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Mid-ohio's trusted guide for downsizing

Live the life you want without worrying about maintaining your home.

When the kids are moved out and you're ready for more time and less maintenance, we will help you through the buying and selling journey by understanding your needs, navigating with you throughout the process, and sharing helpful tips and market trends along the way.

That way you can make smart decisions and focus on living your life the way you want.

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  • About Jeff Schultheis

    Jeff is passionate about helping seniors downsize and transition into their new living spaces. As the head of our family, he takes pride in listening to his clients and providing exceptional service and support. With years of experience in the industry, Jeff understands the challenges that come with downsizing and is committed to making the process as stress-free as possible. 

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    June 10, 2024
    Chances are that if you’re in the market for your first home, the very first place you went was to a real estate website like Zillow or Realtor.com and just started searching. Hmmm, three bedrooms or four? New build, move-in ready, or fixer-upper? You scrolled through hundreds of listings and imagined your future life in a thousand different pictures. Before you schedule a tour or show up at an open house, there are a few things we want to make sure you know, so you don’t make the same mistakes lots of other first-time homebuyers make. 1. Figure Out How Much You Can Afford Without a clear sense of what you can afford, you stand to waste a lot of time looking at places that may be out of your range. There’s more to it than what you can afford, too. If you haven’t set a monthly budget to be able to see where your money is going already, now is a great time to look over your last couple of bank statements, categorize your expenses, and see how much you have available for a monthly house payment. Use a mortgage calculator online to get a better idea of how much you are comfortable spending before you jump back into that house search engine. 2. Get Pre-Approved before You House Hunt Today’s market is so competitive that if you don’t have all of your ducks in a row before you find a home, it’s likely the house will be in contract before you can even put forward a bid. It’s okay to shop around for a mortgage lender, too—different lenders offer different rates, which can help you save money over the long haul. 3. Buy the Right Sized House There’s always that one house that is just outside your budget. You might be tempted to stretch your money and “make things work,” but buying more house than you need (or can afford) will bring unnecessary stress to your life and make you vulnerable to foreclosure should you fall on financial hard times. Just because you qualify for a larger mortgage doesn’t mean that you can afford the monthly payment that comes with it. Return to your budget and stick to the amount you’re able to pay each month to dictate your maximum home price. 4. Don’t Drain Your Savings We are a culture of instant gratification, but making snap decisions about buying a home is never a good idea. This is likely the largest purchase you’ve ever made, and while it’s exciting and easy to get caught up in the process, it’s best to slow down, plan your steps, and make sure you’re financially ready to go house hunting. One of the biggest mistakes first-time homebuyers make is using all of their savings toward their down payment. You don’t want to be scrapped for every cent just so you can get to closing. Make sure you keep a cushion in your savings in case something serious happens, even after you have your down payment secured. 5. Find the Right Neighborhood and the Right House There’s more to house hunting than the amenities on your list. If you find just the right house that turns out to be in a neighborhood you hate, you aren’t going to be happy, no matter how many bells and whistles the kitchen features. Make a list of the things that matter most to you outside of your home—is a short commute more important than the quality of the schools? How diverse is the community? What are the local politics like? Do you want a place with a lot of activity, or are you looking for something quiet and private? Is green space important? Will you be able to find a church or other organization that can provide you with community connections? 6. Research Resources Available to First-Time Homebuyers In a rush to find your first home, you might miss out on great loan programs that are created to benefit first-time homebuyers, making it easier for you to step into the joy and pride of owning your own home. Ask your mortgage lender if you’re eligible for any first-time homebuyer programs, like a U.S. Department of Agriculture loan or U.S. Department of Veterans Affairs. FHA loans only require 3.5% down with a qualifying credit score. 7. Don’t Underestimate Monthly Housing Expenses The mortgage isn’t the only thing you’ll be paying once you own your home. Your agent can help you understand your local taxes and utilities, and the current owner should be able to provide you with estimates for these and other maintenance costs. Don’t forget to factor in anticipated future repairs, like water heaters, furnaces, roofs, driveway maintenance, and so on (that cushion in your savings will come in handy for such a time as this). 8. Resist Other Purchases or Applications that Can Affect Your Credit Rating There’s a lot going on when you’re about to buy a home, but it’s best to hold off on any additional purchases or changes that might affect your credit score. Wait to apply for additional financing, credit cards, and so on from the time you are pre-approved until you’ve closed on your home. 9. Don’t Hold Out for the Perfect Home… There just isn’t one, no matter how long you look. Figure out what your non-negotiables are and then consider what you could do without—both of these steps can help you narrow down your search without eliminating a perfectly good home that may have checked off most of your boxes. 10. … But Don’t Rush the Process, Either. You don’t want to decide on a house in a flurry of emotion. It can lead you to pay more than you should have and strap you for cash. This is the place you will make memories to last a lifetime, but it is also an investment, and you want your investment to be sound. Stick to your budget, and don’t let your emotions marry you to a house you don’t even own yet. Don’t be discouraged —we know this list is a lot. That’s why our team at JS REALTOR®Team is so committed to serving first-time homebuyers. We want to make the home buying experience one that preserves the excitement but sheds the anxiety. We provide clear guidance and advice to help you find the right home, at the right price, in the right neighborhood. Download our FREE planning kit and connect with us today! Let’s go find your first home!
