Loan One Mortgage Co., Inc.

Looking For More Information About Buying or Building A New Home? Visit These Resources To Learn About Your Options

Since home is the place where families go to relax and spend time together, it has to be absolutely perfect. If you need help handling the financial aspects of your next home purchase or refinancing, call the experts of Loan One Mortgage Co., Inc. at (888) 586-6042. For more information, visit these additional websites:

• Are you considering building a new house? This page from The Wall Street Journal will help you calculate the cost.
      
• Today, a lot of homeowners are struggling to pay off their mortgages because of poor financial planning. To learn more, read this article from The New York Times.
     
• 15-year mortgage rates have recently hit a record. Learn why at this page from MSNBC.
      
• Are you thinking of building a home in the Columbus area? Check out these permit applications from the City of Columbus.
       
• How do construction loans work? Find out by visiting this page from Bankrate.com.  

Permits for New Construction Are Up! Is a Construction Loan in Your Future?

Instead of purchasing an existing home, have you considered building a new house? Now is not only an excellent time to buy an existing home but also to construct a home of your own. Here’s a quick look at new construction permits, construction loans, and building the perfect home: 

• New Construction Permits

Though new home construction projects dipped slightly in March, most experts agree that this segment of the real estate market is on an upward trajectory. According to the U.S. Commerce Department, permits for future construction rose to a three-year high last month. As more good news emerges about the economic recovery, more homeowners are feeling encouraged to build new homes. If you’re interested in having a home built, you’ll need to obtain a permit from the city of Columbus in order to avoid fees and penalties.

• Construction Loans

If you’re building your new home, you may also need a construction loan. Before a lender will grant you a construction loan, however, he will assess your finances, your building plans, and the proposed site. Taking out a construction loan can help lift some of the financial burden during the construction process. If you’re considering taking out a construction loan, it’s best if you speak with a home loan expert.

• New Construction Benefits

Though building a new home may be more expensive than buying a preexisting home, the additional upfront cost is definitely worth the investment. When you buy a preexisting home, you’ll likely need to make some adjustments to the kitchen, bathroom, and other areas. With a newly constructed home, you can have your home customized to your needs from the very beginning. Also, new homes utilize eco-friendly building practices and features, which will save you money on utility bills for as long as you live in your new house.

If you’re considering building a new home, contact the experts at Loan One Mortgage Co., Inc. We’re proud to help the good people of Columbus with the home loan assistance they require. If you call us today at (888) 586-6042, we can help you, too.

Avoiding Common First-Time Homebuyer Mistakes

If you’ve never bought a home before, there are a few things you should know. If you buy a home without doing the proper research, you could choose a mortgage that is not ideally suited for your financial situation or be saddled with excessive debt.

In this short video, you will learn about a few common mistakes made by first-time homebuyers. Some first-time homeowners fail to factor in the total cost of the home, including maintenance expenses and property taxes. Others put all of their savings into down payments instead of saving it for emergencies

If you’re a first-time homebuyer and need help avoiding these mistakes, contact the home loan experts at Loan One Mortgage Co., Inc. We’ll utilize our expertise to ensure you get a loan that makes smart financial sense. For more information, call us today at (888) 586-6042.

With Record-Low Rates, is a 15-Year Mortgage Right for You?

The housing market has seen a dramatic drop in mortgage interest rates—a positive development for those looking to buy. Over the past several years, 15-year mortgages have been rising in popularity, mostly because they allow homeowners to pay off their principals more quickly. However, record-low interest rates have many homeowners taking out 30-year mortgages instead. Here’s a quick look at current interest rates and what they mean for your home loan options:  

• Why are rates so low?

In order to keep up with inflation, all lenders charge interest on home mortgages; and as the real estate market fluctuates, so do interest rates. Since America is still in the midst of an economic recovery, interest rates are currently extremely low. Fixed rates that were upwards of 10% several years ago are now hovering around 3%. Since fixed interest rates stay the same throughout the entire term of the mortgage, they’re very beneficial to homebuyers when they’re low. 

• Who should consider a 15-year mortgage?

Since 15-year mortgages allow homeowners to pay off their debts more quickly, interest rates for these mortgages are usually lower than 30-year mortgage rates. However, the monthly payments for 15-year mortgages are still higher, since the total balance of the loan is distributed throughout a shorter term. If you have a steady income and wish to pay off your mortgage as quickly as possible, a 15-year mortgage is a fine choice.

• When is a 30-year mortgage the better option?

Though 30-year mortgages come with higher interest rates, the total monthly payments are still significantly less than those of 15-year mortgages. Higher interest rates require you to pay more in the long run, but having extra cash in the short-term is very beneficial to some families. When deciding between mortgages, it’s always best to speak with a home loan expert.

If you’re in the process of buying a home, contact the experts of Loan One Mortgage Co., Inc. After assessing your finances, we’ll gladly help you take advantage of today’s record-low interest rates. If you have any questions about qualifying for a home loan today, call us at (888) 586-6042.     

Expand Your Home Loan Knowledge By Reading These Articles!

Obtaining a home loan does not have to be a complicated process. Learn more about FHA loans and home loan applications with these great resources from around the web. Call Loan One Mortgage Co., Inc. at (888) 586-6042 for more information on our services.

• Explore this article from AllBusiness.com to learn how to obtain a home loan with any type of credit.
        
• Check out BankRate.com for more information on the documents needed to apply for a home loan.  
      
• This article from The San Francisco Chronicle examines the pros and cons of FHA loans.
      
• Visit this link from MortgageNewsDaily.com to see today’s current mortgage rates.  
        
• What are the different types of mortgages? Find out with this article from LendersMark.org.