A Jumbo Mortgage is any home loan that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Below are a few facts to assist you when looking for an Ohio Jumbo Mortgage. Ohio Jumbo Loan limits In Ohio the conforming loan limit is $417,000. Any mortgage loan that exceeds this amount will […]
Low Rates Contrary to what you may have been led to believe from the nightly news, mortgage rates are still extremely low. The Fed did raise the target funds rate by a quarter-point in December. The first increase since 2006. An increase to the target funds rate does not equal an increase to mortgage rates. […]
At the beginning of October, the mortgage industry saw one of the biggest changes to closing paperwork become a reality. On October 3rd, the new TILA-RESPA Integrated Disclosures (TRID) became required for all loans. These TRID disclosures combined four forms into two that are easier for borrowers to understand. The two new forms are the […]
The last 2 days have been brutal for mortgage rates, but the trend started over a month ago. Ohio Mortgage Rates are driven by Mortgage Backed Securities, which according to Investopedia.com are “a type of asset-backed security that is secured by a mortgage or collection of mortgages.” Falling Mortgage Backed Security (MBS) prices equates to […]
Ohio’s housing market has picked up steam over the last few months. There are plenty of things that prospective Ohio homebuyers should not do, and this article could exceed 5000 words if we discussed them all. So let’s just look at the important ones. With so many residents in Ohio looking to buy a home, […]
Over the last few months I have talked to many clients seeking to buy a home. From first time homebuyers and seasoned home buyers and from newlyweds to relocations. One thing that has been similar is the number of offers they have had to submit before they had one accepted. The housing market in Ohio, […]
The Fiscal Cliff is averted. The American Taxpayer Relief Act of 2012 was signed into law by President Obama on Wednesday, avoiding the tax hikes and cuts in spending that were on the horizon. One of the lesser known, or at least lesser discussed, provisions in the Act is that it extends the ability to deduct the […]
Earlier this summer Fannie Mae announced a major update to its Automated Underwriting System (AUS) known as Desktop Originator/Desktop Underwriter (DO/DU). With this update, the days of drive-by appraisals will be over. So what does this mean to homeowners? Be ready to pay for a full appraisal, upwards of $400 with most lenders. Currently, once […]
As reported by the U.S. Department of Commerce, 372,000 new homes were sold in July on a seasonally-adjusted, annualized basis.
Mortgage rates are lower this year, and closing costs are, too.