Cincinnati Area Real Estate

For Sale 545 Rosemont, Cincinnati, OH 45205

2010-05-23T07:24:00.002-04:00

Cincinnati Mortgage Market

2009-09-08T15:22:00.000-04:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

For the first time in five years, existing home sales have increased for four months in a row, according to an August report by the National Association of Realtors® (NAR). Existing home sales - including single-family, townhomes, condominiums, and co-ops - increased 7.2 percent in July, which is the largest monthly sales gain recorded since 1999. Analysts are projecting an increase in 2009 Existing home sales to a seasonally adjusted annual rate of 5.24 million units, which is 5 percent above the 4.99 million-unit pace set in July 2008.

Freddie Mac reported that the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dropped to 5.22 percent in July from 5.42 percent in June. This is a dramatic rate reduction compared to the 6.43 percent rate available in July 2008. According to a survey by NAR, first-time buyers accounted for 30 percent of homes purchased in July, while distressed homes accounted for 31 percent of transactions.

Finance Q and A:

Q: Can a first time buyer apply the $8,000 tax credit toward the purchase of a home?

A: The answer is YES - Under new rules introduced recently by the Department of Housing and Urban Development, qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent.

Tip of the Month:

This summer has proven to be one of the more active market in recent history. Because of increased competition, it is very important that buyers be pre-approved for their home loan ahead of time. If a seller gets two competing offers, they typically give extra consideration to offers made by pre-approved buyers. Make the most of your home buying experience by getting pre-approved for your loan today.

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)201-7712
http://www.clermontfinancial.com

National Statistics Updated 9/1/2009

5.24 M

Exist Home Sales

692

Avg Credit Score

0.25%

Fed Funds Rate

EVEN

4 Wk Rate Trend

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Cincinnati Mortgage Market Update

2009-07-06T15:33:00.001-04:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

Housing markets remain active as existing home sales increase for the second month in a row, according to a recent report by the National Association of Realtors (NAR). Existing homes sales rose 2.4 percent in May, creating the first back-to-back monthly increases since September 2005. Housing analysts have revised their home sales forecast upward and are predicting existing home sales volume of 4.77 million units for 2009.

First-time home buyers accounted for 29 percent of transactions during the month of May. Buyer activity is up across the board, too, as the number of home buyers in May was 10 percent higher than at the same point a year ago.

Mortgage affordability and the $8,000 tax credit for first time home buyers has helped fuel demand across the country. According to a recent Freddie Mac survey, average commitment rates for a 30-year, conventional, fixed-rate mortgage have recently fluctuated from the high four to low five percent range; down considerably from 6.08 percent in May 2008.

Finance Q and A:

Q: What's the best way to raise a credit score when applying for a mortgage?

A: Your credit score is a composite snapshot of your credit history, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. Contact your mortgage planner today to learn which programs might be right for you and take advantage of today's low interest rates!

Tip of the Month:

When figuring out what you can afford, it is important to factor in the additional costs of home ownership, beyond the mortgage principle and interest. Be sure to budget for hazard insurance, association dues, property taxes, as well as monthly utilities and other expenses unique to the property. It's also smart to review your anticipated tax savings and home equity growth as your investment grows. Ask your mortgage professional to help you budget today to get the most out of your next purchase!

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)201-7712
http://www.clermontfinancial.com

National Statistics Updated 7/1/2009

4.77 M

Exist Home Sales

692

Avg Credit Score

0.25%

Fed Funds Rate

4 Wk Rate Trend

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Cincinnati Mortgage Market Update

2009-05-06T09:45:00.001-04:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

The Federal reserve has continued their current course to keep interest rates low in order to stimulate the economy. Current interest rates on a 30 year fixed rate mortgage are at historic lows, hovering in the high 4 to low 5 percent rage.

The National Association of Realtors (NAR) has revised its forecast for Existing home sales in 2009, which have declined 3 percent from February to March. Even so, first time homebuyers are on the increase and are taking advantage of an $8,000 tax credit available to home buyers who have not owned a home in the last 3 years. First time homebuyers accounted for 53 percent of home transaction according to a recent survey. As it stands, the NAR is anticipating an annual volume of 4.53 million units sold for 2009.

Finance Q and A:

Q: How can I find information on the property tax liability?

A: The total amount of the previous year's property taxes is usually included in the listing information. If it's not, ask the seller for a tax receipt or contact the local assessor's office. Tax rates can change from year to year, so these figures may be approximate.

Tip of the Month:

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule. Many people are surprised to learn that they can do this themselves without any special programs, simply by submitting an extra principle payment as they are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Contact your mortgage professional to determine the strategy that works best for you.

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 5/1/2009

4.53 M

Exist Home Sales

694

Avg Credit Score

0.25%

Fed Funds Rate

EVEN

4 Wk Rate Trend

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Cincinnati Market Update

2009-04-01T14:56:00.001-04:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

Mortgage rates continue to hover near their historic lows, as Freddie Mac reports 30 year fixed rate conventional loans in the high 4 to low 5 percent range. Buyers and homeowners alike are taking advantage of these great rates to secure new financing. The increase in loan affordability has created additional demand in the housing market, as existing home sales increased by 5 percent in February. The National Association of REALTORS anticipates existing home sales of 4.72 million for 2009.

