A VERY LOW Rate Can Bite You!

Jim and Ann were first time home buyers and trying to do everything right. As it often happens, family members told them to "find the best rate possible". So they contacted numerous mortgage companies and banks and finally found a VERY LOW RATE!

They began the loan application the next day. Then 2 weeks into the process, they got some BAD news from the loan officer. She told them the loan she selected for them wouldn't work and they'd have to switch to another program, which would have a higher interest rate and higher closing costs! Oh, and by the way, they could not close on their new home by the closing date in the purchase agreement.

They called me in a panic - sick to their stomach!

They had already given final notice to their landlord and had no where else to go.

I had them call my recommended mortgage consultant. He and his staff jumped into action, closed their loan ON TIME, WITH A GREAT RATE, and most importantly, with a mortgage that fits their needs.

You must understand...family and friends mean well, but everyone has different financial needs.

Just looking for the lowest interest rate isn't smart. You need to find a mortgage consultant, who will review your financial situation and risk tolerance level, and then show you several mortgage options for you to select from.

If you know someone who is planning to purchase a home or re-finance a mortgage, have them call my recommened mortgage consultant, Rick Pilger of Union National Mortgage (513) 234-4987 or rpilger@unmco.com. Rick has helped my clients for over 5 years and they love him.

Cincinnati's Housing Affordability Is HIGH!

Even though many real estate markets around the country haven't had much positive news lately, the greater Cincinnati market remains one of the top areas in the region.

Cincinnati ranks HIGH among the top markets when it comes to housing affordability.

The National Association of Realtors' Affordability Index measures whether a typical family can qualify for a mortgage loan on a typical home.

In the simplest of terms, an index value of 100 means a family with the median income earns exactly enough to qualify for a mortgage on a median-priced home.

The recent affordability data for Cincinnati shows that the area rates at 216 - very high. That's above the state of Ohio's rating of 188 and much higher than the national index rating of 132.

What does this mean to you?

If you're in the market to buy or sell a home, potential home buyers earn considerably more than enough income to buy a home.

Since we're currently in a buyer's market, it's a great time for home buyers to find a great deal with all of the inventory available.

As for home sellers, sales have been increasing the past few months. With the 8+ month supply of homes on the market right now (a 4 -5 month supply of homes is a balanced market), it's still important to have your home in top showing condition and to make sure that you've priced your home properly too.