• Be ready to move fast. A well-located house in good condition and priced right will sell quickly; it can even be the first day it goes on the market. A buyer needs to be ready to commit if they find a home they like because they risk the chance of losing it if they don’t. One of the things First Ohio Home Finance is known for is how quickly they work for their customers.
Mortgage term. A mortgage term is the length of time used to calculate your payments. If you take out a 30-year mortgage, your monthly payments are calculated by amortizing the loan over 30 years, aka 360 months. At the end of the mortgage term, your home will be paid off unless you have a balloon mortgage. For a balloon mortgage, payments are generally calculated over a 30-year term, but have a maturity date of three to 10 years. On the maturity date, the balloon payment (remaining principal balance on the loan) is due. In most cases, homeowners refinance or sell the home to make the balloon payment.
Once you research the types of financing available, determine which is best for your financial situation when buying a home: 15-year mortgage or 30, adjustable or fixed. If you are looking for security and a guarantee that payments won’t increase, a fixed rate mortgage might be the way to go. If you believe mortgage rates could still fluctuate and you want more flexibility, consider an adjustable rate mortgage.

In today’s competitive market, many buyers skip this important step when they start looking for a home. A pre-approval allows you to confirm how large of a loan you can qualify for based on several factors. It also positions you to make a serious offer when you find the home you want to buy. For a pre-approval, the lender verifies the buyer’s application information through income and asset documents provided by you or retrieved directly by the mortgage company. Many lenders can also provide a “prequalification” online, based on unverified information provided by the buyer. However, most sellers don’t give much value to a letter that doesn’t state the information has been validated. The most important thing is to take the time to provide what is needed for a thorough pre-approval process.


A married couple may decide to get a reverse mortgage but leave one spouse off the HECM. If the borrowing spouse dies or moves out permanently, a non-borrowing spouse can continue to live in the home as long as he or she is listed in the HECM documents as such. The surviving spouse must maintain the home and pay taxes and insurance as long as he or she continues to live in the home, and will not receive any of the reverse mortgage proceeds.
Homeowners are encouraged to explore free HUD foreclosure prevention counseling, which could help you qualify for other programs. Homeowners should also contact their servicer to find out if they qualify for a loan modification or other foreclosure prevention options. Some of these may include transition to other foreclosure alternatives, such as deed-in-lieu of foreclosure or short sale.

Lenders can initiate the foreclosure process after a single missed payment. Foreclosure is devastating and affects the entire community. Charities and non-profit organizations throughout the country help homeowners avoid foreclosure by offering financial assistance. The eligibility criteria to receive help varies among charities and locations. There are several national charitable organizations that can help you receive the necessary assistance to get back on track and keep your home.


Example – A $200,000 fixed-rate mortgage for 30 years (360 monthly payments) at an annual interest rate of 4.5% will have a monthly payment of approximately $1,013. (Taxes, insurance and escrow are additional and not included in this figure.) The annual interest rate is broken down into a monthly rate as follows: An annual rate of, say, 4.5% divided by 12 equals a monthly interest rate of 0.375%. Every month you’ll pay 0.375% interest on the amount you actually owe on the house.

Citigroup will be providing mortgage help to millions of homeowners. They are committed to stopping foreclosures and in helping homeowners stay in their homes. Billions of dollars in fees and principal reduction will be provided to qualified borrowers. They will also provide additional mortgage assistance to the unemployed and those who have had a reduction in their income. Read more on the Citi unemployed homeowner mortgage assistance.
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