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Mortgage Information

Findlay, Ohio Mortgage Tips

Deb Cole Real Estate - Mortgage Information - Findlay OhioIf you’re like most buyers, a home is the most expensive purchase you’ll ever make, and you’ll probably need some form of financing.

In Findlay, Ohio there are many institutions, large and small, that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in Findlay or to help you in any other way I can to secure the best possible rate for your home purchase.

Whether you’re a first-time homebuyer, a seasoned homeowner, or just looking to refinance, the tips I’ve compiled below will help you save money and time when the time comes to get or refinance your mortgage. For more information about Mortgages in Findlay, Ohio, give me a call at 419-348-5015 or email debcolerealtor@gmail.com.

Deb Cole’s Mortgage Tips:

1. Know Your Credit Score – Your credit score can make a big difference in what kind of home you can afford and how much interest you’ll end up paying. There are many different online tools to help you get your credit score, but I like Credit Karma.
2. Estimate What You Can Borrow – It’s important to know how much home you can afford before you start the house-hunting and mortgage approval processes. Doing so can help limit your search to realistic options, and help you avoid disappointment.
3. Don’t Overextend Yourself – Just because you can qualify for a certain kind of home doesn’t mean that you have to max out your budget, be sure that your new mortgage payment fits your budget.
4. Get Documents in Order – When you apply for a mortgage, you’ll need to document your income, employment situation, identity, and more. Be sure to ask your broker what you need to prepare before your first visit.
5. Get a Pre-Approval – Pre-approval isn’t required, but because a pre-approval is essentially the same thing as a full mortgage approval, it can be an extremely valuable shopping tool.
6. Know Your Down Payment – The industry standard is a 20% down payment, but you may be able to get a conventional or specialized loan with significantly less money up front.
7. Consider an FHA Loan – An FHA loan is designed for borrowers that don’t meet the standards of conventional lenders.
8. Consider a 15-year mortgage – If you can afford the higher payments, or are willing to buy a less expensive home, a 15-year mortgage can save you thousands of dollars in interest.
9. Fixed vs. Adjustable – A fixed-rate loan is a great choice for a low-interest environment, but if you don’t plan on being in the home you buy for more than a few years, an adjustable-rate mortgage could save you thousands of dollars in interest.
10. Expect a few hassles – In a perfect world, you could apply for a mortgage, have the home inspected, and show up at the closing table a month later to wrap things up. Sometimes that happens, but it’s rarely that easy. More often than not, there are some hassles along the way.

Use the mortgage calculators below to assist you in making some decisions around financing your new home.