Stephen R. Harless, Mortgage Lender - First Federal Community Bank

Stephen R. Harless, Mortgage Lender - First Federal Community Bank Community focused mortgage loan officer specializing in home and commercial lending products.
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✅ Friday Quick Tip: Don’t Skip the Sewer ScopeA standard home inspection is important — but it doesn’t show what’s happe...
05/22/2026

✅ Friday Quick Tip: Don’t Skip the Sewer Scope

A standard home inspection is important — but it doesn’t show what’s happening underground.

👉 Always add a sewer line camera inspection (aka a sewer scope)

No matter:

-The age of the home
-Whether there are trees in the yard (root intrusion is common)
-Even if the seller says they’ve “never had issues”

Why this matters:

A sewer scope typically costs a few hundred dollars, but it can uncover:

---Root intrusion
---Collapsed or cracked lines
---Blockages or improper connections

💸 Sewer line backups and repairs can cost thousands — even tens of thousands.

This small upfront step can help you avoid a major surprise after closing.

Bottom line:
It’s one of the cheapest inspections you can add — and one of the most valuable.

📊 A HOME'S LIST PRICE IS NOT ALWAYS IT'S VALUE...It's simply an indication to the seller's strategy! Not every home is p...
05/21/2026

📊 A HOME'S LIST PRICE IS NOT ALWAYS IT'S VALUE...

It's simply an indication to the seller's strategy!

Not every home is priced the same way — and understanding the seller’s strategy can save buyers time, money, and frustration.

What we’re seeing in today’s market:

⬇️ Price Low Strategy
Some sellers intentionally price below market value to:

Create urgency
Attract more showings
Spark multiple offers
Drive the price up through competition

➡️ If a home is priced low, buyers often need to be prepared to offer more than list to win.

⬆️ Price High Strategy

Other sellers price high to:

“Test the market”
Leave room to negotiate

➡️ These homes may sit longer, giving buyers the opportunity to:

Offer at list price
Or potentially below asking, depending on demand and condition

🛡️ How Buyers Defend Themselves
The biggest mistake buyers make is using the same strategy for every house.

✅ The strongest buyers:

Work with a lender willing to run numbers before the showing, so they know their real comfort zone

Work with a realtor who studies comparables upfront to identify the seller’s pricing strategy

Why this matters:

If you assume every house requires over‑asking, you may overpay or stretch too far
If you assume every house can be negotiated down, you may lose good homes and burn out

📌 Smart offers are strategic — not emotional.

🧠 Bottom Line
Every home requires a different approach.
The goal isn’t to always win — it’s to win the right house, at the right price, with the right terms.

Now THAT’S a text I love getting!! 🥹
05/20/2026

Now THAT’S a text I love getting!! 🥹

🏡 Offer Accepted… Now What?Once your offer is accepted, the real process begins — and knowing the steps helps everything...
05/20/2026

🏡 Offer Accepted… Now What?

Once your offer is accepted, the real process begins — and knowing the steps helps everything feel less stressful.

Here’s what happens next:

1️⃣ Loan moves to processing
Your file is reviewed for accuracy and prepared for underwriting.

2️⃣ Appraisal is ordered
An independent appraiser confirms the home’s value for the lender.

3️⃣ Underwriting review
The underwriter verifies income, assets, credit, and guidelines.

4️⃣ Conditional approval
You may be asked for updated documents (this is normal).

5️⃣ Clear to Close ✅
Loan docs are finalized and closing is scheduled.

6️⃣ Closing day 🎉
You sign final loan documents with a notary and officially become a homeowner.

Most delays happen when buyers don’t know what to expect. A smooth closing starts with understanding the process and having a lender who’s planning ahead.

"Offering an appraisal gap always means you pay more money out of pocket.”✅ THE TRUTH:An appraisal gap doesn’t automatic...
05/19/2026

"Offering an appraisal gap always means you pay more money out of pocket.”

✅ THE TRUTH:
An appraisal gap doesn’t automatically mean more cash to close — it depends on how much you’re putting down.

First, what is an appraisal gap?

When you make an offer on a home, the appraisal gap is the difference between the purchase price and
the appraised value (what the appraiser says the home is worth)

If the appraisal comes in low, the lender bases the loan on the appraised value — not the offer price.

