Ryan Stelzer / Oxford Home Lending- Lower.com

02/19/2024

Mortgage definitions don’t have to be complicated. You can learn some of the most important terms in 10 words or less. Pretty simple, right?

The deed is the physical piece of paper you’ll get after closing day that says you own the property. Keep it in a safe place (like an actual safe)!

02/18/2024

Tomorrow we honor our presidents who shaped this nation we call home. Happy Presidents' Day!

02/16/2024

This is your reminder that Tax Day is April 15—two months away!

02/12/2024

We’re about a month and a half into 2024. How are those homeowner resolutions going?

If it’s time to rethink, reevaluate, and revamp your list, that’s okay! There’s a lot of time left that you can jump back on it.��And, here are just a few ideas if you didn’t put pen to paper before:

- Improve your home’s energy efficiency.
- Focus more on landscaping this year.
- Integrate sustainable practices into everyday tasks.
- Create a home emergency preparedness plan.

02/08/2024

We’ve discussed DTI before, but have you figured yours out yet?

First, add up all of your monthly recurring payments, including your rent or house payment, car payment, etc.

Once you have that number, you’ll divide it by your gross monthly income. Remember, that’s a pre-tax number. So, not the amount of money on your check or your direct deposit, but the one on your paystub before any deductions are made.

That’s all there is to it. The number you get will show up as a percentage. And, if you’re thinking about buying a home, lenders will want to see your DTI below 40%. It’s usually a good idea to see it around 36%.

So, where’s your number? If it’s higher, it might be time to think about paying something off so you can qualify for a home loan.

02/05/2024

Remember when everyone was putting 20% down? That’s a lot of money considering the average home price in the US was $495,100 just last year.

There aren’t many people who have almost $100K sitting around they can use as a down payment. Good thing nowadays people are putting way less down.

So, what’s the sweet spot? Consider this: The average down payment for first-time homebuyers is around 6% and the minimum you can put down with an FHA loan is 3.5%. It’s a good idea to go above the minimum so you can have a bit more equity in the house starting out. But, you don’t need to drain your savings.

It really comes down to comfortability. Just like your monthly payment, what are you comfortable affording as a down payment? No one wants to be house poor, so it’s best to hold onto enough money for an emergency fund. Make that at least a few months’ worth of expenses.

02/05/2024

Rates went up on Friday!

Mortgage rates were crushed by today's jobs report.  Nonfarm payrolls (the main component of the report), came in  significantly higher than expected (353k vs 180k forecast) and were revised up significantly for December (333k versus 216k previously). January's jobs data (t...

01/31/2024

01/31/2024

Your house is your playground. Go wild.

One of the things that makes homeownership appealing to so many people is the fact that they can customize everything. Right down to the bushes beside your front porch.

Decorate how you want.

Mow how you want.

Landscape and garden how you want.

When it comes to owning your home, you’re the one who has the final say.

01/29/2024

Did you know you can turn your 30-year loan into a 25-year without even refinancing?

It’s simple. Just pay more principal. This could be one extra payment a year (only toward principal, though) or divide a monthly mortgage payment by 12 and add that on top of every monthly payment. Again, just make it go toward principal. The more you pay toward the principal, the less you’ll pay toward interest in the long run. And the quicker you’ll be done with your loan.

01/27/2024

This program’s for all the first-timers who can’t wait to get into their new home. A little help up front goes a long way. Reach out to me to talk about your options.

01/27/2024

We can’t repay everything our military service members do, but this is a start. Helping you get into the home of your dreams is the least I can do.