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What’s The Best Mortgage When Buying A Home?

December 6, 2011 by Eric Lowry Leave a Comment

What’s The Best Mortgage When Buying A Home?

Mortgage Financing - Mortgage Preapprovals West Chester & Mason OH Real EstateAre you planning to buy a home in West Chester, Liberty Township, Beckett Ridge or Mason Ohio in the near future?  If so, then you will likely need to get a mortgage.  There are a number of options available in the home mortgage market today and some of these options may be better for you than others.  The following is a brief summary of many of the options for home loans in the West Chester, Liberty Twp,. Mason and Cincinnati Ohio areas:

30 Year Fixed Rate Mortgage:  This one is the “old stand by”.  The rate is currently very low (approx. 4.25%) right now, although it is higher than some of the other options.  The best part of this mortgage loan is that the interest rate doesn’t change for the life of the loan.

15 Year Fixed Rate Mortgage:  Same basic premise as the 30 year fixed rate mortgage loan except the payback is calculated on 15 years so the interest rate is lower (around 3.50% today).  This mortgage loan is great for building equity quickly, but does come with a higher monthly payment.

Adjustable Rate Mortages:  These mortgage loans are mostly based on a 30 year re-payment schedule, but the interest rate may be fixed for just the first 3 or 5 years of the loan and then adjust from there based on market conditions.  These mortgage loans will get you the lowest possible rates (2.45% – 2.65% today) and will work especially well if you only plan to be in your home for 3-5 years.

FHA Loans:  An FHA mortgage loan  is a loan that is made by a bank or mortgage lender that is insured by the Federal Housing Authority (FHA) .  This insurance of the loan provides for lower down payments, lower closing costs as well as less restrictive qualification criteria.  FHA home loans are very commonly used by first time homebuyers.   In the last couple of years many other homebuyers have also turned to the FHA home mortgage loan as a very good option.

Special note:  The FHA Loan Limits were recently increased back up to the previous levels prior to the FHA changes made on October 1st, 2011.  Congress raised the FHA loan limits in a bill passed on November 17, 2011.  The current FHA Loan Limit in Butler County Ohio is $337,500.

VA Loans:  A VA Loan is a loan  that is made by a bank or mortgage lender that is insured by the U.S. Department of Veterans Affairs (VA).  This insurance of the loan by the VA provides for loans with no down payments, provided the homebuyer is eligible for the VA Loan program.

Other articles that my interest you:

FHA Mortgage Loan Limits Changing – Does It Matter?

Planning To Buy A Home Next Year?

Do  you have questions about the homebuying or home loan process?  Use the form below to contact us and we will get back to you as quickly as we can.

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    Filed Under: Buyers, Eric Lowry's Articles, Financing, Financing Options, First-time Homebuyer Tagged With: 1st time homebuyers, Adjustable Rate Mortgages, Buying A Home, Eric Lowry, FHA Financing, FHA Loan Limits, Financing, Home Mortgages, Interest Rates, Keller Williams Realty, LowryTeam.com, mortgage lenders, Mortgage Preapprovals, VA Loans, VIPHomeFinder.com

    West Chester & Liberty Township OH Real Estate: Tuesday Open House – July 07, 2010

    July 6, 2010 by Eric Lowry Leave a Comment

    It’s Tuesday, so this must be the Tuesday Open House.

    What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

    It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

    Beckett Ridge Homeowners Association:  The Board for the Beckett Ridge Homeowners Association has presented to the homeowners of Beckett Ridge a revised set of Declarations and Code of Conduct for their approval.  Each parcel in the Beckett Ridge Association will have one vote in this approval process.  The interesting fact with this vote is that the board has decided based on their legal counsel’s opinion that if you do not submit a ballot, your ballot will be counted for the resolution.  What this means is the resolution is almost guaranteed to pass as a huge majority of the homeowners will not vote.  They never do.  Your ballot must be received by July 28th, 2010 for it to count.  You can find out more about this very important resolution and ballot here >>Beckett Ridge Homeowners Association

    Buying a home:  If you are currently in the process of buying a home and getting a mortgage don’t buy anything.  According to the New York Times Fannie Mae has started requiring lenders to recheck a borrower’s finances shortly before closing the loan. If a broker or lender finds significant changes, the loan could be delayed, or in some cases, denied.  For years now we have cautioned borrowers against charging up their credit cards or changing jobs before the closing date on a home loan, but now this advice seems especially prudent.  You can read the entire article on homebuyer financing here>>  Buyer Mortgage Financing

    Searching for Homes For Sale:  Searching for homes for sale in West Chester, Liberty Township, Beckett Ridge, Mason or Fairfield Township?  Search for homes using our MLS search feature which gives you access to the entire Cincinnati MLS and allows you to save home searches, receive notifications of new listings and also be alerted to price changes on home listings that match your search criteria.  You can search for homes for sale by clicking here to start your search now >>Search the MLS

     

    Our facebook fan page of the week is: The Cincinnati Reds  You can find information on the Reds, information on events and giveaways and great player information.  As of this writing their page has 140,410 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.