Here’s how the math can work in your favor 👇

💰 Example:

Purchase price: $400,000
Buyer plans: 10% down ($360,000 Loan Amount)
Appraisal comes in at: $379,000

$360,000 / $379,000 = 94.99% Financed

If the buyer can be approved at 95% financing, the loan can simply be structured off the lower appraised value instead of requiring extra cash.

✅ Result:

No increase to cash to close
Buyer can still move forward
Buyer effectively offered a $21,000+ appraisal gap in their offer

📌 The trade‑off?
Financing a higher percentage may slightly increase monthly PMI, but it typically does NOT increase the interest rate.

Why this matters in competitive markets 🏡
Understanding how appraisal gaps really work can:

Make your offer stronger
Reduce unnecessary fear around “low appraisals”
Help you compete without draining savings

Bottom line:

Appraisal gaps aren’t one‑size‑fits‑all. With the right strategy, the math can absolutely work in a buyer’s favor.

MYTH BUSTED!

“What do closing costs actually include?”Short answer: they’re the fees required to finalize a home purchase or refinanc...
05/18/2026

“What do closing costs actually include?”

Short answer: they’re the fees required to finalize a home purchase or refinance—beyond the down payment.

Closing costs typically include:

Lender Fees
-Loan origination
-Processing and/or underwriting
-Admin Fees

Third‑Party Services
-Appraisal
-Credit report
- Title search & title insurance
- County Recording Fees

Prepaid Items (not really fees, but money collected upfront)
-Homeowners insurance
-Property taxes
-Prepaid interest (from closing date to month‑end)

💡 The big takeaway:

Closing costs vary by loan type, interest rate, transaction size, credit rating and other factors. Talking to a lender EARLY gives you time to figure out what you can expect once you start the process.

QUICK TIP: Fall in love with the numbers BEFORE you fall in love with the house.Getting preapproved first tells you what...
05/15/2026

QUICK TIP: Fall in love with the numbers BEFORE you fall in love with the house.

Getting preapproved first tells you what fits your budget and what doesn’t, before emotions take over.

Once buyers picture themselves living there, it gets much harder to walk away from a payment that stretches things too far.

Preapproval keeps expectations realistic and protects you from making a decision you regret later.

Have you looked at what a comfortable monthly payment really is?

Interest rates don’t change randomly, even though it can feel that way.Mortgage rates move daily because they react to t...
05/14/2026

Interest rates don’t change randomly, even though it can feel that way.

Mortgage rates move daily because they react to the bond market, inflation data, and economic news in real time.

When investors expect higher inflation or stronger growth, rates often rise, and when uncertainty increases, rates can fall.

That’s why the rate you see today may not be the same tomorrow, even if nothing in your personal situation changed.

Watching trends matters more than chasing a single day’s number.

An appraisal does not decide what a home is worth to you, it confirms what it’s worth on paper.The appraiser is an indep...
05/13/2026

An appraisal does not decide what a home is worth to you, it confirms what it’s worth on paper.

The appraiser is an independent third party hired to protect the lender, not to support the buyer or seller.

They compare the home to recent nearby sales, adjust for differences like size or condition, and determine a market supported value.

This step helps ensure the loan amount makes sense for the property and reduces risk on all sides.

When the value comes in as expected, the loan simply moves forward.

Renting is cheaper than owning...MYTH! Renting is not always cheaper than buying.Rent can feel safer month to month, but...
05/12/2026

Renting is cheaper than owning...

MYTH!

Renting is not always cheaper than buying.

Rent can feel safer month to month, but it often rises while a fixed mortgage payment stays steady over time.

With homeownership, part of every payment builds equity instead of disappearing as an expense.
When you factor in tax benefits, appreciation, and long term stability, buying can be less expensive than renting for many households.

The real answer depends on how long you plan to stay and how the numbers line up.

Have you ever compared your rent to what a realistic mortgage payment would be?

Address

18 E William Street, Suite 3
Delaware, OH
43015

Opening Hours

Monday 7am - 7pm
Tuesday 7am - 7pm
Wednesday 7am - 7pm
Thursday 7am - 7pm
Friday 7am - 7pm
Saturday 7am - 7pm

Telephone

+14403640323

Website

https://calendly.com/stephen-harless

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