Mortgage & Finance

This category is devoted to all topics related to the world of real estate finance. Here you'll find digestible posts about lending practices, updates on lending policies, news and trends, topics on different types of financing, some apply nationwide, others may apply only to Ohio real estate like specific city and county buyer incentives.

Found 63 blog entries about Mortgage & Finance.

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Home Buying: The Basics of Escrow

real estate escrow, home buying escrow, what is an escrowThe multitude of steps and terminology involved in buying a house can be overwhelming. While a good realtor will walk you through everything you need to know, it helps to have a firm understanding of some things before you get pre-approved and start making offers. Learn more about escrow below.

You may want to investigate more Buyer articles meant to save you time and money.

One key component involved in nearly every sale is the escrow, or impound account. This is an account set up by your mortgage lender to pay certain property-related expenses on your behalf (property taxes and homeowner’s insurance).

Many (mortgage) lenders require an escrow account, to insure that the property is not at risk. The fees can

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TRID ChangesHow TRID Babies Are Progressing

Better late than never! After careful evaluation I decided to watch these TRID babies make their way into the first month of life and report on how they are actually faring on the journey to closing table. No surprise here but...it's  a mixed bag folks. As stressed in prior blogs, it is imperative to have a team of well-educated professionals on your side who truly understand the TRID changes and how to appropriately set everyone's expectations in order to avoid the dreaded 11th hour fallout. 

Cleverly Concoct Your Plan

When interviewing lenders (which you ARE doing...correct?!) be sure to ask pointed questions. Lindsey Akers of Prime Lending states, "any lender can quote fees, rates and basically take the

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Flickr / Got Credit / CC BY-NC 2.0As a mortgage broker, you can be the bridge between a future homeowner and the home of their dreams. Unfortunately, since the mortgage crisis of 2008, certain fraudulent practices that lead to speculative lending were revealed, affecting the entire industry.

While many of the offenders are now out of business, regulations have gotten tougher for those of us that remain. The first hurdles to a satisfying career are obtaining your mortgage broker bond and license, and this is what we’ll look at in this article.

For people with bad credit, the licensing and bonding process can be a bit complicated, but don’t let that discourage you. As long as you understand how surety bonding with bad credit works, you have great chances of getting bonded.

If

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Buy a Cheap House, Do my Own Repairs, Save Money?

buy a cheap house, buying a foreclosure, buying a fixer upperAh, so many have dreamed it; buying a cheap house with potential and fixing it up themselves.

That would be ideal for some, for others it can possibly mean biting off more than one can comfortably chew. There's another common problem inherit with that idea for most, however.

Unless you can purchase in cash, you cannot do the repairs yourself. The FHA (Federal Housing Authority) doesn't allow buyers to perform their own repairs if they are financing any portion of the sale and work must be done by FHA certified contractors. It doesn't matter what lender you use either, the rules are the same.

Before you get saddened by this fact, understand a couple of things and there's good news too. First,

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Buying a Home - Concerns About the Economy

buying a home, buying a home safely, buying a home wiselyHello, back again with some more tips on buying a home and preserving your finances.

Don't we all get excited about the prospect of buying something new? More so when it's a big-ticket item? A house becomes a home and I'll be the first to admit the temptation to go all-out is huge. Even greater for those with families and children. 

A lot of real estate agents would like you to buy as much home as you can afford, as their commission check is naturally bigger. However, agents that genuinely care about their clients place their commission amount on the back-burner in favor of giving sound guidance to buyers when it comes to finances.

Most personal bankruptcies are filed over as little as a $300 per

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Sweeping Changes In Lending 

Time For ChangeAs promised, your in-depth look at the CFPB changes and our new buddy.....TRID. For those of you who don't know, TRID is the ridiculously long acronym that rivals weatherman Liam Dutton's pronunciation of the (now) infamous 58 letter Welsh town. No really. T=Truth In Lending. R=Real Estate Settlement Procedures Act (RESPA). I=Integrated. D=Disclosures. In short, TRID is designed to leave no stone unturned, and no question unanswered in the lending process. 

Two brand new, hot off the press disclosures, The Loan Estimate & 5pg Closing Disclosure. When meeting with your loan officer and shopping for lender in particular, the moment of loan application consummation will no longer be in question, as has been the case in the

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CFPB, TRID Changes are Good for Buyers

TRID Changes, CFBP With sweeping changes within the lending industry on the horizon, lenders, settlement companies, Realtors and anyone even remotely interested in the world of real estate have their collective pens poised to take notes. The back quarter of 2015 will be nothing less than a hands on course in how the Feds play a large part in the life of a consumer, like it or not. 

The majority of the upcoming changes, implemented by the Consumer Financial Protection Bureau (CFPB) will greatly benefit both buyers and sellers. There will be no more of the rush to scan final numbers before gathering around the closing table. The new Closing Disclosure Law allows three full days to review and ask questions on the final loan

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Buying a Home: Understanding Earnest Money

earnest money, what is earnest money, how much earnest moneyOne confusing subject for many first time home buyers is earnest money. What is it? Is it necessary? How much? Will I get my earnest money back?

A simple way of understanding earnest money is to consider it as a "good faith" deposit on real estate to show sellers you're a committed buyer. Here in Ohio and in many states, earnest money is customarily between $500 and a $1,000, though for luxury properties or if a buyer finds a "must have" property, I've seen earnest checks up to $5,000. On most transactions here in the Buckeye state, $1,000 is usually sufficient.

An important part of the home buying process, let me take you back to the old west to paint an example for you. Let's say a rancher has a decent

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Working With Low Dollar Buyers - Golden Opportunities

What a busy week! I wanted to take time out though and share some insights, Realtor tips and business strategy to help you grow your business (and provide some insights for buyers who are shopping low dollar properties for a single family home).

Low Dollar Buyers become High Dollar Buyers

Everyone has to start somewhere, right? Greg Hancock, my business partner, told me a long time ago, help people when they're just starting out and stay true to them, follow up with and stay in touch with them and you'll become their Realtor for life. This leads to increasing business with a growing pool of clients that refer and buy again and the average dollar tag of homes you work with goes up over the

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Mortgage Credit Certificates Help Buyers

mortgage credit certificatesMany would-be buyers are held back from making a home purchase for a variety of reasons, the bulk of it financial.

There are a great number of programs and loan products that can take a buyer from impossible to possible when it comes to buying a home, MCC programs are just one of them. And a great way Realtors can help would-be-buyers see their dreams come true.

In addition to having the necessary down payment, and funds for other miscellaneous expenses like inspections, one item that troubles many buyers when approaching a lender is their debt-to-income ratio, specifically the ratio of the expected housing expense in relationship to the income.

Q: What are mortgage credit certificates?

A mortgage

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