Real estate markets across the country got an additional boost earlier when Congress passed the American Recovery and Reinvestment Act of 2009, which allows qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. Homebuyers with annual income of up to $75,000 are eligible for the full credit, as well as couples making $150,000. Partial tax credits are available to home buyers making slightly more. To claim the tax credit, the purchase must be recorded between January 1 through December 1, 2009.

Finance Q and A:

Q: What's the best way to raise a credit score when applying for a mortgage?

Tip of the Month:

Real estate markets in California, Florida, Nevada, and Arizona are seeing renewed activity as bargain hunters snatch up homes discounted homes. Because of increased housing inventories and historically low interest rates, we find ourselves in the biggest buyer's market our country has ever seen. If you are in the market for a home, contact your mortgage planner and lock in your low interest rate today!

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 4/1/2009

4.72 M

Exist Home Sales

694

Avg Credit Score

0.25%

Fed Funds Rate

EVEN

4 Wk Rate Trend

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Reminder about your invitation from Jim Hood

2009-03-23T03:42:00.001-04:00

Dear Post,

This is a reminder that on March 8, Jim Hood sent you an invitation to become part of their professional network at LinkedIn.

Follow this link to accept Jim Hood's invitation.

https://www.linkedin.com/e/isd/511628932/pyhSty-s/

Signing up is free and takes less than a minute.

This is a reminder that on March 8, Jim Hood wrote:

> To: Post Blogspot [jim185.cincyhomes@blogger.com]
> From: Jim Hood [jimh@myelitehome.com]
> Subject: Invitation to connect on LinkedIn
>
> Post,
>
> I'd like to add you to my professional network on LinkedIn.
>
> - Jim

The only way to get access to Jim Hood's professional network is through the following link:

https://www.linkedin.com/e/isd/511628932/pyhSty-s/

You can remove yourself from Jim Hood's network at any time.

--------------

Cincinnati Mortgage Market update

2009-03-04T15:36:00.001-05:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

Mortgage rates held to historic lows in February as Congress passed the American Recovery and Reinvestment Act of 2009. Interest rates for a 30-year fixed-rate mortgage have hovered near historic lows and have been offered recently in the low five percent range.

For a limited time home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. Homebuyers with annual income of up to $75,000 are eligible for the full credit, as well as couples making $150,000. Partial tax credits are available to home buyers making slightly more. To claim the tax credit, the purchase must be recorded between January 1 through December 1, 2009.

The National Association of Realtors anticipates an additional 900,000 home sales will result from the housing stimulus, and expects housing inventory to fall below an 8-month supply by year end. The reduction in inventory points to strengthening conditions in many markets across the country.

Finance Q and A:

Q: Why do some buyers opt for 15 year fixed rate mortgage when they can get lower payments spread out over 30 years?

A: The 15 year fixed rate loan permits you to own your home, debt free, in half the time and for less than half the total interest cost of a 30 year fixed rate mortgage. Because interest rates are often lower on shorter loans, the monthly repayment is only about 25% higher than a comparable 30 year loan. The 15 year mortgage can be a great financial planning tool for many investors. Ask your mortgage planner if this type of loan is right for you!

Tip of the Month:

With credit markets tightening as financial institutions deal with recent liquidity challenges, it is now more important than ever that home borrowers get their financial house in order when applying for a loan. Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home. A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home.

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 3/2/2009

4.49 M

Exist Home Sales

694

Avg Credit Score

0.25%

Fed Funds Rate

EVEN

4 Wk Rate Trend

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Cincinnati market update

2009-02-05T16:21:00.001-05:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

Mortgage rates dropped to historic lows in January as credit markets loosened to stimulate the economy. In January, interest rates for a 30-year fixed-rate mortgage briefly dipped down to the high four percent range before settling to their current level, in the low five percent range.

According to the National Association of Realtors, existing home sales activity picked up at the end of 2008, with re-sales up 6.5 percent for the last month of the year. The heightened activity also dropped available existing home inventories by 11.7 percent. Real estate markets across the country are seeing increased activity as people take advantage of today's lower rates and adjusted home prices. The association is currently reporting a 9.3 month supply of existing homes for sale, and predicting an annual existing home sales of 4.74 million units for 2009.

Finance Q and A:

Q: Are Adjustable Rate Mortgages (ARMs) still considered a viable mortgage option?

A: Yes, absolutely! Most ARMs are better suited as short term loans for buyers who are planning to sell in few years. By taking out a low interest ARM, the purchaser pays less interest initially, before their rates adjust and the loan is reamortized. If the homeowner expects to sell in two to three years, an ARM might make sense. HOWEVER, if you plan on staying put for more than a couple of years, a fixed-rate loan is probably a better option. Fixed-rate mortgages are predictable and the payments remain the same throughout he life of the loan. For more information on which loan is right for you, consult your mortgage professional today!

