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Real Estate

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This week's Listing of the Week is luxury, downtown living at its finest. Click here to see more!

This Over-the-Rhine home is listed at $1.395 million and is the epitome of downtown living. It is a pristine, John Hueber, 3-Story Italianate Showplace with an elevator, combining elegant architectural detail with every modern convenience. It is an unparalleled historic residence. Amenities include a Control4 Smart Home, LEED Silver, and Tax Abatement in a highly coveted location. It is 1 block from Washington Park, boasting 3582 square feet with private parking for 5 vehicles, 3 bedrooms, and 4 bathrooms.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

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You don't want to miss this beautiful home in this week's Listing of the Week!

This Hyde Park home is a beautifully renovated 5 bedroom, 4.5 bathroom house with a bonus room. The home is light-filled, has hardwood floors, fireplaces, a stunning kitchen with custom cabinets, an island, and a breakfast area. The sunroom walks out to a patio. The master suite is a retreat with a spa-like bathroom. A finished lower level features built-ins, family room, game room, and fireplace. Outside there is a half-court basketball court. It has been lovingly maintained and is a classic home with classy style. This home is listed at $1.598 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

Want to build a new house, but have questions on how to finance it? Read on as we chat with our local mortgage expert to get answers.

 
If you’re wanting to build your dream home rather than buy an existing one, you may be surprised to learn that you won’t be getting a traditional mortgage. Instead, you’ll likely get a construction loan. We tapped the expertise of Cincinnati-based Ron Erdmann at Guaranteed Rate find out more about this loan type, how they work, and what to keep in mind before jumping in.
 
 
What are construction loans?
A construction loan is a loan used to finance the building of a home or another real estate project. 
 
How do construction loans work?
Construction loans can help you build your dream home, says Erdmann. “A traditional home loan is based on the fair market value of the home and determined by the home’s condition in comparison to other recent sales,” he explains. “Construction loans are based on what the projected value of the home will be once the work is complete.”
 
Typically, traditional loans are paid out by a mortgage company for the cost of the home in one lump-sum at closing. In contrast, construction loans are paid in installments, or “draws.” A bank will pay the builder as various phases of the building process are completed. The total cost is transferred to you once the entire project is finished.
 
Why are new construction loans different?
When you borrow money to build a house, collateral isn’t there to back up the loan like there is in a traditional mortgage — at least, not yet. “With a traditional mortgage, if you default on your payments, the lender can seize your home,” says Erdmann. “With a home construction loan, the lender doesn’t have that option, so these loans are viewed as bigger risks.” 
 
Things to consider: 
Have a good team: Erdmann says it’s crucial to work with a good builder. “You need someone who’s experienced with budgeting and scheduling and who also has the ability to work well within those limitations,” he explains. “Make sure you do your research before applying for a loan, too, so you work with someone reputable.”
 
Have a good plan: According to Erdmann, you can also expect a thorough inspection of the architectural plans and your builder. “Because construction loans are on such a short timetable and they’re dependent on the completion of the project,” he says, “you need to provide the lender with a construction timeline, detailed plans and a realistic budget.”
 
Have a downpayment: For most construction loans, they’ll want you to contribute 20% of the cost of the total overall project. Example, if you purchase a lot for $200,000 and wish to spend $600,000 constructing the home, the total cost of the project is $800,000. So you’ll need to do a 20% downpayment, or $160,000, and finance the rest ($640,000).
 
Erdmann says construction loans can also be used for renovating your home, buying a fixer-upper, or building an addition onto your home. You’ll want to talk through details of those different types of construction loans with a trusted mortgage professional.
 
To learn more, contact Ron Erdmann, NMLS 728342, Branch Manager and SVP of Mortgage Lending at Guaranteed Rate, visit https://www.rate.com/loan-expert/ronerdmann You can also contact him via email atron.erdmann@rate.com or call (513) 609-4484.

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A rare find with sweeping views of the Ohio River has hit the market. Click here to see the Listing of the Week.

This home at 2305 Salutaris Avenue is a once-in-a-lifetime opportunity to purchase this original owner Carl Strauss and Ray Roush International Style Modern Masterpiece perched atop the Ohio River. Features in the home include sweeping river views from nearly every room on a private, wood 1.22-acre lot. Listed at $1.3 million, the home has 4 bedrooms, 4 full bathrooms, and 3 half bathrooms.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.  

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River views are key for this Mt. Adams home. Click here to see this week's Listing of the Week.

