Last week we spoke about important financial costs to consider when buying a home in New Albany, and we talked briefly about mortgages. This week we want to explore the topic of mortgages in depth, and we specifically want to focus on the different types of mortgages available for home buyers. Fixed-Rate Mortgages This type of loan keeps the interest rate consistent throughout the life of the loan, which...
Banking/Mortgage
If you are buying a home in New Albany, knowing how much you can afford is key to a simpler home search. And if you are a first-time home buyer, this information is crucial to helping you experience a smooth and enjoyable home buying process. Learning What Size Mortgage You Can Qualify For When you talk with a mortgage lender during the preapproval process — which involves a deeper look into your...
New Albany Country Club Homes Prices Hold Sale prices of homes in the New Albany Country Club community seem to have leveled out. 2012 prices remain equal to 2009 and 2010. One of the gauges we use to evaluate sales trends is $ per Square Foot. If you look at the past 3 years, the average sales price for real estate in the New Albany Country Club area has been ~$162/square foot. While this...
Check your mail for your new home valuation! We know property values have fallen since the last county wide appraisals were done in 2005 but just how much? You’ll know soon. The Franklin County auditor’s office is mailing the new valuations today! It’s unprecedented and will be interesting to see what they look like. While the auditor reports that Franklin County property values are down 6.7% from 2005, I expect to see a deeper decline in the New Albany valuations. What if you don’t agree with the new valuation?
We had a great luncheon meeting with our lender partner, Scott Miller of Met Life Home Mortgage, and his team yesterday at their new corporate digs. The focus of the meeting was for our team to get a complete understanding of the new world of home loans and the process from application to funding. To quote an old song from my youth "It don't come easy" . There are lot's new steps and lots of different hand offs, gates and gate keepers. "Rushing" any deal these days is all but impossible as the banking industry is still reeling from the sub prime mess. Mac & Mae At the end of the day, 90% of all loans come through the federal entities Freddy Mac and Fannie Mae. So if you are going to get your loan through Acme Savings and Loan or Ginormous National Bank, at the end of the day the money and the thumbs up or down are tied to Mac and Mae. That's because Acme and Ginormous sell their loans to Freddy and Fannie, and while they once took in any 'ole kinda loan like a lost puppy, they are now very picky.
With the $8,000 tax credit for 1st time home buyers about to expire on November 30th, I was expecting to see a lot more New Albany homes for sale and Columbus homes for sale going into contract. When the tax credit was announced, the experts thought it would jump start the housing market. From my vantage point, there has been little “trickle up†effect seen in New Albany Ohio real...
An article in the August 13th issue of the Columbus Dispatch referred to a growing foreclosure problem in the suburbs of Columbus. I began to wonder if this applied to New Albany as well. I searched the Multiple Listing Service to see how many of the homes that have sold in NA so far this year were either Foreclosed properties or Short Sale properties. 22 Foreclosed or Short Sale Homes Sold in...
Today's shifting economy has created some hardships and heartache within the real estate market, even in New Albany, Ohio. You may have heard the term "short sale" being used lately with regards to real estate.  Many are unfamiliar with what a short sale is. The "short" in short sale refers to a situation where the debt owed on a property is more than the current market value of the...
The procedure for obtaining a loan continues to tighten as the banks, investors, and HUD figure out how best to insure that jumbo mortgages are secure investments. The US Department of Housing and Urban Development (HUD) announced on April 1, 2008 that jumbo mortgages (loans exceeding the conforming loan limit of $417,000) may require 2 appraisals in order for a buyer to obtain a loan...
It's no secret that real estate and banking have been in the news for all the wrong reasons during the past 12 months. Yesterday, we received great news from our preferred lender, Scott Miller, at National City Mortgage.  Interest rates are at long time lows right now.   Yesterday, the rates for a 30 year fixed rate dropped to 5.49% and the rate for a 15 year fixed mortgage...