Tip of the Month:

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 2/1/2009

4.74 M

Exist Home Sales

692

Avg Credit Score

0.25%

Fed Funds Rate

DOWN

4 Wk Rate Trend

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Article $7500 First Time Buyer IRS credit

2009-01-19T12:10:00.001-05:00

Visit online at clermontfinancial.com
Listen to my webcast

Post,

What follows is a summary of the IRS Guidelines regarding the $7,500 'first-time homebuyer credit": General: Congress recently enacted the First-Time Homebuyer Credit which can be claimed on IRS Form 5405; HOWEVER, THE CREDIT IS IN REALITY A NO-INTEREST LOAN THAT MUST BE PAID BACK OVER 15 YEARS. How Much is the Credit?: 10% of the purchase price with a maximum credit of $7,500 for either a single or a married couple filing a joint return. 10% for a married person filing a separate return up to $3,750. The full credit is available for homes costing $75,000 or more. Which Homes Qualify? Must be located in the U.S. Must be purchased after April, 2008, and before July1, 2009. For new construction, the purchase date is the date you first occupy the home. Taxpayers who owned a main home during the three (3) years prior to the date of purchase are NOT eligible for the credit. IF YOU MAKE AN ELIGIBLE PURCHASE IN 2008, YOU CLAIM THE FIRST-TIME HOMEBUYER CREDIT ON YOUR 2008 RETURN. FOR AN ELIGIBLE PURCHASE IN 2009, YOU CAN CHOOSE TO CLAIM THE CREDIT ON EITHER YOUR AMENDED 2008 RETURN OR 2009 RETURN. When Must I Pay Back the Credit?: You must begin paying back the credit/loan the second year after claiming the credit. For example, if you properly claim the maximum available credit of $7,500 on your 2008 return, you must begin repaying the credit by including 1/15th of this amount or $500 as an additional tax on your 2010 federal tax return; thereafter, $500 per year from 2010 through 2024. Exceptions to the Repayment Rule: If you die and are single, any remaining installments are NOT due If you die and are married both claiming the credit, your spouse must repay his/her one-half. If you stop using the home as your main home, all remaining installments become due on the year that occurs. This includes situations where the main homes becomes a vacation home or is converted to business use or rental property. There are some rules for involuntary conversions. If you sell your home, all remaining installments become due on the return for the year of the sale. The repayment is limited to the amount of GAIN on the sale if the home is sold to a unrelated buyer. If the sale results in a loss or there is no gain, the remaining installments may be reduced or even eliminated. (this requires professional assistance). If you get divorced and transfer to your spouse, he/she then become responsible for the remaining installments. Are there income limits? Yes, the credit is reduced or eliminated for high income taxpayers. The credit is phased out based on our modified adjusted gross income (MAG). For a married couple filing a joint return, the phase-out range is from $150,000 to $170,000. For other taxpayers the phase-out range is $75,000 to $95,000.. What if two homebuyers are unmarried? Two unmarried individuals buying a principal residence may allocate the credit among themselves in any reasonable manner. The total amount allocated between the owners may not exceed the lesser of $7,500 or 10% of the purchase price. Resident Aliens with an iTIN are eligible to take this credit. Even if you don't owe taxes and didn't have taxes taken from your pay, you are still eligible. The credit is fully refundable. Who cannot take the credit? Your home financing comes from tax exempt mortgage revenue bonds You buy the home from a close relative, including spouse, parent, grandparent, child or grandchild. I hope this is helpful.

Kim Schieldknecht

Kim Schieldknecht, Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason OH 45150 (513)587-3599

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Mortgage Market update

2009-01-07T04:38:00.001-05:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

The United States Federal Reserve pushed the federal funds rate closer to zero percent in late December in a move to loosen up credit markets and stimulate an economic recovery. As a result, mortgage rates dropped to their lowest mark in recent history with conventional 30-year fixed-rate mortgages reported in the low five percent range. This dramatic move has increased lending activity across the country as home buyers and home owners take out new loans to purchase or refinance.

According to the National Association of Realtors (NAR), existing home sales activity was down 8.6 percent in November as the market reacted to news on Wall Street. However, real estate markets across the country will likely see increased activity in the months ahead as more people take advantage of today's low rates and larger inventories.

NAR is currently reporting an 11 month supply of existing homes for sale, and expecting annual home sales of just under 4.5 million for the year ending in 2008.

Finance Q and A:

Q: What's the best way to raise a credit score when applying for a mortgage?

Tip of the Month:

Real estate markets in California, Florida, Nevada, and Arizona are seeing renewed activity as bargain hunters snatch up discounted homes. Because of increased housing inventories and historically low interest rates, we find ourselves in the biggest buyer's market our country has ever seen. If you haven't already done so, you owe it to yourself to contact your mortgage planner and real estate agent to make the most out this incredible opportunity!

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 1/5/2008

4.49 M

Exist Home Sales

692

Avg Credit Score

0.25%

Fed Funds Rate

DOWN

4 Wk Rate Trend

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INTREST RATES MAY BE DROPPING BELOW 5% CALL US TODAY!

2008-12-04T09:39:00.001-05:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

In a move to push rates low and stimulate the US housing market, The United State Federal Reserve announced in late November that it would purchase up to $500 Billion worth of mortgage-backed securities over the next year and a half. The Fed's actions were designed to loosen credit and make money available for today's homebuyers. The announcement sent the national average for 30-year fixed-rate mortgages below the 6 percent mark, down almost 3/4 points from the previous month.

