Columbus Ohio's Leading Mortgage Professional

Important tips and advice on mortgage, refinance and purchase.

Tuesday, June 04, 2013

What Are Your Options If Your Home Appraises For Less Than The Sale Price?

What Do You Do When A Home Appraises For Less Than The Sale Price? To be honest, in today's market a home's appraised value is unlikely to fall short of its sale price. It can happen, but buyers and sellers are more savvy about "the going price of a home", and the U.S. housing markets have exhibited steady growth since 2011. These factors are something that home appraisers are likely to consider when assigning a home's Fair Market Value. Knowing...

Tuesday, May 14, 2013

How To Avoid Paying Double Interest On FHA Streamline. Tips On FHA Streamline Refinance.

Tips On FHA Streamline Refinance. What Is An FHA Streamline Refinance? The FHA Streamline Refinance is a reduced-paperwork, verification-free, appraisal-less refinance program meant to lower a homeowner's monthly mortgage payment by 5 percent or more monthly. FHA Streamline Refinance is a special refinance program available only to homeowners with FHA-insured mortgages. Homeowners must be current on their mortgage to use the FHA Streamline Refinance,...

Sunday, May 05, 2013

What Is Refinancing? What Types Of Refinancing Are Available?

What Is Refinancing?  What Types Of Refinancing Are Available? What is a Refinance? Replacing a current mortgage loan with a new mortgage loan is referred to as refinance. Common reasons to refinance include: lower mortgage rate, obtain cash out, consolidate other debt, reduce or increase term, refinance from ARM to FIXED, satisfy a divorce agreement, etc... Qualifying Criteria Because a refinance amounts to establishing a brand-new...

Wednesday, April 17, 2013

Reverse Mortgage. Is It Right For You?

Reverse Mortgage. Is It Right For You? What is a Reverse Mortgage? A reverse mortgage is a form of equity release (or lifetime mortgage). It is a loan available to home owners or home buyers, enabling them to access a portion of the home's equity. The home owners can draw the mortgage principal in a lump sum, by receiving monthly payments over a specified term or over their (joint) lifetimes, as a revolving line of...

Tuesday, April 16, 2013

Buying A Home Before You've Sold Your Current Home?

Buying A Home Before You've Sold Your Current Home? So, you've found the perfect home but you haven't sold your current home yet. What are your options? In order to qualify to buy another home while keeping the one you already have, you will need to qualify based on some general guidelines pertaining to income, credit, and assets. Below are some general guidelines to keep in mind: Income: Your DTI (debt to income ratio) cannot exceed...

Friday, April 12, 2013

How Do You Determine Your Down Payment On A Home?

What Should Your Down Payment Be? How much you put down should depend on the purchase price of the home you are looking to buy and the loan type you'll be purchasing with. For example, VA and USDA mortgage loans require ZERO down payment. FHA loans require 3'5% down payment, and conventional loans require 5% down payment. The first step is to speak to an experienced loan officer to determine your overall qualification and pre-approval. Based...

Sunday, March 31, 2013

How To Get A Certificate Of Eligibility For A VA Loan

VA Loan Certificate of Eligibility – What Is It And How Do You Get It? A VA loan is an incredible benefit offered to men and women of the armed forces who meet certain eligibility criteria. Not only are the benefits exclusive to veterans, they provide opportunities that you can’t get with other loans, like the ability to refinance your home up to 100% of its worth, no down payments on a home purchase, and much more. To take advantage of the benefits...