Short 2 minute video explaining some sample monthly payments for affordable homes in Knox County Ohio. In many cases it is more affordable to own a home in and around Mount Vernon than it is to rent a similar sized apartment. Video created by Sam Miller of REMAX Stars Realty (740) 397-7800 http://www.KnoxCountyOhio.com. (this video is for example purposes only and we are not offering any type of mortgage services).
Duration : 0:1:49
I have quite a few questions about being a first time buyer in the real estate market, but i’ll start with some background.
I am moving from Oklahoma to Ohio in December to join my long term girlfriend (19 years old) who has already moved back and is living with family.
We both work full time and make a decent income. We also have very good credit (checked reports and scores for both of us the beginning of Oct 2010) mine is in the upper 600, and hers in the low 700.
I am expected to recieve an inheritance from the sale of my recently deceased grandmothers home, of about $10,000.
I work in healthcare, and can very easily and quickly get a job upon arriving in Ohio.
I initially planned on renting, but upon further research have decided that it is more cost effective to buy.
We are looking at purchasing a condo in the Lakewood area just outside of Cleveland, OH.
The particular condo at the top of our list is on the market for a steal of about $34900, located in a high rise condo building just off the shore of Lake Erie equiped with a GREAT view of the lake, Balcony, 1 bedroom 1 bath, 720 sq. ft. and a parking garage, with great amenities and all appliances included.
I don’t plan on living there for more that 5 years max, so I’m thinking of getting a 5/1 ARM to finance, with 5% down. And have taken into account the HOA fees, insurance, and taxes. I’ve also been estimating my budget based off of an mortgage interest rate of 5.5%.
The condo could use a few touch ups (fresh coat of paint, new flooring, updated fixtures) but is definitely move-in ready.
HAHA, sorry thats a long background. Now for the questions.
1. Will I have trouble obtaining a mortgage? If so, why?
2. How long should I expect closing to take?
3. What should I negotiate in the offer (upgrades, closing cost, first year taxes, first year HOA fees?)
4. Will both of us be able to sign on the loan, even though we are not married?
5. What kind of interest rate can I expect to get as a YOUNG first time buyer?
Any answers, suggestions and further inquiries are WELCOMED AND APPRECIATED.
Thank you.
I will rate and choose a best answer for you Answers points fans. 
The current ARM rate is higher than the fixed rate, so I ponder why you want to go with that. Fixed rates are around 4%, at the moment. You might have trouble getting a loan, but if you have a letter of employment that shows you have a job lined up there, and there is no actual lapse in employment, you might be okay. Or you could try to get the mortgage in your girlfriend’s name, since she has a place there. Talk to a lender and see. A lot of foreclosures want a preapproval letter along with the offer, why not start there? Generally you choose a closing date when you submit your offer although it can be negotiated. I would say 30-60 days to give you enough time to get things done, a bank will likely require an appraisal and you may want an inspection. Go for what you can get in the offer but not to the point of jeopardizing the deal, if you really want it- that’s my advice. Best of luck.
I have had this loan from them for 4 years never had a problem. I always pay by the 1st until I notice online I have the freedom to make the payment anywhere from 1st to the 17th, after the 17th I would have to pay the fine. Well I had a credit card where the introductory rate of 1.99 expired and now that rate jumped to 19.99% I elected to use my paycheck on Oct to pay that off, otherwise it would be 40 interest, therefore I have intentions of paying the Mortgage tomorrow and even set it up that way.
Soon as Nov 1st past these SOB’s have been calling non stop, they have been calling my, wife’s and our teenage daughters cell phone. Mainly robo calls then here and there you get a smarty pants on the phone who says they work in collections and I am late. I tell them about the grace period but they argue with me very rude. They call at least 10x a day and all the way to 11PM.
Whenever I demand to speak to a manager they just simply disconnect.
Oh and over many times they ask If I want to apply for a government program. I have had it with them I am sure there is a government program to stop these calls, please advise.