This is a stunning Mt. Adams home with unobstructed views of the river, incredible outdoor space, rooftop deck, custom kitchen, floor to ceiling windows and much more! It’s been completely renovated top to bottom and features a beautiful California-chic design with over 3,000 sq. ft. The home is 4 beds and 3 full baths. The lower level has a separate entrance that can be used as a rental. Option to purchase all brand new furniture, hand-selected by professional designer. Just steps from new Tom Jones Commons Park coming Spring 2021. This home is listed at $900,000.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.  

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With panoramic river views on a premium lot with all the luxuries, take a peek inside this Anderson Township home that's this week's Listing of the Week!

This Anderson Township ranch home features amazing panoramic river views combined with the quality of new construction, offering an artful balance of refined taste, luxury, and lifestyle. Attention to detail is clearly evident throughout this extraordinary home, beautiful craftsmanship, thoughtful design, open-floor plan, soaring ceilings, walls of glass, elevator, and a premium lot! This 4 bedroom, 4.5 bathroom home is listed at $2.945 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

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Looking to buy a house in 2021? A local expert offers the five top things you need to know when exploring grant options for first time buyers.

 
Buying a home can be challenging for a first-timer. With so many steps, tasks, options and requirements, it’s easy to get anxious about making an expensive mistake. Turns out, first-time homebuyers actually enjoy some special advantages designed to encourage more real estate market newbies. 
 
To demystify the process so you get the most out of your purchase, we tapped the expertise of Cincinnati-based Ron Erdmann at Guaranteed Rate. Here are some money-saving tips and helpful resources to look into before you make the big buy. 
 
1) The Ohio Housing Finance Agency (OHFA) 
Erdmann says OHFA offers several affordable loan options to help you achieve your dream of homeownership. “The OHFA program is most interesting because there are different grants within the program that are specific to certain demographics,” he explains. “For example, there is a program called ‘Grants for Grads’ that assists recent college graduates with down payment assistance. There are specific programs that teachers, police officers, firefighters, and health care workers have eligibility. It’s definitely something to look into.” To learn more about OHFA, click here: https://ohiohome.org/homebuyers.aspx
 
2) Mortgage Credit Certificate
Also through OHFA, Erdmann says, is the Mortgage Credit Certificate, or Mortgage Tax Credit. This provides homebuyers with a direct federal tax credit on a portion of the mortgage interest, lowering their tax liability by up to 40%. The maximum annual tax credit is $2,000, but this tax credit cannot be larger than the owner’s annual federal income tax liability, after deductions, exemptions and other credits. Click here to learn more about it and see eligibility requirements: https://myohiohome.org/mortgagetaxcredit.aspx
 
3) Communities First Ohio
The Port of Greater Cincinnati Development Authority, aka “The Port,” offers the Communities First – Down Payment Assistance (DPA) program, providing first mortgage financing and down payment/closing cost assistance grants to eligible homebuyers. “The local port authority created this program to help increase homeownership opportunities for residents in Ohio,” says Erdmann. “So, with a DPA grant instead of a DPA loan, there’s no second mortgage, no extra paperwork, instant home equity, no repayment obligation, and no restrictions or selling or refinancing.” Click here to learn more about Communities First Ohio and DPA grants: http://www.communitiesfirstohio.com/about/
 
4) Kentucky Housing Corporation
For those Kentuckians in Greater Cincinnati, there’s a resource for you, too. The ​​​​​​​​​​​​​​​​​​​​​​​​​​​​Kentucky Housing Corporation (KHC) helps families achieve the dream of homeownership through affordable home loans, down payment assistance, and tax credits. “They help make homeownership more affordable for Kentuckians,” says Erdmann. “KHC can help with everything from down payment assistance and tax credits, to housing counseling and education.” To learn more about KHC, visit: https://www.kyhousing.org
 
5) Find a Participating Lender
An approved lender can help you apply for the programs that meet your needs. “Not all lenders participate in these programs, so you’ll want to look into that before choosing one. Guaranteed Rate participates in all four,” explains Erdmann. “Exploring these options can really help with many of the stumbling blocks — like down payments, closing costs, and prep​aids — that prevent or delay home ownership. There are so many programs out there to encourage and help you buy, you just have to find which ones can apply to you and take advantage. That’s what they’re there for!”
 
To learn more about Ron Erdmann, NMLS 728342, Branch Manager and SVP of Mortgage Lending at Guaranteed Rate, visit https://www.rate.com/loan-expert/ronerdmann You can also contact him via email at ron.erdmann@rate.com or call (513) 609-4484. 

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Find your Southern Charm right here in Cincinnati for this week's Listing of the Week!

