| |
“I will use David Viox each time I finance or refinance home. I will refer
his services to anybody looking for home financing.”
Sharon W.
Cincinnati, Ohio
“Rob Young always answered the phone when I called and customer
satisfaction is his top priority.”
Jatana A.
Lebanon, Ohio |
Cincinnati mortgage financing has changed a lot over the years. For a long
time you had the local banks and the finance loan companies. You would
either pay 8% or 18%. Then in the 1980’s and 1990’s the mortgage brokers
came on the scene. There were more loan options than ever before. Anyone
who wanted to buy a house could. That is when things got out of control.
Properties on the East and West coast of the country skyrocketed in value.
At the same time Cincinnati real estate just moved along with a steady
appreciation rate of 3% to 5%. Our local real estate market has never been
on fire. Sure, we have pockets that will experience better appreciation
than others. For the most part our market is stable and I think that is
the way people around here like it.
Then in 2007 with the subprime mortgage crisis, the wholesale loan market
dried up. Wall Street simply quit buying the paper i.e. mortgage backed
securities. People who in the past were able to get a stated income loan
now had to show proof of income. No longer could just anyone buy a home
with an 80 20 loan. Investment property loans became much more difficult
to get. That is when many Cincinnati mortgage companies refocused their
efforts to HUD mortgage loans also known as FHA loans.
Cincinnati FHA Mortgage Loan
With FHA mortgage loans, people get a low fixed rate without a prepayment
penalty and FHA loans are not credit score driven. That means even if you
had some credit problems in the past or a bankruptcy two years ago, we can
help. We have closed several low credit score loans through FHA insured
lenders including Van Dyk Mortgage, Countrywide, Citibank, Chase, and Bank
of America.
The FHA mortgage rates are the same and sometimes better than conventional
mortgage rates. In the past realtors and others would think of FHA as a
first time buyers program. With all the changes in the mortgage market,
FHA lending has become an attractive first mortgage loan option. Many
people with high scores choose FHA loans
No PMI FHA Loan
Unlike most other loans with FHA you can avoid monthly mortgage insurance
with a 15 year loan at 89.99% loan to value. That means if your loan
amount is less than 90% of the appraised value of your home, on a fifteen
year term, you will not have to pay PMI. Most other conventional and 30
year FHA loans will require PMI until you pay down the loan to less than
80% of the appraised value or a certain period of time.
Cincinnati Fixed Rate Mortgage Loan
With a fixed rate mortgage you have the confidence that your interest rate
will remain the same throughout the duration of your loan. Your interest
rate will be determined during the application process and you will sign a
note at the closing. The mortgage note is the document which is an
agreement between you and the lender agreeing to the terms of the mortgage
loan. One of the most popular is the 30 year fixed mortgage, although the
15 year fixed mortgage rate is lower. The 30 year fixed rate, gives you a
lower and more affordable payment. In order to get the best fixed mortgage
rate you need to keep your credit perfect, be on the job for two years,
and have a low debt to income ratio. A Cincinnati fixed rate mortgage loan
is good for people who want the certainty of knowing their interest rate
will not change. If you want the best fixed rate mortgage loan pick up the
phone or apply online now. You can always call David directly today to
hear the 30 year fixed mortgage rates and ask about the 15 year fixed
rate.
Cincinnati Adjustable Interest Rate Loan
The variable rate mortgage or adjustable rate mortgage, (ARM) has a rate
that will change at a set future date based on an index and margin. The
change will be determined by adding the index plus the margin. The index
could be one of the U.S. treasury yields, prime rate, LIBOR, or other cost
of funds. The margin will be a percentage rate or basis points added to
the index. The rate will be fixed for a predetermined amount of time and
will adjust after that date and semiannually or annually thereafter. There
should be ceilings and floors on the amount a rate can change each time it
adjust and over the course of the loan.
Cincinnati Purchase Mortgage Loan
Whether you are a first time buyer, moving up, or buying your dream home
we can provide your purchase mortgage. We offer 100% financing, FHA, and
the no money down mortgage. We also have one of the best fixed rate
purchase mortgage loans. For Cincinnati first time home buyers we offer a
step by step loan program that will get you the best mortgage rate and
lowest mortgage payment around on your real estate mortgage. Our team will
guide you from the mortgage loan application through the loan closing. If
you are selling an existing home and moving up we have the home loan
mortgage purchase to ease the financial burden. Call David and his
experienced staff will provide the expertise to make your dream home
purchase come true.
Cincinnati Mortgage Pre Approval
The time to get your mortgage loan approval is before you make an offer on
your new dream home. Here, at my personal mortgage banker, we can issue a
mortgage loan commitment prior to submitting an offer. Then, you or your
realtor can negotiate the best price. You will also know your mortgage
interest rate and your mortgage payment. The mortgage 80 20 program is a
good option if you want to do a no money down purchase. We have some of the
lowest mortgage rates in the state and some creative options if you need a
bad credit mortgage. Call David now to hear the mortgage interest rates
for today.
Cincinnati Reverse Mortgage Loan
A lot of people ask, what is a reverse mortgage? The reverse mortgage loan
is for people 62 and older, who want a monthly income payment, lump sum of
cash, or a line of credit without the obligation of making a payment as
long as you live in the home. The reverse mortgage is primarily based on
your date of birth and the amount of equity you have in your home. Equity
is the difference between what you owe and what your home is worth. You
borrow money against your home and the loan is paid off after all parties
have passed on or have moved out for twelve months. At that time the house
can be sold or refinanced and the loan balance is paid just like a regular
mortgage. The reverse mortgage lender does NOT WANT YOUR HOUSE! Your heirs
own the equity just like a regular mortgage. You have a simple interest
loan with no pre pay penalty. You can pay it off at anytime or never make
a payment at all.
There are several types of reverse mortgage loans, reverse mortgage rates
and reverse mortgage lenders to choose from. Most of my clients prefer the
HUD reverse mortgage also know as a HECM reverse mortgage. The HUD reverse
loan is actually an FHA reverse mortgage. FHA insures the loan in the
event that a lender goes under. The HECM reverse mortgage typically has
better reverse mortgage interest rates and that allows my clients to get
more cash. Other reverse mortgage companies have their own reverse
mortgages. You can get a Countrywide reverse mortgage or a Wells Fargo
reverse mortgage as well. Call David at 513-607-9105 to discuss your
particular situation.
Since we operate as a reverse mortgage broker we have several reverse
mortgage banks to choose from. This gives my clients the ability to shop
for the best reverse mortgage rates without the hassle of applying at
numerous reverse mortgage banks. One lender we have a wholesale
relationship with is the reverse mortgage bank called Financial Freedom.
Financial Freedom does the reverse mortgage servicing. You might have seen
James Garner advertise the reverse mortgage on television. We use their
reverse mortgage calculator and I refer people to AARP for reverse
mortgage information.
Frequently Asked Questions > |
|
