The Federal Housing Finance Agency (FHFA) has issued new, higher loan limits for 2019. The 2019 Ohio Conventional Loan Limits are These new, higher, conforming loan limits are effective for loans closed on or after January 1, 2019. Homebuyers and homeowners looking to refinance can take advantage of them now, given the estimated 30 day […]
5 Questions To Ask Your Loan Officer
There are some obvious questions to ask your loan officer, such as what is the interest rate? How much is the mortgage payment? How much are the closing costs? There are some other questions that you should ask in addition to the obvious ones. What should I expect during the loan process? Many aspects of the […]
Ohio Conventional Loan Limits Rise in 2017
Ohio Conventional loan limits, the amount you can borrow and remain with a conventional loan, have remained at $417,000 since 2006. That changes in 2017. While the increase isn’t huge, it may help some buyers. The Federal Housing Finance Agency is raising the maximum loan amount that qualifies a mortgage to be purchased by Fannie […]
Top 4 Reasons To Buy a Home in Ohio in 2016
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. […]
New Mortgage Regulations and What They Mean To You
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 […]
Ohio Home Affordable Refinance (HARP) Program in 2014
Over the last year home prices in Ohio have begun to rebound, as you can see on the following chart from Zillow. Ohio Zillow Home Value Index Ohio real estate info How does that affect Ohio HARP 2.0 mortgages? The main goal of the Home Affordbale Refinance Program was to aid Ohio homeowners that are underwater […]
Fannie Mae Fee Increase Delayed!
First good news of 2014. Last month I published an article about Fannie Mae’s new Loan Level Price Adjustments (LLPAs) and the impact they would have on Mortgage Rates in Ohio. Good News Ohio! On Monday Mel Watt was sworn in as director of the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and […]
Whats New for Ohio Mortgages in 2014?
2014 is already a few days old, so let’s go over some of the changes that are already on tap for the mortgage industry this year. Qualified Mortgages (QM) rules from the Consumer Financial Protection Bureau (CFPB) go into effect this Friday, January 10, 2014. Basically this rule will put a borrowers loan into one […]
Ohio Homeowners, Why Now Might Be Your Last Chance for a Low Rate
Rates are on the rise. There is no simpler way to put it. So if you have been on the fence, waiting for rates to dip back down into the 3’s, you may be waiting for quite a while, if not forever. Freddie Mac’s Chief Economist, Frank Nothaft stated in November “..we look for fixed-rate mortgage […]
Ohio Mortgage Market News for the week ending December 20, 2013
as provided by Fed Announces Taper Heading into Wednesday’s highly anticipated Fed meeting, investors were divided about what the Fed statement would reveal. The Fed announced that it will begin to scale back its bond purchase program. The stock market rallied after the news, but mortgage rates rose modestly and ended the week a […]