Although the National Association of Realtors reported a decline in existing-home sales during October, officials there are optimistic about the move. Lawrence Yun, The association's chief economist, thought the Fed's actions should bring interest rates down considerably. "As we've seen in past recessions, home sales rise when mortgage interest rates fall" Yun said.

The association is currently reporting a 10 month supply of existing homes for sale, and projecting that 4.98 million homes will be sold in the US for 2008.

Finance Q and A:

Q: What is the benefit of a bi-weekly payment schedule?

A: Some borrowers choose to pay back their mortgages over 26 bi-weekly payments per year. The bi-weekly payment schedule speeds up amortization and reduces total interest costs. It typically shortens the loan term from 30 years to approximately 22 years. These smaller bi-weekly payments amount to an extra monthly payment per year.

Payments are deducted automatically from your savings or checking accounts. The same objectives can be accomplished by making an extra payment each year, or by applying an additional amount to principal each month when you send in your payment.

Tip of the Month:

Your credit report offers detailed information on your borrowing and repayment habits. Lenders determine your credit worthiness by looking at the FICO score found in your report. Scores range from 300 to 850, with higher numbers indicating a better credit history. According to Federal law, you are entitled to receive one free credit report each year. Take advantage of this opportunity and make sure you agree with what's on your report!

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 12/2/2008

4.98 M

Exist Home Sales

692

Avg Credit Score

1.0%

Fed Funds Rate

DOWN

4 Wk Rate Trend

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Cincinnati Mortgage market update.

2008-11-04T11:47:00.001-05:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

The Unites States Federal Reserve has lowered the federal funds rate again by 50 basis points. The new rate now stands at 1 percent, a 5-year low. Mortgage rates, on the other hand, moved in the opposite direction. Frank Nothaft, chief economist for Freddie Mac, explains, "Long-term mortgage rates followed long-term Treasury bond yields higher last week, pushing fixed-rate mortgages up." The 30-year, fixed rate mortgage now hovers in the mid 6 percent range.

The National Association of Realtors (NAR) reported some good news in October as existing home sales increased over 5 and a half percent -- a sign of improved housing affordability. The estimated annual volume has been revised upwards to 5.18 million units for 2008, representing a 1.4 percent increase over the previous year. The combination of lower prices, higher inventory and relatively low mortgage rates have all contributed to the increase in sales.

Total housing inventories were down 1.6 percent for the month of September, marking two consecutive monthly declines since inventory levels peaked in July.

Finance Q and A:

Q: How does the lender decide the maximum loan amount that I can afford?

A: The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 28% of gross income, while the mortgage payment, combined with non-housing expenses, should total no more than 36% of income. The lender also considers cash available for down payment and closing costs, credit history, and other factors when determining your maximum loan amount. Contact your mortgage professional for current loan program details.

Tip of the Month:

Why rent a house when you can buy? Home ownership offers many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. Given the freedom, stability, and security of owning your own home, home owners make a significant investment in their long-term security. Contact your mortgage professional today and learn how to maximize today's housing opportunities.

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 11/1/2008

5.18 M

Exist Home Sales

692

Avg Credit Score

1.0%

Fed Funds Rate

4 Wk Rate Trend

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RE/MAX ELITE....$100.00 DOWN ON hud HOMES

2008-10-31T13:48:00.000-04:00

www.2483660.com

Post,

I just came across an update today from HUD. If you or someone you know is wanting to buy a home, the program below not only allows you to buy a home with only $100 down, but could also give you $2500 in extra incentives!

Even if you are not thinking of buying a home, PLEASE pass this along to anyone who you know who might be. This is just too good of an opportunity to miss!

HUD Expands Sales Incentive Program!

Take Advantage of BIG Incentives NOW when you

purchase HUD Homes in Ohio

$100 Down Payments!

Purchase a HUD Home with FHA-insured financing for low down payments.

YES

You can own your

own home!

This special sales offer may not be combined with any other HUD discount sale,

including sales under the Good Neighbor Next Door program or sales to

non-profit organizations.

$2500 Sales Allowances!

The sales allowance is available to Owner-Occupants purchasing HUD homes with a sales price

equal to or greater than $25,000. Purchase can be FHA, conventional, or cash financed.

$2500 can be used for repairs, closing costs and mortgage principal reduction.

See our RE/MAX site: www.myelitehome.com AND OUR INHOUSE LENDER, WWW.CLERMONTFINANCIAL.COM

Kim Schieldknecht

Kim Schieldknecht, Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason OH 45150 (513)587-3599

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Cincinnati Mortgage Market Update

2008-10-01T17:12:00.001-04:00

Cincinnati Mortgage Market

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

The National Association of REALTORS reported in late September that recent sales for existing homes declined slightly, to an estimated annual volume of 4.91 million units for 2008. Recent tightening in mortgage lending has created challenges for some of today's home buyers. According to Freddie Mac, the thirty year fixed rate mortgage hovered in the mid 6 percent range.

Officials are hoping that recent actions taken by the Federal government will create stability in the housing market. Lawrence Yun, chief economist for the National Association of REALTORS, says, "With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability."