If I read your question correctly, you’re now behind 2 months on your mortgage. Yes, you are late, and they have every right to call whatever numbers are listed on your account. However, they are not allowed to call you after 9 p.m.. If you have "had it with them", you may want to consider refinancing, but your recent activities may prevent you from doing that.
This illustrates how an interest rate swap can transform a floating-rate obligation into a fixed-rate obligation and vice-versa
Duration : 0:7:4
I bought my first and only house 3 years ago on a 90% deal fixed rate.
I’m now looking to re-mortgage and having spent £30-40K on the property am hoping that it will be valued at substantially more, perhaps even enough to let me get at the 75% rates.
So how does it work?
Oh, and I’m in the UK and the fixed rate period of the mortgage has expired.
Ordinarily I think I’d go through a comparison checking website to see the best deals and then approach those companies to see what they’d offer. However because of the works I’ve done, extending the house and refitting units the value should be so far above what it was three years ago.
I think the mortgage companies will want me to get a valuation, but without knowing which one I’m going with then I won’t know which companies valuations they’ll accept? What do I need to do first?
Last time I went through an IFA but he’s since now retired.
As the previous Steve has mentioned some areas have dipped in price so you may need to build that into your calculations.
However assuming the value of your house has risen you now have a couple of options. One is to see what your existing provider can offer you in terms of product. They will probably use a desk top valuation eg. no one leaves the office and will be calculated using historical house price movements therefore won’t take into consideration the improvements you have undertaken. They should give you the option of having the house revalued although this will be at a cost to you.
The second option is to remortgage. As you quite rightly said any new provider will want a valuation done. The cost of this will depend on which deal you choose (many have free valuations). Do however be aware that lenders offering free valuations (depending on the company) often use drive by valuations. Its worth checking this out first as again I expect depending on where the extension is if a drive by valuation takes place it will make very little difference.
Do note its the lender that will arrange the new valuation not you as they will want it done by a surveyor of their choice.
Loan officer Dan Green talks about mortgage markets and mortgage rates. Topics covered include (1) The end of the 2010 Refi Boom, (2) What the Federal Reserve’s $600 billion QE2 program means for inflation, and (3) Jumbo mortgage rates. Dan is based in Cincinnati, Ohio and blogs at http://themortgagereports.com.
Duration : 0:1:57
A person at Lonely Answers Club recently told me that I should take a course in Economics. She said:
If true capitalism were in place, nothing would be illegal. Instead, it [overpayment of executives] would be driven out by the market itself. Pure supply and demand would rule.
Our problem according to her is that our capitalism isn’t pure enough — it’s not the complete capitalism — the full capitalism — it has been diluted to some degree and meddled with.
But I remember September of 2008. There was Henry Paulson down on his knee in front of Nanacy Pelosi, in the Oval Office. Maybe I’m the only one that remembers, but he told her that unless she came through with about a trillion dollars in TARP money there was going to be a compete and total collapse of the US economy — another Great Depression.
I have no doubt that what Henry Paulson said was true. I’m not sure TARP was the ideal way to handle the crisis. I would have gone for government takeover and liquidation combined with strong prosecution of about 2000 senior executives at Big Banks and Hedge Funds on Wall Street. I would have added two more wings on Allenwood, and filled them with cellmates for Bernie Madoff. But instead we taxpayers recapitalized the banks with money they never loaned out, and now it time for reload, they are doing the same con all over again because we cannot admit we got scammed.
In this context the Econ 101 graduates are here to tell me that capitalism is not pure enough. We would all be better off if there were less regulation. If everything were legal, like in Heinlein’s Hong Kong Luna. The market would take care of everything.
So why didn’t Pelosi just tell Henry Paulson — "Don’t come to me, the market will take care of everything Paul."
Some flaws may have appeared, or become apparent to rational observers, of which there may be few or none in USA because too many people have taken Econ 101 and learned the Efficient Markets Hypothesis from Milton Friedman and Burton Malkiel.
