Jeff Ruby Culinary Entertainment

Opticare Vision/Express Mobile Transport

Friday, February 25, 2011

5 Things to Know...

About the Mortgage Market

Ed Vinson and I coach under 12 girls soccer together. Getting to know him over the last few seasons, it's easy to understand how his company, Consumers Mortgage Source, has done well. He's an easy going, incredibly likable, trustworthy guy who knows his craft. The mortgage market has shifted significantly over the last couple years and in this market, it makes all the sense in the world to explore your options to make sure you are doing the best thing you can for yourself and your family.

These are Ed's 5 Things to Know about the mortgage market. His contact information is below should you decide to refinance or if you are looking to buy.

1) Self Assessment - How much of a mortgage you can comfortably afford.

Insider tip: The market is the least important factor you should consider when deciding whether and when to buy a home. By trying to time the market at the very bottom, you could possibly be losing out on very favorable conditions.

2) Getting Pre-Approved - When you get pre-approved for a home loan, we will look at your income, debt and credit.

Insider tip: Working with a mortgage broker referred by your real estate broker or agent may save you money.

A seller will take you much more seriously once a mortgage broker they know and trust has run your credit, checked your income and approved you for a loan, as well as communicated with your real estate pro.

3) Home shopping - The first step is to figure out what neighborhood you want to live in and what type of house fits your needs.

Insider Tip: Distressed doesn't always equal discounted - in some cases a "regular" sale can mean a deeper deal.

Long story short: you can sometimes negotiate a better deal with an individual seller on a "regular" sale that with a bank on a distressed home sale. So, don't limit your house hunt to foreclosures and short sales if you're looking for a good deal on a home.

4) Types of Mortgage Loans - Many loan programs available (fixed, adjustable, conventional, FHA, VA, Rural Housing) which one works best for you.

Insider tip: Credit score and down payment determine which program works best for the buyer. FHA purchases are the most popular, because of the low down payment.

5) Rates are still at historic lows, but won't last forever. Give us a call and get your free loan pre-approval. Call Ed or Jeff and start looking at homes now!

Ed Vinson Jeff Driver

(513) 200-9921 (513) 703- 8049

edcms@fuse.net jeffcms@fuse.net

License #5845 License # 232702

Consumers Mortgage Source, LLC (1755)

Get your free loan pre-approval. Call Ed or Jeff and start looking at homes now!