    June 10, 2024
    Are you looking for a mortgage for your home or car? Delving into the world of borrowing and investing can be intimidating when doing it for the first time. There are two types of mortgages, Adjustable-rate, and Fixed-rate. In the short to medium term, Adjustable-rate Mortgages , or ARMs, can save borrowers a significant amount of money in interest rates. However, if you still have one when the interest rate resets, you may encounter a much greater mortgage bill. Let's discuss if ARMs are a good option when the interest rates are high. What Do Adjustable Rate Mortgages Entail? The adjustable-rate mortgage is a loan with an interest rate that is fixed at first and then changes with time. Typically, you will pay a smaller fixed interest rate during starting few years. After that period, the interest rate will fluctuate regularly under current market conditions. When you embrace the mortgage, you will already agree on the time intervals for your low fixed interest rate and any accompanying rate fluctuations. A 10/6 ARM implies you'll pay an interest rate that is fixed for the first ten years; then, the interest rate will modify every six months. A 7/1 ARM, on the contrary, means that you will receive an interest rate that is fixed during the first seven years, after which the rate will adjust annually. Your rate may be higher or lower based on the market conditions. What Happens When You're In A High-Interest Rate Environment? In an ARM, the period of time for a fixed interest rate can be the first seven to ten years. As compared to a fixed-rate mortgage, adjustable-rate charges less interest, enabling you to save money during the fixed time. After the fixed period, you will encounter an adjustable period. The adjustable period will last for the rest of the loan term with varying interest rates. It is worthwhile to note that the interest rate changes at every fixed time, such as six months or even a year. The market will determine your latest interest rate; if interest rates are low, you will most likely receive a low rate; if interest rates have risen, your new rate will be even higher. However, because most adjustments have caps, your rate will not be able to go above a certain fraction or raise by more than a specific amount during every adjustment. So, Should You Get An Adjustable Rate Mortgage? The lower overall interest rate is the most appealing feature of ARMs. An interest rate that is gradually low at the start of the loan may allow you to save some money that can be implemented to the principal, allowing you to pay off your mortgage quicker. In addition, you could be able to finance the more expensive property with lower payments due to the sheer increased cash flow upfront. It may also be advantageous to have additional cash flow in order to gain an advantage in the competitive real estate market. Many analysts predict that mortgage rates will rise even further this year ; due to the varying nature of ARMs. As a result, you have to pay far more than you anticipated. Even minor changes in interest rates can result in hum sum of dollars in additional payments. Returning to the 500,000$ mortgage example, if the interest rate rises by 2% (from 4.12% to 6.12%), the principal and interest payment rise by around 530$/month. So it may be prudent to lock in a cheaper rate now. Of course, you don't want to be on the leash for a rising mortgage rate in the future, but ARMs aren't for everyone. Things To Consider When Getting Adjustable Rate Mortgages Learn About the Adjustment Period Borrowers must understand the basics of ARMs to ascertain whether they are suitable for them. The adjustment time is, in principle, the time between changes in interest rates. Take, for example, an adjustable-rate mortgage with one year of adjustment. The loan would be known as a 1-year ARM and the interest rate; therefore, the monthly loan fee changes once a year. If the adjustment period is three years, the loan is known as a 3-year ARM, and the interest rate changes every three years. Understand The Rate Change Borrowers must know the premise for the interest rate change in addition to recognizing how frequently their ARM will adjust. ARM rates are determined by various indexes, the most common of which are one-year constant-maturity Treasury securities, the Cost of Funds Index, as well as the interest amount. Before deciding to take out an ARM, find a lender whose score will be used and research how it has varied in the past. Prevent Payment Shock Among the most significant risks that ARM borrowers encounter when their mortgage adjusts the payment shock, which happens when the monthly loan payment increases significantly due to the interest rate adjustment. If the borrower is unable to make the new payments, this can cause hardship. Keep an eye on the interest rate as the adjustment time approaches to avoid experiencing a shock. Knowing what your adjusted payment will be ahead of schedule will allow you to allocate funds for it, shop around for an improved loan, or seek assistance in determining your options. A Final Word Taking out adjustable-rate mortgages is not always a risky venture if you know what is happening when your loan interest rate resets. Unlike the fixed mortgages, which have only one interest rate for the entire loan lifetime, an ARM's interest rate may vary after a certain time and may increase significantly in particular cases. Knowing just how much you'll owe every month can help you avoid payment shock. More importantly, it can assist you in making your monthly mortgage payment. Don’t be discouraged—we know this list is a lot. That’s why our team at JS is so committed to serving first-time homebuyers. We want to make the home buying experience one that preserves the excitement but sheds the anxiety. We provide clear guidance and advice to help you find the right home, at the right price, in the right neighborhood. Download our FREE planning kit and connect with us today! Let’s go find your first home!

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