Financing A Home Archives -

Fannie Mae and Freddie Mac Are Offering 3% Down Programs

December 19, 2014 by Eric Lowry Leave a Comment

Fannie Mae and Freddie Mac Are Offering 3% Down Mortgage Programs

Fannie Mae and Freddie Mac have both announced that they will begin offering 3% down options for home buyers. Fannie Mae’s 3% mortgage program went into effect on December 13, 2014. Fannie Mac will roll out their 3% down mortgage program beginning March 23, 2015.

The 3% down programs will be helpful to potential home buyers that qualify for a loan but lack the funds for a more substantial down payment.

The Lowry Team can refer you to their preferred lender. First Option Lending can explain these new programs in further detail. They can also start the pre-approval process so that you can begin looking for your new home.

Contact Eric Lowry, CEO of The Lowry Team, for more information about the housing market, interest rates, and buying or selling a home. He can arrange for a FREE Buyer’s Consultation to help you determine what the best course of action is for you.

The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other articles you may be interested in:

Search the Cincinnati MLS For Homes For Sale

Where Will 30 Year Mortgage Rates Be In 12 Months?

Do I Need A Bigger Down Payment Before I Purchase A Home?

Hire A Real Estate Agent To Get The Home You Want

Best Places to Live in Cincinnati

West Chester Ohio Is One Of The Best Places To Live

Southwest Ohio Schools In Top Ten On State Report Card

Factors To Consider When Buying A Home

Find The Current Market Value of Your Home

Search Homes For Sale By Subdivision At LowryTeam.com

New Construction Homes For Sale in Liberty Township

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The Lowry Team: Why Do I Need An Agent?

December 18, 2014 by Eric Lowry Leave a Comment

Q. Why do I need an agent when I can just as easily find the house online myself?

A. According to the National Association of Realtors, from 2003 to 2013 the percent of buyers who found the home they purchased on the internet increased from 10% to 40% However, during that same exact time period, the percent of buyers who used a real estate agent dramatically increased as well. Even if the buyer found their home on line, they still used a real estate agent to purchase the home.

Studies show that overall 65% of people feel overwhelmed by the amount of information available on home financing. You need an agent to help you through the actual home buying process. A licensed real estate agent is skilled in the art of negotiation. They will help you negotiate an accepted contract along with all of the contingencies. A real estate agent can help you choose good, reputable home inspection, mortgage and title companies. If problems arise, your real estate agent will keep your best interests in mind as they resolve the issues for you.

So, ask yourself, “Why do I need an agent?” You need an agent because the easiest part of buying a house is finding the house you want to buy. A real estate agent will actually get you the house you want.

If you are considering buying or selling a home,

Contact The Lowry Team.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other articles you may be interested in:

Hire A Real Estate Agent To Get The Home You Want

Search the Cincinnati MLS For Homes For Sale

The Ten Most Expensive Homes Sold In West Chester And Liberty Twp

Best Places to Live in Cincinnati

West Chester Ohio Is One Of The Best Places To Live

Southwest Ohio Schools In Top Ten On State Report Card

Factors To Consider When Buying A Home

Find The Current Market Value of Your Home

Search Homes For Sale By Subdivision At CincyHomeSeller.com

New Construction Homes For Sale in Liberty Township

Luxury Homes For Sale in West Chester

Connect with us on Facebook

Connect with us on YouTube

Connect with us on Twitter

The Lowry Team Keller Williams :: No Regrets For 1st Time Home Buyers

August 25, 2014 by Eric Lowry Leave a Comment

The Lowry Team Keller Williams :: No Regrets For 1st Time Home Buyers

The Lowry Team Keller Williams Realty does not want to see their first time home buyers have any regrets about their purchase. According to a survey by Zillow, some of the biggest regrets that first time home buyers have are size, cost, neighborhood, yard and parking. Approximately half of those surveyed had regrets and would have done something differently.

62% of those home buyers that had regrets were unhappy with the size and layout of their new home. They wished they had a larger kitchen, more storage or a bigger house overall.

Costs were another big regret of first time home buyers. Some felt that they paid too much or wished they had put more money down upfront. Other home buyers surveyed felt surprised by the cost of the closing or the actual cost of maintaining a home once it was purchased.

25% of first time home buyers with regrets ended up unhappy with the neighborhood they chose. Once moving in, they discovered things they didn’t like about the neighborhood. Some wanted to be closer to entertainment and dining options, others felt more of a walking community would have suited their needs better.

Another big regret of first time home buyers is the yard. Home buyers either wished they had gotten a home with a larger lot or wished they had a yard that was easier to maintain.

Lastly, parking options were a regret of home buyers. The home buyers surveyed wished for a different and better parking situation. On street parking is not always readily available or the driveway and garage were inadequate for the home buyers needs.

Owning a home may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.

Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.

You need a good agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we’ll find a way to merge these two priorities and find a residence that you’ll enjoy owning.

If you are considering buying your first home

or are looking to move into your dream home,

Contact a member of The Lowry Team.

Contact The Lowry Team of Keller Williams Realty Associate Partners today.

The Lowry Team is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team’s culture is that of a fun, high energy group who prides themselves on providing, personal, professional real estate service.

The Lowry Team is “Different by Design”…taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent, Hire a Team…The Lowry Team

Buyers and sellers can reach The Lowry Team – Keller Williams at: 513-874-1830.

