State of the Market: Taking the Temperature of Ohio’s Real Estate Market
Mortgage Payment
Refinancing is a Good Option – Except When it’s Not
If your prospects have been putting off buying a new home and considering a refinance instead, their window of opportunity seems to be closing quickly. That means it’s time for you to nudge them about exploring all their options – like buying a home from you. Continue reading
Many Factors Determine Monthly Mortgage Payment
Whenever our team works with a client, maybe one of the most frequently asked questions is, “How much will this house cost me every month?” It’s an understandable and necessary question. Continue reading
What Are Seller Concessions, and Do I Have to Have to Pay Them?
But even though your sellers may not need this trick up their sleeve right now, it never hurts to educate them in case it’s a move they need to make in the future. An excellent place to start is identifying what seller’s concessions are and when or if necessary. Continue reading
Anatomy of a Lending Decision: How Does the Process Work?
But what is their “price range,” really? Do they know what that corner dream house with the covered patio and finished basement will cost them each month? Continue reading
What Drives a Lending Decision?
But what is your “price range,” really? Do you know what that corner dream house with the covered patio and finished basement will cost you each month? The truth is, the sticker price in the homebuyers guide is just a part of the total housing cost and doesn’t take into account all the other costs and criteria that a lender will be considering when you apply for a mortgage loan.
There are distinct questions a lender has to answer before they can determine what a mortgage payment is going to look like. We’ll discuss these elements over the next couple installments, but for now… we will start at the beginning.
Country Living: 5 Reasons Why You Need a Rural Retreat
Are you feeling cramped from the hustle and bustle of city life? Perhaps living out in the ‘burbs’ isn’t what you thought it would be. If either of these are the case, then we have the remedy for you and your family.
Using Other People’s Money
Explaining how mortgage money works is a great way to alleviate any stress a buyer might be feeling during the home-buying process.
Sticker shock is one of the biggest reasons why people are anxious when buying a home. However, once they know how mortgage money works, they likely realize that their buying power is stronger than they thought.
All because they’re using other people’s money.
Seller Concessions: Are They Worth It?
The other day, one of my realtor friends called and asked if they should suggest that one of their sellers offer financial concessions to help sell the house. An interested buyer had the money for the down payment, but not enough funds to cover the costs & prepaids.
Of course, my answer wasn’t a simple “yes” or “no”…few of my answers ever are. But at the end of the day, if the seller is looking to close that sale ASAP, then Seller Concessions can be a beneficial utility.
Payment Ratios – Funds to Close
Whenever my team works with a client, maybe the most frequently asked question is, “How much will this house cost me every month?” It’s understandable….a necessary question. Buying a home is a huge financial investment. Not to mention one of the most important financial decisions a person will make. I find many clients are under informed about what home ownership truly costs.
The mortgage loan is simply one variable in the grand scheme of things. Instilling confidence by providing “how to” details is important…with financial clarity comes less anxiety.
