HASP
HASP stands for the Homeowner Affordability and Stability Plan and it is designed to make Cincinnati home loans more affordable. But it’s not just for residents of Cincinnati, it’s actually nationwide, here at The Mortgage Network of Ohio Inc., we offer these programs for those who reside in Ohio Indiana and Kentucky. For those who may be struggling with the above scenario in the greater Cincinnati, OH the HASP program may be your dreams come true. Basically, HASP can help you refinance your West Chester, OH mortgage so that you can take advantage of today’s historically low rates. If you are a responsible homeowner and have been making your payments on your Cincinnati home loan that was taken out before 5.31.09, you need to call and ask your Cincinnati Mortgage Lender about the HASP program. Too many people in the past have not been able to take advantage of today’s rates and feel stuck, but now with the recently new enhancements to the program being just announced, it makes refinancing options available again to an estimated 1 million more homeowners, this could be your opportunity. Loan to Values can now be up to 125% of your current homes appraisal value…just think if you owe $200,000 on your mortgage and your current appraisal is just a $160,000…you will qualify…if you owe $405,000 on your mortgage and your current appraisal is just a $325,000…you will qualify! If you do not have PMI (private mortgage insurance) now you will not have it with your new loan…just a lower rate on your current mortgage balance.

DU Refi Plus
Very similar to the HASP program you don’t have all of the equity in your home or condo, the DU Refi Plus program may be for you. The DU Refi Plus is designed to be a very easy way to refinance your home loans in Cincinnati. The program is backed by Fannie Mae and will allow you to refinance up to 125% of your home’s current value. What’s more, if you have one or more mortgages in West Chester, OH and you owe more than your home is currently worth, you can still refinance under this new program. With lower interest rates, you’ll be able to lower your monthly payments, and stay in your valued Cincinnati home.
Let us guide you through the maze of options for Cincinnati home owners whether you have been in your home for some time or just a few years, and you’re finding it difficult to get the answers with your Cincinnati home mortgage, you will want to learn more about these two programs. You never know, the HASP or the DU Refi Plus access program may make your home mortgage in West Chester, OH a little easier to handle and a much more affordable interest rate! Are you considering a refinance and would like to take advantage of today’s historic rates in Cincinnati? If you have any questions you’d like answered by professional Cincinnati mortgage broker…let us know in the comments section or call today…513 346 4070 and ask for Jeff x10. Toll Free 888 393 8784 x10. Now Lending in Ohio Indiana and Kentucky!

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All Your Questions Answered

Crazy or Crazy Smart?
Of course, given what is still unfolding, waiting on the sidelines to make your move after the last of the ugliness is played out seems like a pretty smart strategy. But while you’re laser focused on the idea that home prices will be lower in the coming months — which you may well be right about — the question is how much lower they are going, and what other important home-buying factors are going to be as advantageous a month or year from now.

Below are seven reasons why anyone who is pondering a home purchase might want to consider making a move sooner than later. Potential first-timers certainly have far easier logistics than current homeowners who need to sell to make a move. If you’re underwater on your loan, trading up might not be feasible. But there are indeed plenty of current homeowners sitting on ample equity. For them, and for potential first timers, here are seven reasons why now just might be a smart time to make your move.

(And here’s the rest of CBS MoneyWatch’s package on Why the Time to Buy Real Estate Is Now)

1. Renting isn’t such a great deal. This is all about Econ 101: Demand for rentals the past few years has increased — a function of foreclosures and fewer existing renters making the decision to buy — and supply hasn’t kept up as there has been little new construction since the financial crisis hit. That’s pushing up rental prices. Mark Zandi, Moody’s Analytics chief economist expects rents to rise an average of about 5 percent over the next year. Real estate firm Reis Inc. forecast 2011 rental hikes of more than 5 percent in markets including Fort Lauderdale, Fl., Fort Worth, TX, Washington, D.C., and Seattle.