Other Articles You May Be Interested In:

Buying A Home In The Current Housing Market

1st Time Home Buyer Specialists

West Chester and Liberty Township Ohio Real Estate Market Report

The Lowry Team Keller Williams Shares The 6 Most Essential Home Buyer Tips

1st Time Home Buyer Homes For Sale In West Chester

1st Time home Buyer Homes For Sale in Liberty Township

Search Homes In West Chester

Search Condos in West Chester

Find Out The Current Market Value of Your West Chester Ohio Home

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West Chester & Liberty Township OH Real Estate: Big Changes Coming to FHA Loans

February 24, 2011 by Eric Lowry Leave a Comment

Today marks the return of guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

Big Changes Coming to FHA Loans Effective April 4th! by Dave Scully, Guest Blogger on RealEstate-Ink.com

All FHA 30 year loans that are assigned case numbers on or after April 11, 2011 will have an increase in the Monthly Mortgage Insurance Premium (MIP) from .90bps to 1.15bps for loans with less than 5% down. For FHA 30 Year loans with greater than 5% down the Monthly Mortgage Insurance Premium will increase from .95 to 1.10BPS. (BPS=Basis Points) What is a basis point?

On a loan sales price of $163,000 this will increase the Monthly Mortgage Insurance Premium by $33. The net effect will be as if the rate is .375%-to a .50% higher in payment.

As if this wasn’t enough, effective on all FHA loans assigned case numbers after April 18th, 2001 the Up Front Mortgage Insurance Premium (MIP) on ALL FHA loans will increase from 1% to 1.25%. This amount is always financed.

The best way to avoid the higher Mortgage Insurance Premium rates is to get out there and buy your home now! Rates are still at near historical all time lows! There are many great deals on homes out there!

SEARCH WEST CHESTER & LIBERTY TOWNSHIP OHIO HOMES FOR SALE HERE!

Go out and take advantage of all 3: (1) LOW RATES, (2) LOW HOUSING PRICES, (3) LOWER MORTGAGE INSURANCE PREMIUMS!

Buying A Short Sale Property: A Mortgage Lender’s Perspective

February 8, 2011 by Eric Lowry Leave a Comment

Today, we introduce guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

Buying A Short Sale Property by Dave Scully, Guest Blogger on RealEstate-Ink.com

Every buyer in the market wants to get the best deal. You may want to begin your search for a new home with properties that are on a “short sale”. First, let’s define what a short sale is. A short sale is when the sales price of the home is less than the amount the previous owners currently owe on their mortgage. In a short sale the borrowers are likely in the foreclosure process. Therefore the Bank must approve and sale and that is who your Realtor will be negotiating with.

Search For Bank Owned And Short Sale Properties For Sale Here

When buying a short sale you must be prepared for a longer negotiating process and closing process. As I said earlier you are dealing with the bank who must approve the sale of the property. The banks have so many short sales and foreclosures on their books that they do not react as quickly to an offer on the property. Also, the bank will allow you to do a whole house inspection, however they will require the sale of the home to be on an as is basis. I encourage every buyer to get a whole house inspection. However, on a short sale most banks will not make ANY repairs to the property.

Once your loan is approved and you are cleared to close we can typically close you within a day. However, on a short sale the bank will want to see the closing statement and review it for up to 72 hours prior to close.

They key to a successful and timely closing on a short sale is knowing what to expect and when to expect it. Personally I refer to short sales as “Long Sales” as they take a little bit longer to close due to the owner being the bank. I recommend you expect to close a short sale in 45 days instead of the 30 days that we can close a loan.

Have a home that you need to sell in short sale? Visit www.LowryTeam.com

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

March 30, 2010 by Eric Lowry Leave a Comment

It’s time for the Tuesday Open House. What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes, 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…

New Listing: 325 Bridle Pass Way, Monroe, Ohio. Located in Bridle Creek subdivision this terrific ranch home really is a must see. It features three bedrooms and two full baths on the first floor, along with a cathedral great room, eat-in kitchen, cathedral master w/ adjoining bath and first floor laundry. The lower level is really special, featuring a large rec room w/ wet bar, recessed ceiling and recessed lighting, a fourth bedroom and third full bath, plus a professional class media room.

Need Mulch? As I mentioned last week, if you are preparing your home to get it on the market for sale soon? Don’t forget the curb appeal. As the old saying goes… you only get one chance to make a good first impression. So clean up the landscaping and get yourself some fresh mulch. I’m not sure that there is a better way to go than to get it from the boy scouts. They even deliver! You can see the article in the Cincinnati Enquirer here or you can just go directly to the boy scouts site right here. I am placing my order this week.

Good Reasons To Buy Now: Here is a really good article on why now is the time to buy real estate if you have been thinking of it and are just undecided or unsure. 5 Good Reasons To Buy That Home NOW!

This article makes the point that waiting to buy a home until later may in fact cost you money. The below example spells this out pretty clearly I think:

Let’s say that you buy a home for $200,000 and make a 10% down payment using a 30 year fixed rate mortgage. If your interest rate today is 5.00%, the monthly payment will be $967.

But let’s say you want to wait to see if home values fall farther in the West Chester/Liberty Township area. If home values do fall a little more and that same home can now be purchased for $195,000 with the same 10% down payment, but while you waited interest rates went up slightly to 5.25%, your payment would now be $969. Even though you paid $5000 less, you payment is now $2 higher.

If rates have moved up to 5.50% during this time, your payment would now be $996. And these payments are based on the lower purchase price, if the value of the home you were buying didn’t drop and the rates went up the monthly payments would be even higher.

So waiting to buy may very well cost you money. Rates have started to rise, not dramatically yet, but don’t wait too long!

Our Facebook Fan Page of the week is: Reach Out Lakota. This community organization does a lot of good in our community. They need more than just for us to become fans of them on facebook, they need our support and donations! As of this writing their page has 53 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same. More importantly though, consider donating nonperishable food items and clothing to Reach Out Lakota today. Check it out.

While you are on facebook checking out the Reach Out Lakota fan page, please visit and become a fan of our facebook page.

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