    While you are on facebook checking out the Cincinnati Reds fan page, please visit and become a fan of our facebook page:

       Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

    Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

    Filed Under: Beckett Ridge Homes For Sale, Buyers, Eric Lowry's Articles, Fairfield Township Homes For Sale, Financing, Just For Fun, Liberty Township Ohio Homes For Sale, Real Estate Information, Tuesday Open House, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge, Beckett Ridge HOA, Beckett Ridge Homes For Sale, Buying A Home, Eric Lowry, Facebook Fan page, Financing, Keller Williams Realty, LowryTeam.com, mortgage lenders, Relocating To West Chester, Search Homes For Sale, Search The MLS, Tuesday Open House, West Chester Homes For Sale, West Chester Real Estate

    West Chester & Liberty Township OH Real Estate: Tuesday Open House

    March 9, 2010 by Eric Lowry Leave a Comment

    What is Tuesday Open House??  Well, it’s clearly not an “open house”.  It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas.  It is not intended to be all about homes for sale, but it will be about that some of the time…

     

     Tax Credit Countdown: As of this writing there are 52 Days, 15 Hours, 36 Minutes, 10 Seconds until the expiration of the Tax Credits for both the First Time Homebuyer and the existing home owner.  If you wish to take advantage of these tax credits and the unbelievably low interest rates that go with them, you better get moving (no pun intended).   You can search the entire MLS from our website, LowryTeam.com  or if you need to find the value of your current home and need to sell first you can request a FREE market value analysis on our website and you can learn more about our Hassle Free Listing System.

     

    Low Mortgage Rates: Speaking of unbelievably low interest rates, check out these rates!  As of yesterday afternoon these were the current interest rates that you could be taking advantage of if you were buying a new home:

    5 Year Arm                       4.30%

    30 Year Fixed                   4.80%

    15 Year Fixed                   4.20%

    These rates are for purchases only, not refinances, and are courtesy of Third Federal Savings

     

    Check out this terrific new listing located right next to Eden Park.  It is a terrific 2 Bedroom, 2 Bath condo in like new condition, comes with all of the appliances included (full size washer & dryer) and has off street parking.  Visit our website to view interior photos and more details.

    $149,900

    2155 Fulton Ave. #4, Cincinnati, Ohio

     

    Secret Cincinnati is a brand new facebook page that is getting a lot of attention this week here in Cincinnati.  You can check it out at Secret Cincinnati Facebook Page  As of this writing they have 1856 fans and they have only been up and running on facebook since the weekend I believe.  The site has a lot of very interesting information and recommendations on Cincinnati dining, entertainment, etc.

    While you are on facebook checking SecretCincinnati out, please visit and become a fan of our facebook page located at www.facebook.com/LowryTeamRealEstate

     

    Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

    Search the entire MLS here!  Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

    Visit My YouTube channel at:  www.youtube.com/LowryTeam

     Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

     

     

     

    Filed Under: Beckett Ridge Homes For Sale, Eric Lowry's Articles, Fairfield Township Homes For Sale, Financing, Financing Options, First-time Homebuyer, Liberty Township Ohio Homes For Sale, New Listings, Real Estate Information, Restaurants & Dining, Tax Credit, Tuesday Open House, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge Homes For Sale, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Facebook Fan page, Financing, Housing Tax Credit, Interest Rates, Liberty Township Real Estate, LowryTeam.com, Mortgages, New Listing, Ohio, Open House, RealEstate-Ink.com, Search Homes For Sale, Search The MLS, Secret Cincinnati, Top Selling Realtor, Tuesday Open House, West Chester Real Estate

    Monroe OH Real Estate: 245 Rachel Lane, Monroe, Ohio 45050

    December 19, 2009 by Eric Lowry Leave a Comment

    New Listing On LowryTeam.com…

     