In other news, the House of Representatives passed the Veterans Construction and Extension Act of 2008, which helps Veterans achieve their dreams of home ownership. The bill has been passed on to the Senate for finalization. If you're in the market for a home, contact us for information on FHA, VA, and other mortgage programs that might be right for you.

Finance Q and A:

Q: How does the $7500 tax credit work for today's first time buyers?

A: The $7500 tax credit is not really a tax credit as much as it is a tax-free loan. As a first time buyer, you are allowed to apply 10 percent of your purchase price, or as much as $7500, as a tax credit on your return. This can put money in your pocket when you file your taxes, but keep in mind that this money will need to be paid back to the government in small installments over the next 15 years. Even so, this is a tremendous incentive for first time buyers looking to take advantage of today's market opportunities.

Tip of the Month:

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 10/1/2008

4.91 M

Exist Home Sales

692

Avg Credit Score

2.0%

Fed Funds Rate

EVEN

4 Wk Rate Trend

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Cincinnati Mortgage Market

2008-09-04T16:48:00.001-04:00

Cincinnati Market What the Rate Cut Means for You

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

Congress has passed the Housing and Economic Recovery Act of 2008, providing significant opportunities for today's buyers. The legislation includes a large tax credit to help first time buyers take advantage of home ownership. The tax credit -- which is 10 percent of the purchase price, up to $7500 -- is to be paid back within 15 years, essentially making this an interest free loan from the US government. This tax credit provides new buyers with a valuable resources to home ownership!

Fixed Rate mortgages for a 30 year loan remain in the low-to-mid 6 percent range. The National Association of Realtors (NAR) reported an increase in existing home sales during the month of July, up 3.1 percent overall. NAR has revised its current projection of annual existing home sales from 4.86 million units to 5 million units for 2008.

Finance Q and A:

Q: What is a seller-funded down payment assistance program?

A: Seller-funded down payment assistance programs provide seller assistance home buyers who need a little help coming up with their required down payments. The FHA will phase out these programs beginning October 1, 2008. Even so, many other down payment assistance programs exist for helping buyers, including sources from nonprofit community organizations, churches, and family members. Contact your mortgage consultant today for availability information on these important programs.

Tip of the Month:

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford & Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 9/2/2008

5.00 M

Exist Home Sales

692

Avg Credit Score

2.0%

Fed Funds Rate

Even

4 Wk Rate Trend

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CINCINNATI MARKET UPDATE

2008-08-04T21:11:00.000-04:00

Cincinnati Market What the Rate Cut Means for You

Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC

Mortgage Market Update:

The US Treasury Department and the Federal reserve have outlined a proposal to aid Freddie Mac and Fannie Mae amidst their recent difficulty. Fannie Mae and Freddie Mac own or back $5 trillion in home mortgages across the country. The financial health of these two companies is critical to the US housing recovery process.

Despite investor concerns that caused their stock price to fall, Treasury Secretary Henry Paulson expressed his support for helping these two companies maintain their roles in the lending marketplace. The Treasury is offering access to higher lines of credit, while the Fed is proposing that Fannie and Freddie be given access to funds through the Federal Reserve Bank of New York.

Fixed Rate mortgages for a 30 year loan have bumped up to the mid 6 percent range. The National Association of Realtors (NAR) reported a slight slowdown in existing home sales during the month of June. NAR is currently projecting annual home sales at 4.86 million units for 2008.

Finance Q and A:

Q: Is it wise to pay discount points up front to get a lower interest rate?

A: Depending on your plans for staying in the home, there are benefits to paying discount points to lower your interest rate. Over time, the savings realized from your lower interest rate will offset your initial expense of the lower rate loan. However, this strategy does not work well for buyers planning to move in a few years, who may want to opt for the higher rate. Consult with your mortgage planner today to compare options that work best for you.

Tip of the Month:

When buying a home, its good to get your financial house in order by doing a few small things ahead of time. Pay off small debts and get them off of your balance sheet, since the amount of outstanding credit can work against you when applying for larger loan amounts. You should also check your credit report for any blemishes or misreported items. You are entitled to receive a free credit report each year directly from the consumer credit reporting services. By reducing your debt and checking your credit report, you put yourself in the best position to acquiring a favorable mortgage.

Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford & Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com

National Statistics Updated 8/1/2008

4.86 M

Exist Home Sales

692

Avg Credit Score

2.0%

Fed Funds Rate

4 Wk Rate Trend

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Seller Vs. Bank Short Sales

2008-05-19T18:12:00.002-04:00

Do you know the difference between a seller originated and a bank originated short sale? Not knowing can cost you lots of frustration and time!

If your RSS feed does not show this video blog, the direct link below.

10 Tips For New Landlords

2008-04-23T16:53:00.003-04:00

1. Start small. The ideal starter rental is your own house because you know the condition of the property. Try one rental house and see if you like it and can handle it before buying a multi-unit building.

2. Rent your house unfurnished. Provide only a stove, refrigerator and washer-dryer hookups.

3. Do your own repairs. Maintenance companies can chew up your profits.

4. Aim high. Neighborhoods near military bases are great places for income property because transient military families tend to rent instead of buy.

5. Specify. Use qualifiers in your for-rent advertising. Saying "no pets" or "good credit required" will save you time and effort in screening applicants.

