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mortgage planning: 25 Biggest Mistakes - Mistake #11 - Not putting the mortgage and closing costs up for bid. - 04/02/09 09:07 AM
Many Real Estate Closing Costs ARE negotiable. A proper bid program can save thousands of dollars in both the long and short run.
The role of the HBE Mortgage Advisor is:
1. Has a second informational meeting to discuss your OTHER purchase. (We at HBE feel that your mortgage loan is also a purchase, and a very important one at that)
2. Review your financial situation.
3. Help you determine your ability to achieve financing.
4. Helps make clear the tax effects of your home purchase.
5. Determines the affordable home cost.
6. Helps identify your ideal home features.
7. Bids … (0 comments)

mortgage planning: 25 Biggest Mistakes - Mistake #9 - Forgetting about closing costs - 03/30/09 09:35 PM
Be aware of the costs associated with purchasing a home!
Think it's bad to pay tax when you eat out? Wait until you're paying closing costs, which can run 2 to 7 percent of the home's purchase price.
A mortgage lender should provide you with a good faith estimate of what costs will be. Keep in mind that it should include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your deed and notary fees.
Too many people come out from closing in shock, and they don't have too.
… (0 comments)

mortgage planning: New OHFHA program information for first time home buyers. - 03/02/09 11:34 AM
The following was taken from an email received directly from OHFA.
OHIO FIRST-TIME HOMEBUYER PROGRAMEffective 03/02/2009 @ 12:01am Mortgage Rates            5.625% for loans without 2.5% assistance grant          6.125% for loans with 2.5% assistance grant            5.375% for Ohio Heroes without 2.5% assistance grant            5.875% for Ohio Heroes with 2.5% assistance grant            30-year fixed rate FHA/VA/USDA-RD/conventional loans are eligible2-1 buy downs are permitted, please see the Underwriting Guidelines for  specific product Fees            1% origination fee          $150 transfer fee to Servicer (US Bank fee)          $79 tax service fee (US Bank fee) (not to exceed $90)          .25% Adverse market fee (conventional loans only) Qualified BorrowersNon-target areas: First-time buyer … (0 comments)

mortgage planning: 25 Biggest Mistakes - Buying more home than you can afford. Mistake #6 - 02/18/09 10:48 PM
There is a rule of thumb that says you should not buy a home that costs you more per month that 20 to 25% of your take home pay. We rarely see anyone following that rule of thumb today.Too many consumers are buying homes that take a large part of their monthly income. This leaves little room in their finances for emergencies, furniture, vacations, investing, etc. With the past relaxed lending requirements, people were buying way more home than what they could realistically afford. If you go down this road, chances are that you’ll grow to hate this home. You should … (0 comments)

mortgage planning: Mistake #3 - People don't plan to fail they just fail to plan! - 02/06/09 12:00 PM
3. Not doing a proper financial plan.
 We are seeing record foreclosures today. While there are some which were due to product mistakes, most were a result of improper planning! Setting up reasonable realistic budgets with proper forecasting can alleviate this problem. This kind of work will help you match your cash flow to the proper cost home and correct mortgage product. If possible, do this work with a professional financial planner.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent. Call HomeBuyer Experts at 330-328-3170 … (0 comments)

 

Chris Whitehead

Bath, OH

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HomeBuyer Experts

Address: 3075 Smith Rd., Suite 101, Fairlawn, Ohio, 44333

Office Phone: (330) 826-1282

Cell Phone: (330) 328-3170

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