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Published: July 23, 2007
Ask any prospective home-buyer or current home owner in Ohio to make three wishes on a magic lamp, and finding trustworthy mortgage lenders is bound to be a popular answer. With so much competition among mortgage lenders and fluctuating interest rates, the process of securing a loan or refinancing a home can seem intimidating.
There are several ways to pave the pathway toward success: research the various types of loans available, compare rates between companies online, and do an in-depth analysis of current budget and future plans.
When the time comes to apply for a new home loan, a home equity loan to fund remodeling, a mortgage refinance, or a second mortgage, it is important to shop mortgage lenders to find the best quote available and a broker who goes the extra mile for his or her customers. Several websites can help Ohio home owners weed out the competition when searching for mortgage lenders. Ohioloans.com and Mortgage-x.com allow participating mortgage lenders to review the basic information submitted (property type, loan amount, loan type, total gross monthly income, total monthly debt, credit grade, etc.) by a customer and respond with a competitive quote. Remember that Good Faith Estimates from mortgage lenders may not be 100% accurate depictions of all costs before closing, but they should be very close.
Before signing on the dotted line, take a minute to review the common mortgage mistakes of others and make sure not to repeat them. First, do not choose the wrong mortgage. Consider the length of time planned to spend in the home when deciding between a 30-year and a 10-year mortgage. Do not settle for a mortgage payment that will be impossible to pay after the extra income temp job ends next year, and do not take out an adjustable loan if the monthly payment will require extra income when interest rates increase. Choosing from the myriad of loans available from mortgage lenders requires a good dose of common sense mixed with an extra helping of wise counsel.
Be wary of mortgage lenders with unrealistic qualifying ratios. A good rule has always been to keep mortgage payments below 28% of one's monthly income and total monthly debt payments under 36% of one's monthly income. Some mortgage lenders are quick to toss this rule aside, approving debt ratios totaling over 50% of the household income. Financially savvy individuals should know to avoid such risky situations, taking caution from the fact that the foreclosure rate on mortgage loans in the U.S. has risen 50% in the last seven years .
Companies like Bank of America, Chase, Washington Mutual, Wells Fargo and Countrywide Home Loans are among a group of mortgage lenders that have joined together to respond to the overwhelming foreclosure statistics. These mortgage lenders, and the other companies who have joined together with NeighborWorks America, are committing to better financial counseling for homeowners with mortgages in hopes to prevent home loss in the future. Choosing to work with a company so committed to its customer's long-term success is wise.
Finding a comfortable home that will sustain a family and increase in value over time is almost as important as securing a mortgage that will be financially practical in the years to come. The steps to success include clear assessment of current and future budget, choosing the right type of loan, shopping around for mortgage lenders, and comparing rates between companies. Although all the decisions that come along with this commitment may seem overwhelming, most middle to upper class Americans get through it alive. It is just too bad the whole ordeal is not as easy as rubbing a magic lamp!
Sources:
Fleischauer, Becky. "National Mortgage Lenders and NeighborWorks Partner to Avert Foreclosures." NeighborWorks America. 10 April 2006. Neighborhood Reinvestment Corporation. 17 July 2007. http://www.nw.org/network/newsRoom/pressReleases/2 006/netNews041006.asp.
"Ohioloans.com." Cityloans.com. 2000-2006. 17 July 2007. http://www.cityloans.com/ohio/?ovchn=GGL&ovtac =PPC&ovcpn=CS_OH_HM_EM&ovcrn=Ohio+mortgage />Independence Mortgage, Inc. 17 July 2007. http://www.independenceinc.com/.
"Major Mortgage Mistakes." Home Buyer's Information Center. 17 July 2007. http://www.ourfamilyplace.com/homebuyer/mortmistak es.html.
"The Best 15 Year Fixed Rate Mortgage in Ohio." Mortgage-X . Mortgage Information Service. 1998-2007. 17 July 2007. http://mortgage-x.com/get_mortgage/find.asp?id=dir .req&lpn=15yrFRM&property_state=OH&sta
Related Articles
When the time comes to apply for a new home loan, a home equity loan to fund remodeling, a mortgage refinance, or a second mortgage, it is important to shop mortgage lenders to find the best quote available and a broker who goes the extra mile for his or her customers. Several websites can help Ohio home owners weed out the competition when searching for mortgage lenders. Ohioloans.com and Mortgage-x.com allow participating mortgage lenders to review the basic information submitted (property type, loan amount, loan type, total gross monthly income, total monthly debt, credit grade, etc.) by a customer and respond with a competitive quote. Remember that Good Faith Estimates from mortgage lenders may not be 100% accurate depictions of all costs before closing, but they should be very close.
Before signing on the dotted line, take a minute to review the common mortgage mistakes of others and make sure not to repeat them. First, do not choose the wrong mortgage. Consider the length of time planned to spend in the home when deciding between a 30-year and a 10-year mortgage. Do not settle for a mortgage payment that will be impossible to pay after the extra income temp job ends next year, and do not take out an adjustable loan if the monthly payment will require extra income when interest rates increase. Choosing from the myriad of loans available from mortgage lenders requires a good dose of common sense mixed with an extra helping of wise counsel.
Be wary of mortgage lenders with unrealistic qualifying ratios. A good rule has always been to keep mortgage payments below 28% of one's monthly income and total monthly debt payments under 36% of one's monthly income. Some mortgage lenders are quick to toss this rule aside, approving debt ratios totaling over 50% of the household income. Financially savvy individuals should know to avoid such risky situations, taking caution from the fact that the foreclosure rate on mortgage loans in the U.S. has risen 50% in the last seven years .
Companies like Bank of America, Chase, Washington Mutual, Wells Fargo and Countrywide Home Loans are among a group of mortgage lenders that have joined together to respond to the overwhelming foreclosure statistics. These mortgage lenders, and the other companies who have joined together with NeighborWorks America, are committing to better financial counseling for homeowners with mortgages in hopes to prevent home loss in the future. Choosing to work with a company so committed to its customer's long-term success is wise.
Finding a comfortable home that will sustain a family and increase in value over time is almost as important as securing a mortgage that will be financially practical in the years to come. The steps to success include clear assessment of current and future budget, choosing the right type of loan, shopping around for mortgage lenders, and comparing rates between companies. Although all the decisions that come along with this commitment may seem overwhelming, most middle to upper class Americans get through it alive. It is just too bad the whole ordeal is not as easy as rubbing a magic lamp!
Sources:
Fleischauer, Becky. "National Mortgage Lenders and NeighborWorks Partner to Avert Foreclosures." NeighborWorks America. 10 April 2006. Neighborhood Reinvestment Corporation. 17 July 2007. http://www.nw.org/network/newsRoom/pressReleases/2 006/netNews041006.asp.
"Ohioloans.com." Cityloans.com. 2000-2006. 17 July 2007. http://www.cityloans.com/ohio/?ovchn=GGL&ovtac =PPC&ovcpn=CS_OH_HM_EM&ovcrn=Ohio+mortgage />Independence Mortgage, Inc. 17 July 2007. http://www.independenceinc.com/.
"Major Mortgage Mistakes." Home Buyer's Information Center. 17 July 2007. http://www.ourfamilyplace.com/homebuyer/mortmistak es.html.
"The Best 15 Year Fixed Rate Mortgage in Ohio." Mortgage-X . Mortgage Information Service. 1998-2007. 17 July 2007. http://mortgage-x.com/get_mortgage/find.asp?id=dir .req&lpn=15yrFRM&property_state=OH&sta
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