6. Use word of mouth. Offer a tenant referral fee of $50 to $100 to your good tenants to fill your vacancies. Good tenants tend to know other good tenants.

7. Don't live in your own rental. As appealing as a duplex or four-plex might look on paper, neither you nor your tenants will feel comfortable in close proximity to each other.

8. Buy for you. Only buy income property in areas where you would want to live yourself.

9. Don't overlook niche markets. For instance, by making your door openings 36-inches wide and installing grab bars and a ramp, you can rent to people in wheelchairs. It's a great way to do some good -- and you'll always have tenants.

10. Don't convert the beloved family home to a rental. If you've lived in a home forever and raised your kids in it, sell it rather than rent it because you've got emotional attachments that will prevent you from treating it strictly as a business investment.

This report is presented by:
Jim Hood
RE/MAX Elite, Realtors
Office: (513) 826-1924
Fax/Voicemail: (513) 297-1882
Email: Jim@SouthernOhioMLS.com

Free online buyer & seller seminars. http://cincyhomesearch.com/online_real_estate_university.htm
Keep updated about homes on your street. http://cincyhomesearch.com/StreetWatch.htm
Tips &Tricks newsletter with great offers from local merchants. http://cincyhomesearch.com/Neighborhood_club.htm
Get available homes instantly emailed to you! http://cincyhomesearch.com/Homefinder_information.htm
How much is your current home worth? http://cincyhomesearch.com/Seller%20Seminar/e-valuation.htm

Sellers - How To Negotiate An Offer

2008-02-12T14:51:00.000-05:00

What is the Real Offer?

Often, sellers make the mistake of only considering the price when the buyer makes an offer. Many people's gut reaction is that this is "too low" and immediately reject the offer.

That could be a mistake. If you listen carefully, hidden inside the offer may be pearls of information that would make you reconsider accepting less than full price. You don't want to reject any offer out-of-hand. Let us consider the deal carefully. It almost always consists of two parts. The first part is the price. The other part is the terms.

Price and Terms

First ask yourself what you want out of the deal. A less than full price offer would have to list terms that were appealing.

Good Terms a Buyer Might Offer

Higher-than-market-interest second (or first) mortgage in your favor
- The buyer will pay for all or part of your closing costs.
- Taking a problem house "as is" (not asking you to fix the problem).
- Quick close (short escrow).
- All cash deal (when other are asking you to accept "paper").
- Letting you rent back the house for a time (if you're having trouble finding a place to move to).

Items to Check Carefully in the Offer

1. Is the buyer pre-approved? You want to know how qualified the buyer is to make the purchase. While you may not care about the buyer's actual name, you're looking for a strong pre-approval letter from a lender saying that this buyer will get a mortgage sufficiently enough to make the deal. If the buyer is putting down a substantial amount of cash, say 20 percent of the price, you also want to see a letter from a bank, certifying that the buyer has sufficient funds on hand to close the deal. Some smart buyers these days will even come in with a credit report to show you.

2. How quickly can the buyer close the deal? A buyer who's ready to close in 30 days or less indicates strength. The buyer presumably has all his or her ducks in a row in terms of financing. A buyer who needs 45 or 60 days to close may be stretching, hoping to snag financing. Or this buyer may simply be trying to tie up your property as a kind of fall back position, while looking for other, better deals. Always question why a buyer needs extra time.

3. Are there any sweeteners? A sweetener is a term or condition that makes the deal sweeter for you. Usually, these are the first things that agents point out. For example, you want to stay in the house an extra 2 months while your kids finish school. and the buyer is willing to go along with this. That's a sweetener.

4. Are there any cash incentives? Is the buyer offering to pay you extra interest on a mortgage you're willing to carry back? Is the buyer willing to pay for any of your closing costs?

5. Is there another property involved? Some buyers are cash poor. Instead of offering a cash down payment, they may offer a mortgage on another property, or even that property itself. This complicates the deal, buy could be a real boon. Be sure you have a realistic appraisal of the other property as well as a title report listing any liens so you can judge the value of the offer.

6. Are there any negative terms? A negative term can be anything which makes the deal less attractive to you. Contingencies which favor the buyer are negatives. Some you can expect, such as demands for a professional inspection and disclosures. Others, such as a demand that the sale be contingent on the buyer not losing his or her job or that interest rates not climb beyond a certain point, may weaken the offer. Yet others, such as a demand that the offer be contingent upon the buyer's great uncle in North Dakota coming through with a promised gift of money, may make the offer frivolous.

7. Is the price acceptable? Note that the price is last on this list. You won't really know if the price is acceptable until you've read the entire offer and understand it. Only then can you make a determination about whether you'll accept the price. Don't let the price deter you from considering the overall deal. Again it is only one part of offer.

Take Your Time

When an offer is presented, a time limit may be attached to it. For example, a "Cinderella" deal is good only until midnight of the same day. You might receive it at 9 p.m. which leaves a window of three hours to either accept, reject or counter.

The idea behind this strategy is to force a seller to act swiftly. Most buyers will allow enough time for careful consideration. The important point here is to not be pressured by a deadline. You need to have enough time to feel comfortable with your decision. In other words, TAKE YOUR TIME! It is better to lose an offer than accept a bad one.

