Blog - Month: July 2021
Month: July 2021
No, We're Not Entering Another 2008 Housing Bubble.
The 2008 Housing Crisis still weighs heavy in many Americans' minds. As the housing market continues to heat up, some may worry that another housing bubble is on the rise. Thankfully, the likelihood that another housing bubble will occur is low. After 2008, the mortgage industry went through a total overhaul. The market was less regulated, so people were obtaining home loans that could not pay them back. The mortgage industry is more regulated now than in 2008 because of the fallout from the Housing Crisis, so a housing bubble is unlikely. People now have to go through a much stricter process to qualify for a mortgage loan. The federal government also created the Consumer Financial Protection Bureau to regulate and enforce these more stringent standards on the financial sector. If you are still concerned about the soaring home prices, don't be; it is merely a matter of supply and demand. Due to historically low interest rates, more people are looking to buy homes than are available. The limited supply of homes is driving up home values. Also, Covid halted the supply of raw materials needed for home construction. Once new home construction is completed, home prices will begin to fall. The Federal Reserve is also keeping the housing market stable by its actions. It has purchased $1 trillion worth of mortgage-backed securities to keep mortgage rates low and bond markets liquid. The Fed's preemptive actions quell any immediate signs of financial
Title Insurance Myths Debunked
Becoming a homeowner is a substantial financial step for most people. When purchasing your home, you want to make sure you do everything to protect your investment, which is why you should buy title insurance. Misconceptions surrounding title insurance can dissuade people from obtaining the essential coverage they need. At Ohio First Land Title, we understand the importance of purchasing title insurance, which is why we are debunking some of the most common title insurance myths. Myth: Title insurance offers little protection for the cost. False. For a one-time payment, title insurance protects you from incurring costs caused by defects in your property. Owner's title insurance ensures that you will not be financially responsible for claims against your property from previous owners, including liens, conflicting wills, and back taxes. Myth: I only need lender's title insurance. Almost all lenders will require you to purchase lender's title insurance, but it does not protect you as a homeowner. Lender's title insurance only protects the lender against loss, which is why you must purchase owner's title insurance to protect yourself and your property. Myth: Since I have homeowner's insurance, I don't need title insurance. Homeowner's insurance and title insurance are entirely different policies and having homeowner's insurance does not mean you do not need title insurance. Title insurance protects your right to ownership as a buyer an
Dog Days of Summer: The Best Ways to Cool Off in CLE!
You can always count on summertime in Cleveland to bring the heat. Make the most of the longer days by visiting these locations to keep you cool all summer. Edgewater Beach Edgewater Beach is the perfect place for a family outing, as it offers serene Lake Erie sunsets and views of downtown Cleveland. Located in lower Edgewater Park, this 2400 foot beach has 1000 feet of swimming access with places designated specifically for dog lovers! Waterworks Family Aquatic Center This waterpark has something for everyone. Located in Cuyahoga Falls, it is home to a lazy river, waterslides, pools, cabanas, and more. If you are not a member, day passes are available for residents and non-residents of Cuyahoga Falls. Parma Heights Pool If you are looking for a place to cool off while your kids have fun, the Parma Heights Pool is a great place to spend a hot summer day. It has two pools, waterslides, and a splash pad. This community pool is open to non-residents of Parma Heights for a slightly higher admission fee. Kalahari Indoor / Outdoor Waterpark The largest indoor waterpark in the whole of the USA is right here in Ohio! Kalahari’s Indoor Outdoor Waterpark has so many activities and rides that you're sure to find something for your family. What's more, there are no bad weather days at this place because it stays open 365 days a year! As summer continues to heat up, make sure you visit one of these locations to stay refreshed all season