Mortgage Information

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Deb Cole Real Estate
Deb Cole Real Estate

Mortgage Tips

There are many lending 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 or 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 purchase or refinance your mortgage. For more information about Mortgages give me a call at (419) 348-5015 or email [email protected].

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.
  • 2 Estimate What You Can Borrow
    It’s important to know how much home you can afford before you start the house-hunting process. 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 price range it 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 loan officer what you need to prepare before your first visit.
  • 5 Get a Pre-Approval
    Pre-approval is extremely important to help you negotiate a better offer, it is an extremely valuable shopping tool. So you'll want to do this before looking.
  • 6 Know Your Down Payment
    Your down payment can vary with different programs, and you will want to discuss this with your lender.
  • 7 Consider an FHA Loan
    An FHA loan is designed for borrowers that don’t meet the standards of conventional requirements.
  • 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 hick ups at times
    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 things happen easily and sometimes there are a few more items to take care of to get to this point. But I'm here to guide us through this.

    Use the mortgage calculator below to assist you in making some decisions about financing your new home.
Deb Cole Real Estate