Dayton Ohio Real Estate and Mortgages Information

Short Sale...Short Payoff...Short WHAT?

What is a Short Sale?

The short answer is when you sell your home or in our case, your Dayton Ohio real estate for less then you owe the bank.  Now you could own Dayton Ohio real estate AND sell it for less then you owe the bank... BUT you would have to pay the bank the difference.  If you can not pay the difference, ie: bring cash to the real estate closing... then you need a Short Sale.  As part of a short sale, the bank agrees to release the lien on your Dayton Ohio real estate so you can sell and accept as full pay off on your mortgage less then the balance.

ALSO READ: Short Sale Steps: How to Avoid Foreclosure

What is a Short Payoff?

A short payoff differs from a short sale in that you still sell your Dayton Ohio real estate for less then you owe the bank, but the bank does not just forgive the difference.  With a short payoff the bank will require you to sign an unsecured loan for the difference.  They will still release the lien on your Dayton Ohio real estate but they just don't forgive the difference like they would in a short sale. 

So, the sale of your Dayton Ohio real estate can go through and you are really not harmed that much as you are just paying back what was rightful owed in the first place.  You win by being able to sell your Dayton Ohio real estate and the bank wins by not losing everything, they just get their money back more slowly.

This is not a great option for the "I WANT to sell my Home" seller in the Dayton Ohio real estate market... it is for the "I NEED to sell my home" seller in the Dayton Ohio real estate market.  When you MUST sell your home AND the value of your Dayton Ohio real estate is less then what you owe AND you have the ability to pay the difference just not the ability to come up with the cash today, a Short Payoff is a good option for you.

Tell me again...Short Sale or Short Payoff.

If you are behind or will be on your mortgage and can not make all the payments, then a short sale is most likely the best option for you and your Dayton Ohio real estate.  If you are current or behind on your mortgage but could make the payments the a short sale is most likely not an option, but a short payoff may be. There other options too... the clients we work with sit down together with us and carefully review the entire situation to determine the BEST action plan based on the specific Dayton Ohio real estate situation they are in.

The most important thing to keep in mind is that you NEED a Dayton Ohio real estate professional that is an EXPERT at assisting home sellers with short sales.  A short payoff could be handled by some real estate agents well enough... but a short sale is a whole different issue.  You need an EXPERT, someone who has been trained and has experience in working with and closing short sales in the Dayton Ohio real estate market.  Visit our other site to view a report on selecting the best agent. 

Just help me NOW!!!

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

Why choose a Dayton Ohio Mortgage Broker instead of a Mortgage Bank?

Dayton Ohio Mortgage Brokers will provide you with:

• Choices
• Convenience
• Knowledge

Actually according to National Association of Mortgage Brokers, NAMB, brokers originated over 50% of all loans in 2004.  In more recent years the numbers are closer to 65% says Bankrate.com.  A bank only has the ability pick from their own loan programs while Dayton Ohio Mortgage brokers can pick from hundreds of bank programs, from hundreds of banks, even local banks.  Dayton Ohio Mortgage Brokers have made it possible for so many more families to own Dayton Ohio Real Estate.  Take a look at Dayton Ohio Real Estate Market Update: Total market overview to see the state of Dayton Ohio Real Estate.

Dayton Ohio Mortgage Brokers get wholesale rates?

Most people think that means that since Dayton Ohio Mortgage Brokers are playing the "middle man" that means that the borrower pays higher fees.  That is simply not true.  Dayton Ohio Mortgage Brokers typically gets better rates from the local bank than you can for a few reasons:

Read more »

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

This past month the Federal Reserve has cut rates by 1.25%. Most people think this means that now is a great time to refinance your Dayton Ohio Mortgage or invest in Dayton Ohio Real Estate.

Dayton Ohio Mortgage Rates hit 3 year low:

Unfortunately the federal funds rate does not directly affect the 30 year fixed rate mortgage on your Dayton Ohio home. Although changes in it, especially unexpected ones, can impact Dayton Ohio Mortgage rates temporarily. For example when the Fed made an emergency .75% rate cut the Dayton Ohio mortgage rates hit a 3 year low... for about 6 hours.

Dayton Ohio Mortgage Rates vs. Fed Funds Rate:

The federal funds rate is actually the overnight lending rate. Sounds simple right? Many people automatically think that if the Fed drops the rate than Dayton Ohio Mortgage Rates are dropping. WRONG! The Fed fund rate influences short term rates and I am not talking about adjustable rate mortgages (5 and 7 year arms). The fed funds rate affects certain types of Dayton Ohio Mortgages such as home equity loans, credit cards and other short term loans like car and persornal loans. It can also effect CD's, savings account rates and money market accounts but will not have a direct affect on Dayton Ohio mortgage rates.

The 10 year bond and Dayton Ohio Mortgages:

Dayton Ohio Mortgage Rates follow the US treasury bond rate, particularly the 10 year bond. Dayton Ohio Mortgages track US Treasury bonds quite well. There is no direct relationship but if you compare the two side by side you will see a correlation. See the cart below from HSH.com.

For the most part you can count on a few things:

1. Dayton Ohio Mortgage Rates tend to follow the 10 year Treasury Bond.
2. Unless the Federal Reserve does something un-expected your Dayton Ohio Mortgage rates will not be affected.
3. If inflation is anticipated by anyone with some credibility Dayton Ohio Mortgage Rates will rise.
4. So if you are counting on a FED rate cut to save you from foreclosure, it won't help... a Short Sale may be what you need. Read Short sale steps: how to avoid foreclosure.

If you want to know more about the Dayton Ohio Real Estate market you can read about it at: Dayton Ohio Real Estate Market Update: Total Market Overview . Some other things that you can look for when it comes to the Dayton Ohio Mortgage Rates are first time home buyers loans and some HUD incentives especially for Ohio Home buyers.

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com