That’s likely going to exacerbate an already interesting trend playing out in many markets. In a recent analysis by Trulia.com, the ratio of sales prices to rental prices means buying a home today makes more financial sense than renting in about 80 percent of regional markets included in the study. No surprise, Las Vegas and Phoenix, where home prices have cratered, offer the best buy-vs.-rent tradeoff. But even in more stable housing markets such as Dallas, Philadelphia and Atlanta, buying offers strong relative value compared to renting. The needle will likely tilt even more toward home ownership in the coming year given the expectation that rental rates are heading higher in many areas, while home prices aren’t.

2. The worst of the price declines is likely over. From the market peak in 2006, the S&P/Case-Shiller index of 20 housing markets is down 32 percent. Ugly indeed. But what’s important is what comes next, not what we’ve just come through. And no one is suggesting we have another 30 percent to go. Zandi recently said that another 5 percent slide in home prices might be on tap. To be clear, no one is suggesting roaring price gains are on the horizon either. The takeaway is that we’re potentially at an important pivot point where we’re moving from steeply falling home prices to an extended period of stabilizing prices.

3. Mortgage rates are at historic lows. Right now the 4.6 percent interest rate on a 30-year fixed rate mortgage is beyond fire-sale cheap, as is the 3.78 percent interest rate for a 15-year mortgage. Assuming rates will stay where they are at, or even fall some more, seems a risky bet. Fannie Mae expects the 30-year fixed rate will hover around 5.2 percent by the fourth quarter of this year, then rise slightly throughout 2012 to 5.4 percent or so. The 2012 forecast is 5.7 percent, more than a full percentage point above where we’re at today.

If you take out a $300,000 30-year fixed rate loan today at 4.6 percent your monthly tab will be $1,537. But let’s say you instead decide to wait another year or more on the theory prices are heading lower. If during your wait the 30-year fixed rate rises to 5.7 percent you would need home prices to fall nearly 12 percent to come in at the same monthly mortgage cost as what you can get now. That’s more than double the price decline most market watchers are expecting.

4. Mortgages for pricey homes are heading higher. Even if mortgage rates don’t budge between now and the fall, mortgages for expensive homes are still going to cost more. Right now lenders can write mortgages for as much as $729,750 in certain high-cost areas and still have that mortgage qualify as a “conforming” Fannie Mae or Freddie Mac loan. That’s a big deal to lenders who are typically eager to sell off their loans into the secondary market — and right now Fannie and Freddie are the secondary market. But come Oct. 1, the maximum loan amount for a conforming mortgage will fall back to $625,500. If you intend to borrow more than that you will be shut out of the conforming loan market, and will have to opt for a jumbo loan. Jumbos typically carry higher down payments and the mortgage rate can be 0.50 percent higher than the conforming loan rate.

5. Qualifying for a mortgage is likely to get harder, not easier. The goal of Washington in the coming years is to shift more of the mortgage market out of the hands of Fannie Mae and Freddie Mac and into the hands of the private market. It is admittedly too early to know when and what that transition might look like. But whether the government backing is scaled down or disappears all together, that means higher borrowing costs. Moreover, there’s already a new regulation being considered that would require banks that want to keep selling 100 percent of their mortgages to Fannie and Freddie to hold borrowers to tougher lending standards.

6. Scary national statistics are especially deceptive right now. RealtyTrac reported that 28 percent of home sales in the first quarter of 2011 were foreclosures, and the average foreclosure sale price was 27 percent less than what a non-distressed home went for. But peel back from that ominous headline statistic and there is a more nuanced story playing out that goes to the heart of the old maxim: All real estate is local.

While foreclosures dominate the hardest hit states of Nevada (53 percent of first quarter sales), Arizona (45 percent) and California (45 percent) at the other end of the seesaw are the likes of New York (7 percent), Texas (12 percent) and Pennsylvania (14 percent). If you live in a state (or neighborhood) teeming with foreclosures, I would be the last to tell you that this is the perfect time to buy. There’s likely a long slog ahead as your market works through its backlog in inventory. But if you’re in a market that is in fact a lot healthier, don’t let the broad national story scare you off right now. Foreclosures in Nevada are irrelevant if you’re thinking of buying in Texas.

