qualify for and get the most out of a down payment assistance program.  

Down payment assistance can help out when you don’t have enough funds to cover the down payment on a new home. It can be a great option for first time home buyers. Often times, these funds come from the state or local level government, a non-profit charitable organization, or by another public entity. At First Ohio Home Finance, we work closely with the Ohio Housing Finance Agency (OHFA) to find the best program for your home buying situation.

There are many options offered by OHFA to help with your down payment on a new home. They offer 30-year, fixed rate FHA, VA, USDA-RD and conventional mortgage loans designed especially for homebuyers with low- and moderate-incomes with generous income and purchase price limits.

Eligible applicants must meet the following criteria:

  • Applicants must meet OHFA income limits and properties must meet purchase price limits, which vary by county.
  • Applicant must meet debt to income ratios for their loan type.
  • Applicant credit score requirements:
    • Conventional, USDA, VA and FHA 203(k) Loans: 640 or higher
    • FHA Loans (Non-203(k)): 660 […]
4 10, 2018

Getting Your Home Ready for an Appraisal

2021-09-28T16:53:02+00:00October 4th, 2018|Tips & Advice|

A home appraisal is a report of your home’s value in the market. A real estate appraiser is brought in as an outsider to evaluate your home and determine how much it is worth. Your home’s value is based on factors such as location, other home prices in your area, features and condition.

While you’ll never have the last say to voice what you think your home’s value is, there are things you can prepare for in order to put your home’s best first impression forward before the appraiser does their report. Here are some tips to prepare for a home appraisal:

Keep Track of Home Improvements

Be sure to mention any significant improvements you’ve made to your home to the appraiser. Things like updated bathrooms, new siding, replaced HVAC units, new roof or additions are worth mentioning and could be a major perk in your final appraisal.

Tidy Up Your Home

This is your one shot for the appraiser to see your home and you if want to put your best foot forward, having a clean and clutter free home is one of the easiest things you can do to prepare for an appraisal. Do a deep clean a few days before the scheduled appraisal. The day of, make sure everything is in its place and looks good. Make beds, sweep the carpet, and pick up kids toys. Keep in mind, the appraiser will likely be taking photos of both the exterior and interior of your home and who wants their cluttered home to be documented?

Research Other Homes in Your Area

Be sure to get an idea […]