Here’s what I want to know — are markets truly efficient? Did Moody’s and Standard and Poor’s give honest ratings on the Mortgage Backed securities they rated? Did everyone who dealt with Goldman Sachs get a square deal, or know that they weren’t getting a square deal? Did AIG get $380 Billion in taxpayer bailout money because Goldman Sachs was a major counterparty, and Goldman had a lot of friends in high places — like Paulson, and Geithner.
Did the big Wall Street investment houses and banks pay out $700 million in bonuses for the same years performance in which they caused the totaly destruction and almost collapse of the entire US economy — was that the wonderful and excellent work that they bonused themselves for — using TARP money — your money — taxpayers tax money? Would that be a flaw in capitalism — or maybe a sign that we don’t have pure enough capitalism — with the really pure stuff those guys could have taken $20 Billion in bonuses, oh heck $50 billion, why not? The average working guy gets what $45,000 per year total pay.
The Econ 101 people can’t see anything wrong with that system. No flaws. It’s almost perfect. Could be perfect if we just got rid of the remaining rules and made everything legal.
I was reading Heinlein before my interlocutor ever took Econ 101. When she’s taken 10% as many courses in economics as I have, she can come and teach me Economics. In the meantime, do you think there are any flaws in American Capitalism?
You’re learning something that I learned a long time ago: when it comes to Economics, a little knowledge is certainly a dangerous thing. As you state, many people have taken Econ 101, but you are dealing with issues here that are well above the scope covered in Econ 101.
People who have taken Econ 101 often come away from the course thinking that they have learned a lot, and are knowledgeable in all things about the economy. The problem is that Econ 101 teaches only a simplified version of reality. Everything in the course is different from reality because they teach basic concepts; by doing so, everything is isolated from all other related issues, and everything uses basic assumptions in order to teach each concept.
It usually takes many Economics courses well above the level of Econ 101 to understand that people who have an Econ 101 level of economic knowledge do not have a grasp on what works, and what does not work. Yet the nature of the course has them convinced that they have all the answers. I earned an economics degree (4 year) way back in 1979, and I have spent all the years since then seeing and listening to people with an Econ 101 level of knowledge telling eveybody what is wrong and how to fix it; some of these people are now serving in Congress.
I do not see anything wrong with the American economic system, other than the fact that the process is ugly and slow. A simplified version of its history: At first, free markets rule. As problems are exposed due to the markets being totally free (such as exploitation, which is very real, an overview of American history will show that), then something is done about it, usually in the form of regulations which put limits on how free the markets in question are. Often, this requires that the issue be elevated to a major political issue, but not always.
These regulations can be misguided, for sure. They are often political reactions to complicated issues, and can be based on incomplete information. They can go in the wrong direction, or too far in the right direction. When the solution becomes the problem, the regulations can be ondone using another step in the political process. This entire process (problem identification, solution, fixing a wrong solution) is lenghty and politically ugly.
But just because regulations CAN be misguided, doesn’t mean that they always are. And it has been proven that pure capitalism does create problems that can be addressed in no other way, short of adopting a system other than capitalism. People who believe in pure capitalism with absolutely no government involvement are misguided. Your acquaintance who said that free markets would keep executives from being overpaid is very misguided. Also, you often hear people ranting about regulations being all bad. I’ve never heard any one of them delve completely into the issues involved to prove that: in order to prove that any regulation is bad, a person must show complete understanding of the history of the regulation, in terms of why it came about, what problems did it solve (or not solve), what costs does it impose, how it affects the overall economy, and how it affects other people who may gain from such regulations. Then using a cost/benefit approach, people can be knowledgeable enough to decide whether any given regulation is good, goes to far, or goes in the wrong direction. But nobody ever does this, and when they rant about regulations in general, an uninformed public often agrees with them.