Always take enough time to fully consider the offer.

This report is presented by:
Jim HoodRE/MAX Elite, Realtors
Office: (513) 826-1924
Fax/Voicemail: (513) 297-1882
Email: Jim@SouthernOhioMLS.com

Thank you for requesting this report.
More assistance available to you:

Free online buyer & seller seminars. http://cincyhomesearch.com/online_real_estate_university.htm

Keep updated about homes on your street. http://cincyhomesearch.com/StreetWatch.htm

Tips &Tricks newsletter with great offers from local merchants. http://cincyhomesearch.com/Neighborhood_club.htm

Get available homes instantly emailed to you! http://cincyhomesearch.com/Homefinder_information.htm

How much is your current home worth? http://cincyhomesearch.com/Seller%20Seminar/e-valuation.htm

Distressed Homes http://cincyhomesearch.com/distressed_homes.htm

Avoid Hidden Buyer's Fees

2007-04-27T09:14:00.001-04:00

Expect the unexpected. Anticipate the hidden costs by researching the real estate and mortgage markets.

Keep in mind that there are hidden costs and that you have different options to deal with them. The best way to avoid Hidden Fees is to ask and receive a complete breakdown of costs from both the lender and the escrow company at the time you open escrow and begin securing finances. Lenders are required to immediately send you a document called "good faith estimate". Take the time to review each charge carefully. Challenge the ones you don't find appropriate or that you don't understand. Don't wait until it is too late. Do your research ahead of time.

Hidden Extra Fees

1. Application Fee: Many mortgage applications do not require an application fee. Although you need to fill out the mortgage application to get the mortgage, you do not need to pay the application fee to get one.

2. Assumption Fee: If you are taking over an existing mortgage, the lender will probably charge a fee for handling the paperwork. Find out what different lenders are charging and compare their fees. Know how much is too much.

3. Commission: Know who is paying the agent's commission fee: is it the buyer or the seller? Unless you have a written agreement to pay part of the seller's agent's fee or your buyer's fee, the commission should not appear on the buyer's estimate of cost sheet.

4. Appraisal Fee: A lender wants to know that the property on which a loan will be made is worth more than the loan. Your lending institution may request an appraisal of the property, which would be your responsibility to pay for. Appraisals can vary in price from approximately $175-$300. However, if you have are refinancing a loan which you applied for last year, the lender should not need to have the home appraised again.

5. Closing Review Fee: Sometimes the lender will charge you for going over the closing documents. The Closing Review Fee is unnecessary.

6. Courier Fee: Be wary of unnecessary delivery fees. Some companies will charge you for courier fees even when they haven't used a courier.

7. Credit Report Fee: The Credit Report Fee is required, but be wary of charges that are above $100. Again, find out what the normal and customary fees are for credit reports.

8. Discount Points: Points are used to adjust the yield of the mortgage to correspond to market conditions. Make sure that you aren't paying for more points than you agreed to when you first signed up for the loan. If there are discrepancies between what you thought and what the lender has put into writing, discuss them with your lender before signing the agreement.

9. Document drawing/signing Fee: Sometimes the escrow company will charge a fee for writing out the documents and having you sign them. Question your escrow company if you come across it.

10. Document Preparation Fee: Some lenders will try to charge you a fee for writing out the loan documents Also commonly referred to as the Processing Fee. This is part of their job and the fee is one of those "garbage" fees that you should just throw out.

11. Escrow Charges: The escrow company accepts all the monies, gets the deed prepared, and handles the actual closing of the transaction. An escrow fee is required but again, compare what different escrow companies are charging to get the best rate. Check to see if the title company and the escrow company are affiliated. They may have discounts available if you use both of their services.

12. Hazard Insurance: You will be required to provide fire and hazard insurance policies to protect the lender. Be sure to shop around for the best rates.

13. Impounds: If your mortgage was for more than 80% loan-to-value ratio, you will probably be required to impound taxes and insurance. The lender will collect a couple of months of taxes and insurance from you in advance in order to get the account started, and then pay them when due. Make sure that the right amount and not more is set aside.

14. Impound setup: Challenge any setup costs. Setting up the impound is part of the lender's job.

15. Lender's attorney fee: You are not required to pay the lender's attorney fee. It should be included in the lender's services.

16. Lender's title insurance: Most lenders require a separate policy of title insurance. Compare the different rates to find the best one.

17. Mortgage Insurance Premium: If you have an FHA loan or a loan for more than 80% LTV, you'll have to pay for insurance in case you default on the mortgage. If this charge does not apply to you, question your lender.

18. Origination Fee: This is like a start up cost. Many lenders will add this fee and not waiver it. However, you can find lenders who do not add this fee on top of their interest.

19. Underwriting Review Fee: Lenders usually hire underwriters to double check a buyer's employment and income to make sure that everything is in order. The lender should pick up any fee that the underwriter charges. Usually the underwriter fee varies from $200-$400. If you can avoid this fee, do so.

20. Warehousing Fee: Lenders sometimes charge for the interest on the mortgage between the time the lender makes it available to you and the time the deal actually closes. There's no need for you to pay interest on it until you receive the mortgage.