7. Less competition. There may be plenty of lookey-loos at open houses these days, but the anemic sales pace is proof that there are fewer serious buyers looking to make a deal. That makes it less likely you’ll find yourself in a bidding war today. It also means you can negotiate more effectively with eager sellers. Wait to dive in and you could find yourself in a more crowded pool of buyers. It’s just common sense that once there are clear signals of recovery, demand will pick up. Being a little early/ahead of the curve gives buyers more elbow room.

The record setting pricing was confirmed in the weekly rate survey published by Freddie Mac, a government sponsored enterprise and purchaser of residential mortgages on the secondary market. The Thursday, December 15th report revealed that the average mortgage rates across the US hit a new historic low point this week for 15 year fixed and 5 year ARM mortgage pricing.

According to Freddie Mac the average 15 year fixed mortgage averaged 3.21% (0.8 points), and the average 5 year adjustable pricing was 2.86% (0.6 points,) down from 3.99% (0.8 points) and 3.27% (0.6 points) respectively the previous week. The 30 year fixed rate averages were down as well, matching the record low 3.94% (0.8 points) set in October of this year.

“We’re seeing a lot of homeowners move to shorter 15 year fixed loans when refinancing, and this historic pricing will hopefully encourage more to follow suit,” said Shaun Hamman, VP of Residential Lending at American Financial Resources, a National mortgage lender. “When it’s affordable a switch to a 15 year home loan from a longer term can be a great wealth building move – the rate generally goes down, the interest savings are substantial, and you get to say goodbye to that mortgage debt a whole lot sooner,” he continued.

Below is a snapshot of mortgage rates for a variety of products listed on ForTheBestRate.com on 10/21/2011. Rates are subject to change. Please visit the site to view the criteria used in the survey.
15 Year Fixed Mortgage Rates Hit All Time Low Announces ForTheBestRate.com
ForTheBestRate.com announced that mortgage rates reached their lowest point on record for 15 year fixed loans, and tied the previous low point for the 30 year fixed product.

Wilmington, NC (PRWEB) December 18, 2011

30 Year Mortgage Rates
Amerisave – 3.625% Note Rate – 3.870% APR – 1.96 Points – $1995 Fees in APR
Gateway Bank Mortgage – 3.625% Note Rate – 3.795% APR – 1.625 Points – $875 Fees in APR

20 Year Mortgage Rates
Quicken Loans – 3.750% Note Rate – 4.014% APR – 1.5 Points – $1803 Fees in APR
EverBank – 3.625% Note Rate – 3.674% APR – 0 Points – $852 Fees in APR

15 Year Mortgage Rates
First Choice Bank – 2.750% Note Rate – 3.117% APR – 2 Points – #1050 Fees in APR
Gateway Bank Mortgage – 2.875% Note Rate – 3.175% APR – 1.625 Points – $875 Fees in APR

5/1 ARM Rates
First Choice Bank – 2.375% Note Rate – 2.511% APR – 1.25 Points – $1050 Fees in APR
EverBank – 2.750% Note Rate – 2.783% APR – 0 Points – $852 Fees in APR

About ForTheBestRate.com
ForTheBestRate.com is a website that offers information regarding mortgages, insurance, and personal finance. ForTheBestRate.com is owned by CMG Equities, LLC based in Wilmington, North Carolina. For more information, visit http://www.forthebestrate.com/

The interview is the first step to any marketing plan. I would need to meet with you, view your home, and go over all your goals and plans to better understand your situation. I want to establish a plan and approach to suit your life, timeframe and future decisions regarding your home, right away. Research must be done on your property and market area. Your property history and tax information would be pulled and reviewed. Our next step is to prepare the CMA.

The CMA, also know as a Comparative Market Analysis, is what an experienced Agent uses to better understand your home’s value. We would work together to find the right price for listing your home. Next, I would review your home and recommend any improvements or changes. My experience and knowledge in this field play an important role in making sure your home looks its best and sells for the highest amount.

Once your home is ready, we would take photos of your home and produce a quality virtual tour of your home and neighborhood. Photos are what buyers see first. The right “visuals” make a huge difference to potential buyers. I would put our highly recognizable sign in your yard that displays my phone number, giving a potential buyer multiple ways to find out more information through me.