    245 Rachel Lane, Monroe, Ohio 45050

    Monroe, Ohio 45050

    Monroe Local Schools

    $139,900  – Three Bedrooms – Two Full Baths

    This Is A Terrific Ranch Home In Monroe, Ohio:

    • Perfect For The First Time Homebuyer!
    • Warm, Inviting Family Room w/ Cathedral Ceilings
    • Wood Burning Fireplace
    • Fully Equipped Kitchen Includes Newer Dishwasher & Refrigerator
    • Formal Dining Room 
    • Master Bedroom w/ Adjoining Full Bath
    • Large, Flat Rear Yard
    • Storage Shed Included
    • Located On A Cul-de-Sac Street
    • Close To Schools, Shopping & Expressways
    • Washer & Dryer Included
    • One Year Home Warranty
    • Three Car Garage
    • One Year Home Warranty
    • Close To Schools, Shopping, Dining & Expressways

    Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

     Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

    Filed Under: First-time Homebuyer, New Listings, Real Estate Information, Tax Credit Tagged With: Eric Lowry, Eric's Hassle Free Listing, FHA Financing, Financing, First Time homebuyers, Keller Williams Realty, LowryTeam.com, Monroe, Mortgages, New Listings, Ohio, Ranch Home

    West Chester OH Real Estate: Home Buyer Tax Credit Details

    November 8, 2009 by Eric Lowry Leave a Comment

    The President has approved the first-time home buyer tax credit extension which will extend the tax credit of up to $8000 until April 30, 2010.

    The extension is part of a large economic stimulus bill that will extend the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30, 2009 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to buy a home.

    The following details apply to the home buyer tax credit expansion:
    First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. This is the tax credit that has been in place this year and is largely credited with keeping the housing market as stable as it has been,
    Current homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a new home to be their principal residence, may be eligible for up to a $6,500 tax credit.

    Who is Eligible??

    Income Limits:
    Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income is less than $125,000 or for married couples filing a joint return, the combined income limit is $225,000.
    Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

    Effective Dates:
    The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases under contract by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

    Types of Homes that Qualify:
    All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, town homes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases don’t qualify.

    Tax Credit is Refundable:
    This means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
    As an example a first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).
    A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
    All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.

    Payback Provisions:
    The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

    Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?

    Search the entire MLS here!

    Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

    Filed Under: Financing, First-time Homebuyer, Real Estate Information, Real Estate News, Tax Credit Tagged With: Beckett Ridge, Cincinnati, Eric Lowry, Financing, First Time homebuyers, Housing Tax Credit, Keller Williams Realty, LowryTeam.com, Mortgages, Ohio, West Chester Homes For Sale

    West Chester Ohio Real Estate News

    August 6, 2009 by Eric Lowry Leave a Comment

     

    West Chester Ohio Real Estate News :: Avoiding Closing Derailment

    Like a train, a transaction can get derailed at any point on the track. A closing can be hit by a clouded title, a home not appraising for value, a rapid change in interest rates, an undisclosed credit or income issue, or one of countless other unanticipated issues.

    Choke points cause delays and delays cause all kinds of problems for buyers, sellers, and agents. Moving plans get thrown into disarray. Interim housing or early-possession requests become necessary. Contingency plans need to be thrown together. Nerves get jangled. The resulting situation can be a nightmare for everyone involved in the transaction.

    Eighty percent of the problems in closing transactions fall into three basic areas. Stay on the lookout for these problems to steer your home buying or selling experience clear of as much trouble as possible:

    1. Documentation and verification: Lenders needs to assemble considerable paperwork and complete dozens of documents based on information submitted by the loan applicants. Then they need to verify all information for accuracy by checking the applicant’s employment status, funds on deposit, and income level. The document preparation and information verification process takes time. If you fail to submit the required information on a timely basis, or if you turn it in piecemeal and bit-by-bit, delays are certain to result.

    2. Repairs, repairs, repairs: This is a choke point that good advance planning can avert. Sellers should consider that only lender-required repairs will be done. If you don’t, you leave yourself open to the risk that the buyer will come back with a laundry list of items…

     Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

    Filed Under: Financing, Real Estate Information Tagged With: Cincinnati, Eric Lowry, Financing, Liberty Township Real Estate, LowryTeam.com, Ohio, Real Estate Closings, Selling A Home, Sibcy Cline Realtors, Top Real Estate Agent, West Chester Real Estate

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