21. Administrative or Transaction Fee: Some real estate agents will charge a separate fee for writing and managing your documents. This is another example of an extra charge for a job that is routine for an agent.

The Fed, Stock Market & You

2007-03-24T09:06:00.001-04:00

It was an interesting week on Wall Street. It is amazing how much interest that is placed in not just what the Federal Reserve says, but also what it doesn't say! Evidently, because the Fed didn't saying much about inflation and the interest rate, the investors on Wall Street saw that as a statement that the interest rates wouldn't be going up in the immediate future. What does that have to do with you? Good question.

As far as the housing market is concerned, in the views of professional investors on Wall Street, it means interest rates for home loans will continue to be at historic lows. That is great news! With the solid housing market we enjoy in the Greater Cincinnati Area, that means you can buy a home with good expectations that not only will the values continue to increase, but you can buy a home with mortgage payments that are very affordable. Let me give you an example.

A loan for $150,000 on a 30 year, fixed rate loan at 6.5% shows payments being $948.10. If the interest rate increase to only 8.5%, the payment jumps to $1,153.37! When the interest rate climbs to 10.5%, that same loan, or house will cost you $1,372.11 a month! That is $424.01 a month more for the same home that could be bought today.

One more little observation. In 1997 a local title company handed out pamphlets that contained mortgage payment tables. If you knew how much you were borrowing and what the interest rate would be, just look at the tables and you can see what your payment will be. What is rather amazing about this 10 year old pamphlet is that the LOWEST INTEREST RATE it shows is 8% and it goes up to 13.75%!!! Only 10 years ago, the interests rates we are enjoying today were totally unexpected.

When the market is good for buyers, it will also be good for sellers. My suggestion, don't wait for interest rates to return to what was considered normal only a few years ago!

Jim
RE/MAX Elite 513-826-1924

The Price Is Right

2007-03-21T21:53:00.001-04:00

How many years has Bob Barker or his announcer been saying, "And this showcase can be yours, if the price is right!" As that statement has been true for that popular game show, it is all the more true when it comes to selling a home in today's market.

As a Realtor, I can tell you that it was really nice when all I needed to do was put a sign in a yard to start my phone ringing. Since the market has changed, I find myself occasionally picking up to phone just to make sure it still has a dial tone. The market has changed and so have the rules in getting a home sold.

The three big issues in getting a home sold revolve around the marketing being fine tuned for the type of buyers that would be attracted to a specific home, the over all condition of the home and the price. Of these three, ultimately, the price is crucial. If priced too aggressively, due to the larger number of homes on the market in contrast to buyers, the home will get few if any showings. The home must be priced based on the condition of the home and the neighborhood it is in.

Think of it like this, when buying a dress or a suit, you know the size you wear. It is very unlikely that a size 44 suit will be bought or even seen if it is put on the size 48 rack. Why would you, or any other buyer, waste their time looking in sizes that they cannot wear? When applied to our current market, it is all the more true about a home.

So, to win the prize, you will get your home sold,... if the price is right!

Automated Searches, What To Know

2007-03-19T18:12:00.001-04:00

Many real estate web sites offer automated searches. In exchange for information on how to contact you, they will set you up to receive automated information about listings.

There are two things you should ask:

1. Is this search being done by a third party software or is it directly part of the Multiple Listing Service? Most companies have third party providers when it comes to searching for homes. This means that information is often filtered and can be delayed or old information by the time it gets to you. It is also possible for a company to deliberately choose not to show all available listings. Get a search that comes directly from the Multiple Listing Service.

2. Is the search only email based or will you be given a personalized site that will allow you to keep homes you are interested in and delete the others? Email notifications are great, however, how can you remember what homes you've already seen? Having a site that is exclusively yours allows you to keep track of all your favorite listings so that you can easily refresh your memory.

If you are looking for a home in the Cincinnati area and don't have an agent who can do this for you, please give me a call. The house you decide to buy will be your home and is too important not to know all you can about the market!

Jim
(513) 826-1924
RE/MAX Elite, Broker, A.B.R.

Is this a good time to buy?

2007-03-19T16:10:00.001-04:00

That is a very common question in light of all the things being reported by the news media. In listening to them a person would think that the last thing to invest in is real estate!

Here are two important items to remember in buying or selling in todays market:

1. 2006 was the third best year in real estate since records have been kept. While it wasn't as good as the previous year, compared to almost every year prior to that, it was a tremendous year. However, positive news doesn't get people's attention as negative news does. That is why, even when things are great, we most often hear about some bad issue.

2. Mortgage rates are still at a tremendously low level. It wasn't too long ago that interest rates were between 12% to 18%! They are better than half that now. The person who doesn't buyer today will likely regret it tomorrow if the interest rates rise.

Jim

Welcome

2007-03-19T15:40:00.000-04:00

Welcome to the blog designed to share ideas and insights into the world of buying or selling a home. With the changing market, strategies also change. Ideas will be generated here as well as sharing of experiences from people across the country. You are welcome to join us. There are simple rules that 98% of us follow in very day life. First, this is a site for sharing ideas, not debating. Second, there is no space for spamming or crude language.
It's great to have you on board!

Jim

P.S. I'm never too busy for any of your referrals!