So how do you know you’re getting the best home loan to suit your needs? Here are five steps you can follow to secure the best possible financing in Columbus, OH.
Shop Around Without Damaging Your Credit Score
Don’t be afraid to get a few quotes from local mortgage companies as well as national providers. Please feel free to start with us but you should also get as many quotes as you need to feel confident you can make a well informed decision. You have a 30-day window from the time you first get your credit checked to get competing offers without damaging your credit rating due to multiple screenings.
Explore All Available Loan Types Before You Commit
There are many types of mortgages available. You may qualify for one of the many beneficial government home loans, such as an FHA or USDA loan, allowing you to purchase with little or no money down. You also need to consider the benefits of a fixed-rate vs. adjustable-rate mortgage. Your lender should discuss with you about your financial goals and future plans to make certain your loan is aligned with your needs.
Discuss Buying Down Your Interest Rate
You can lower your interest rate by paying for discount points on your mortgage. This works by pre-paying the money up front in exchange for a lower interest rate over the life of your loan. This only makes sense if you have the upfront cash to do it and plan to stay in your home for a long time, but it is worth discussing it with your lender to determine if it makes financial sense.
Fully Understand Your Closing Costs
The government requires your lender to provide a good faith estimate (GFE) three days after the loan was applied for. Carefully review the closing costs and don’t be afraid to ask what they are. Don’t be afraid to negotiate, ask for reduced fees and see what charges you may be able to whittle down.
Face-to-face time and personalized service can be a huge benefit when you are working on such a complex transaction. Look for a mortgage broker with a Columbus branch and look for local reviews about the mortgage company you are considering. Additionally, The Ohio Housing Finance Agency is an independent state agency that facilitates the development, rehabilitation and financing of low to moderate-income housing. The agency’s programs serve first-time home buyers, renters, senior citizens, and other populations with special needs.
At First Option, our loans are tailored to the requirements of Ohio laws and regulations. Because we have local teams that know your unique needs, we can serve you directly with local Columbus mortgage professionals.
If you’re currently planning to purchase, refinance, or learn more about mortgage rates, simply fill out our Fast Response form or give us a call at 888-644-1999. Our experienced mortgage professionals would love to discuss your needs.