Our immediate first steps should include:

Placing your home on the MLS or Multiple Listing Service right away, so that every agent form every company knows about you home when searching for their buyers.

In-office/company discussions about your home and what it has to offer. Flyers are made and distributed and or displayed.

Your home and photos will be added to our company website and Realtor.com under newest listings. Realtor.com is the largest Realtor web site. I don’t know if anyone can top that type of traffic.

Your property information and photo will also be added to my Featured Homes page.

My Internet presence reaches buyers not only the local area, all of Ohio, all over the Country, but all over the world. This is huge. Not many agents can say they have this type of reach. This is probably one of the largest benefits you gain by using my team or myself. Unique marketing is key when selling a home. In today’s market with the competition, you not only need a Real Estate Agent who is up to date with today’s technology, but you also need a dedicated Realtor with extensive knowledge. Mass marketing, and proper exposure worldwide 24 hours a day is necessary. Your home will be placed in literally hundreds of real estate related web sites.

A favorable negotiation involves you the seller, your listing agent, the buyers and the buyer’s agent to arrive at an agreement on price, and terms and conditions. As with any bargaining session, the discussion can get bogged down; but a professional knows how to avert problems. It’s about working through, around and over any potential sticking points to bring the talks to a mutually satisfying conclusion. More than one buyer has rescinded an offer in the negotiation process, so it’s best not to tackle this oh-so-important business dealing without the help of a skillful negotiator.

Having an expert negotiator manage the sale of your home is just one more reason to work with a real estate professional, like myself. Make sure your listing agent offers capable representation, objective counsel and caring guidance for this process.
Before engaging your agent, know s/he will handle negotiation. Ask him/her questions like:

How will multiple offers be handled?
On which points should we stand firm and on which can we compromise?
How can you help me figure my bottom-line selling price?
What will you do to get me the best price in the shortest period of time?

Answers to these questions will give you a good idea of how your agent negotiates the deal to get the best price and terms for you.

When you engage me as your buyer’s agent, you have a guide who will understand your concerns, expectations and needs – not only in negotiation, but throughout the entire home-buying process. I will be able to negotiate on your behalf; after all, at stake is your best interest and your piece of mind in knowing that your home was sold at it’s best value.

You don’t spend a dollar up front, or during your listing period, for all the marketing involved. Nobody gets paid unless your home sells.

If you’re ready to meet with me to discuss the complete marketing plan in depth or to start the interview process, please Contact Me.

1. Don’t buy if you can’t stay put.

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. If you can’t put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

If the market value of your home is less than what you owe on your current mortgage, you may qualify for a legal, lender approved solution known as a Short Sale. A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a sale of your property to a third party buyer for less than what you currently owe on your mortgage balance.

The short sale of real estate is not a questionable practice in today’s softening real estate market, it may be a necessity. The short sale transaction is a legal and much more beneficial alternative to foreclosure or even bankruptcy. Lenders are motivated to accept short sale offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for all parties involved:

Win #1: You win by getting out of a financial predicament a clean transaction and a salvaged credit score. Your property is saved from foreclosure, thus helping you to save your credit rating. Allowing you home to proceed into foreclosure may adversely affect your credit for up to 7 years.

Win #2: The lender wins by avoiding timely and costly foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate by the by the bank.

Win #3: The buyer of your property wins by getting a solid property at a good market value.

Jeff will provide you with helpful information, articles, resources and news to help you decide if a short sale is appropriate for your situation. There are other options to foreclosure and we’re here to help you get a better understanding of what they are.

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Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae, ultricies eget, tempor sit amet, ante. Donec eu libero sit amet quam egestas semper. Aenean ultricies mi vitae est. Mauris placerat eleifend leo.

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae, ultricies eget, tempor sit amet, ante. Donec eu libero sit amet quam egestas semper. Aenean ultricies mi vitae est. Mauris placerat eleifend leo.

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum tortor quam, feugiat vitae, ultricies eget, tempor sit amet, ante. Donec eu libero sit amet quam egestas semper. Aenean ultricies mi vitae est. Mauris placerat eleifend leo.