Politicians and policies can be misguided, for sure, but there are situations dealing with the economy where common sense would say that having elected officials, who are answerable to the people and who presumably have the people’s best interest as a guide, making decisions is a better solution than having these decisions being made by powerful corporations, who are not answerable to the people, and are motivated only by how much money they make. Another history lesson, disputed by those who will rewrite history to prove a point: the growth and survival of the middle class depends on government to put restrictions on the power of giant corporations.
It appears that a better solution could have been found in September 2008. Back then, the term everybody was using was "too big to fail". We should never consider any economic entity as being too big to fail. But a case can be made, based on economic conditions, that a firm is "too big to fail right now under present conditions". That justification, although not using those words, has been used for past actions, such as the Chrystler bailout of the 1980s.
I know all over the news are all kinds of credit woes from bad loans, spending too much, job loss, etc. I understand these issues.
Now, what about the rest of us, middle/average income folks that have been responsible with credit, not over spending, etc? We’ve been making payments on time, making over payments, etc. How about something for us? Lower rates, allow us to have a month without finance fees?
There are all kinds of help for low income, or recently laid off workers and the rich don’t have anything to worry about.
I’m so tired of nobody ever paying attention to us. Yes we can get buy, but it doesn’t mean its easy. We’d like some help with college, special mortgage policies or benefits.
By being responsible, we just get to enjoy our loans and credit cards as they are with no "Hey, thanks for being able to pay your bills" or "thank you for not adding to the falling economy by being responsible and not defaulting on your loan".
All I am saying is that for the millions of people that have been lucky enough to keep a job, not get sucked into a bad loan and been responsible with credit, we should have some type of aknowledgement.
Maybe if we call for a lower APR, instead of being "oh sorry our computer does all the rate adjustments, you actually do something manually".
I have felt that way too sometimes, but I’ve also gotten better APRs for keeping a high credit score and good offers when I want to purchase something. If you find the right relationships with lenders, you can still get good deals. Consider looking at local credit unions, they are in great shape and still have that personal touch when looking at loan applications.
Its really all about living within your means. Some people would rather spend, spend, spend and get instant gratification now where as others would rather be savers and think long term.
http://www.visionrealtycbn.ning.com
http://www.visionrealty.com
Donald A. Payne
Vision Realty, Inc.
4608 N. High St.
Columbus, OH 43214
www.VisionRealty.com
www.FinallyMyHouseSold.com
email: DonaldPayne@VisionRealty.com
614-267-2223 (office)
614-323-4348 (cell)
614-267-2258 (fax)
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Duration : 0:3:33
1. If you do have a job, why can’t you wait until payday to buy whatever you want?
Instead of buying stuff… you are really paying double of the stuff you bought…
I saw this lady using coupons and shopping at Walmart, finding good deals…
and she used Credit Card… She isn’t saving money at all.
She could save even more money if she uses cash.
2. If you have $2,000 in the credit card…. and $0 in the bank… but you use credit card anyway…. use the whole $2,000 to buy stuff… then you can’t pay it back… if you are layoff or something. Or got too greedy.
3. If you’re a college student…. most likely won’t get a job…. using up college loans… then you can’t find a job… and oh oh… you’re in debt…
By the time you graduated from college, you owe $50,000 college loans… and it will take forever to pay that back… because the interest rates are increasing…
4. Then house mortgage… why can’t people just save money… and then buy a house… why paying double for a house? By using loans… and then if you lose your job, you lose the house… and ruining your credit, most likely you can’t buy another house.
Why do people take risk?
then you get harassed…. they call you 100 times a week….
and then call your friends and family members…. harassing them.
My mom tried to use bonus miles…
but still she has to pay $500 for a plane ticket anyway…
Why use debit card? Why not just use the ATM card… there is an ATM machine at the store. If you go over your debit card…. you have to pay an overdraft fee.
that is why we have checks, if you want to buy computer, use checks or money order. Banks got certified checks.
this is America, the land of instant gratification. we all want what we want here and now, and Credit cards are the "magical" solution!