Informational
Voting Day in Greater Cincinnati
March 6th, 2012 categories: Informational
Don’t forget to vote -March 6th.
The Polls in Butler, Clermont, Hamilton and Warren counties
are open from 6:30 am- 7:30 pm.
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FHA Streamlines Refinancing Process
February 13th, 2012 categories: For Sellers, Informational
Do you currently have an FHA mortgage and are thinking about refinancing?
Dan Green of Waterstone Mortgage covered the newly streamlined refinancing process in his blog last week.
According to Dan’s article the streamlined FHA process requires just 3 approval criteria:
- Your must have made at least 6 payments on your current FHA mortgage.
- You must not have made a late payment on your mortgage going back 12 months.
- Your refinance must have “purpose” (i.e. lower rate; switch from ARM to fixed-rate)
So if you’ve been thinking about it and haven’t acted yet- the time may be now- click here to read the entire article.
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What Lenders are in Trouble with Mortgages in Greater Cincinnati?
February 10th, 2012 categories: Foreclosures & Short Sales, Informational
You can find out at HUD”s Neighborhood Watch.
This is the website for Housing and Urban Development’s (HUD) Neighborhood Watch. Neighborhood Watch is where lender’s loan performance on FHA loans and how it compares to the national and local averages. The site is a good place to check out potential lenders- the riskier ones have a “compare ratio” between 150%-199%.
Click on the “Early Warnings” tab to review lenders performance on FHA loans only. Don’t forget that some lenders are national and others use different names in each state. If you need help deciphering the information or the names of mortgage lenders in greater Cincinnati- call or email me.
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Where are the States with the Highest Mortgage Debt
February 7th, 2012 categories: For Sellers, Informational
Cincinnati, Ohio can breathe easy- our state didn’t make the list of 10 worst states for mortgage debt.
Thanks to KCM Blog for putting the numbers into a visual.
The high mortgage debt doesn’t necessarily convert into high defaults because many of these states have high average real estate prices. For that reason -it’s good that Ohio isn’t on the list because greater Cincinnati and Ohio have never experienced the crazy over inflated real estate prices.
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What is a Reverse Mortgage?
February 6th, 2012 categories: Cincinnati Ohio, Informational
Aging actors on television pitching to Baby Boomers the unbelievable benefits of using their home equity as a way to get cash in this tight economy!
The reverse mortgage is a financial instrument aimed at home owners, 62 years old and up, who have decent equity in their property. Reverse mortgages to allow homeowners get money out of their home/condo and also free them from making future mortgage payments for as long as they live in their properties. One would think that this type of program would have people lining up.. however the opposite seems to be trend. In the conservative Cincinnati real estate market the lack of understanding, high fees and skepticism about the programs have added up to unenthusiastic potential participants.
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Personally I tried to research the ins-and-outs for my parental unit and decided….that too many of the details of the equation were missing. It appears if you don’t outlive your equity and don’t require further funds for alternate housing and medical care- then the reverse mortgage may be a great asset….. however without investigating the long term financial impact with the appropriate legal and financial representative- seniors may be short changing themselves. So for us-it’s not the best option at this time.
While demand is low and “potential” is high the government, through FHA (Federal Housing Authority) is trying to stir up activity for HECM Loans (Home Equity Conversion Mortgage). But like many government sponsored housing incentives, HECM back loans don’t seem to appeal to many lenders or consumers.
Bottom line, do your own research and consult with financial and legal specialists, before signing the dotted line for a reverse mortgage.
Related Article: US News and World Report, Valley News
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