This beautiful home is a sun-filled Southern Colonial oasis nestled in a lush, private setting. It boasts more than 7,000 square feet of granite and stainless steel. It’s the perfect entertainer’s kitchen and has a generous great room that opens to terraces and a gorgeous pool through 4 sets of French doors. There are 6 fireplaces, a finished lower level, views of the valley and Kentucky hillsides, a 3-car garage, butler’s pantry, and is just minutes from Cincinnati. This 6 bedroom, 8 bathroom home is listed at $1.25 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

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You found your dream home, but there’s a competitive housing market. Two local experts offer five helpful tips to give you a leg up on other offers without over-spending.

You finally found your dream home and you’re ready to make it official. But, uh oh, it’s a competitive seller’s market and there may be some other offers on the table already. How do you make your offer stand out to get accepted without over-spending? Here are five helpful tips: 

1) Have a good team. Your real estate agent and lender are your star players in making a home run offer. A good real estate agent will have a solid understanding of the market, be proactive, and communicate well. Your lender must be well-respected and locally well-connected. “Who you’re pre-approved with matters,” says Cincinnati-based Ron Erdmann, Branch Manager and SVP of Mortgage Lending at Guaranteed Rate. “Make sure they’re a lender who local realtors recommend, respect, trust, and know to have a great reputation. Realtors and sellers tend to lean toward local businesses they know and trust.”

2) Get pre-approved, not just pre-qualified. Unlike pre-qualification, pre-approval is a more specific estimate of what you could borrow from your lender. It requires documents such as your W2, recent pay stubs, bank statements and tax returns. The lender then uses those documents to determine exactly how much you can be pre-approved to borrow. “A pre-qualification vs pre-approval makes a world of difference. It means your lender has already verified your income sources, pulled credit report and verified your credit resources,” says Erdmann. “Sellers don’t want to sell to you if there’s any question about whether you can get a loan.”

3) Your down payment matters. According to the National Association of Realtors, in the past five years, more than 70% of non-cash, first-time home buyers — and 54% of all buyers — made down payments of less than the standard suggested 20% downpayment. That’s why Erdmann suggests having the ability – on paper – to make the larger 20% down payment, even if that’s not what you plan do in reality. “Having the ability to put down a larger downpayment is attractive, but that’s not necessarily what you have to put down,” Erdmann explains. “You can write a contract subject to putting down a larger downpayment, but that doesn’t mean you necessarily have to make a larger downpayment. It’s the ability to do so that counts.”

4) Consider non-contingency. A contingency is a clause included in an offer, which states that specific conditions must be met in order for a deal to close. If the conditions stipulated in the contingency are not met, the buyer is able to break the contract without facing financial repercussions. Therefore, contingencies are a means of providing buyers with protection against the risks involved in purchasing a home. One common contingency, according to Scott Oyler of Coldwell Banker Realty, is the buyer’s ability to sell their current home in order to purchase the new one. “Be able to to close quickly. If a house is vacant or if a seller has already moved on to buy their next house, they are more enticed to take an offer that will allow them to sell their house quickly and painlessly, even if the offer is slightly lower than the other offers,” he explains. “Try to write your offer non-contingent upon selling your current house if you currently own a house. Make sure you’re comfortable carrying two house payments if it comes to that. There are ways to access equity if you need it.”

5) Write a Love (Your Home) Letter. Want to win a seller’s heart — and home? A good, old-fashioned letter might do the trick. In competitive markets, it’s not uncommon for a house offer letter to be included in an offer on a house. “Some sellers really appreciate a personal note from the buyer as to why they want to buy the house. If you’re financially strong and you think it’ll help, you might as well. It adds that human element if the seller is open to it,” Oyler says. “It’s been a secret ingredient for many buyers, so it’s worth an ask. But always work with your realtor to craft the letter to not include any information that may be in violation of fair housing regulations.”

To learn more about Ron Erdmann, NMLS 728342, Branch Manager and SVP of Mortgage Lending at Guaranteed Rate, visit https://www.rate.com/loan-expert/ronerdmann You can also contact him via email at ron.erdmann@rate.com or call (513) 609-4484. 

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Breathtaking views are the main attraction to this beautifully renovated condo. Click here to see photos of this week's Listing of the Week!

The Incomparable Overlook – This is a stunning south unit with sweeping river and park views. This condominium is exquisitely appointed throughout. It boasts an open floor plan with thoughtful spaces and allows for large celebrations and intimate gatherings with ease. This is a one-of-a-kind community with just two owners per floor. Amenities include a clubhouse, workout facility, and off-patio storage. This 3 bedroom, 3 bathroom condo is listed at $1.15 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

 

 

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