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    Get More Valuable First-Time Homebuyer Tips By Exploring These Links

    Last updated 2 years ago

    If you’re planning to embark on the exciting journey toward home ownership, visit these helpful websites for valuable home-buying tips. Be sure to call the experts at Loan One Mortgage Co., Inc. at (888) 586-6042 to apply for a mortgage and receive the lowest rates possible. 

    VA vs. FHA Loans for First-Time Homebuyers

    Last updated 2 years ago

    First-time homebuyers have a lot more to consider than just number of bedrooms and bathrooms. If you’re married and have children, you’ll need to consider their needs; for instance, you’ll want to buy a home in a good school district that’s also close to where you and your spouse work. You’ll also need to check your credit score, save up, gather necessary financial documents, and work alongside a mortgage broker and lender to determine what you can afford. Fortunately, there are different types of home loans well suited to the first-time homebuyer, including VA and FHA loans. To simplify the process, learn the basics of these two common home loans:

    • VA Loans: VA loans are secured by the federal government and are designed to, like any other loan, lower down-payments and other costs in order to make owning a home more attainable. What distinguishes VA loans is the fact that they are only available to qualified veterans, and in some rare cases, to spouses of deceased veterans. The qualifications vary depending upon how many years of service a veteran has had, as well as whether he or she was honorably or dishonorably discharged. VA loans offer competitive, fixed interest rates regardless of whether the buyer has good credit. Perhaps a VA loan’s main benefit, however, is that it does not require the borrower to make a down-payment.
    • FHA Loans: FHA loans are ideal for first-time homebuyers because the Federal Housing Administration insures the loan against default. Thus, lenders are more willing to offer favorable mortgage rates because they don’t risk having to write off a loan. Arguably the FHA loan’s biggest asset to the first-time homebuyer is that the down-payment can be as small as 3.5 percent of the purchase price. Additionally, almost anyone can qualify for an FHA loan.

    If you’re planning on buying a home, contact the experts at Loan One Mortgage Co., Inc. in Columbus. To learn more about our low rates, give us a call today at (888) 586-6042.

    Understanding How Credit Scores Impact Mortgage Applications

    Last updated 2 years ago

    You’ve probably seen countless ads that emphasize the importance of both knowing your credit score and improving it. The truth is, it’s difficult to achieve your dream of home ownership with a poor credit score.

    In this short video, you will learn how credit scores impact mortgage applications. Credit scores are used to measure debt and assess your ability to pay back loans. If you have a poor credit score, lenders will be less willing to offer favorable interest rates because there is a higher perceived risk of defaulting on payment.

    If you’re looking to buy a home for the first time, contact Loan One Mortgage Co., Inc. by calling (888) 586-6042. Our trustworthy experts can deliver the lowest rates possible on your mortgage.

    Important Steps to Take Before Buying a Home

    Last updated 2 years ago

    Few events in life hold more significance than buying your first home. Becoming a homeowner is what almost every American dreams about and strives for. It’s a truly momentous decision that requires great thought and extensive planning. If you’re like most Americans, you’ll rely on a home loan from a trustworthy mortgage company. What can you do to set yourself up for the best mortgage rates possible?

    • Determine What You Can Afford: First-time buyers can easily be overzealous or underestimate what they can afford to buy. Your income, debt information, and loan information, even if rough estimates, are necessary pieces of information that can help you determine what’s affordable. Speak with a qualified mortgage banker as well as a lender to calculate a bottom line and what you can reasonably afford in monthly payments. Getting pre-approved will give you more buying power and allow you to accurately narrow down your choice of homes.
    • Check Your Credit Status: Federal law states that you can request a free annual credit report, and that’s exactly what all buyers should do. Check to ensure that the facts of your credit history are correct. It’s surprisingly common to see errors on credit reports. If you find any discrepancies, notify the reporting agencies right away to have them corrected—your credit status affects the rates you will pay.
    • Gather Important Documents: Gather your tax returns, W-2 statements, credit card statements, bank statements, recent pay stubs, and anything else a lender will need when you fill out an application. In addition to helping your lender, these documents can help you plan a budget and determine with your mortgage broker what kind of house you can afford.

    Loan One Mortgage Co., Inc. will not only provide you with the best offer on your home loan, but also help you navigate every step of the mortgage process. Call our experts today at (888) 586-6042 to learn how we can guide you through the loan process and get you the best mortgage possible. 

    Taking Advantage Of Low Mortgage Rates And Visit The Links Below

    Last updated 2 years ago

    With May 2012 setting new records for low interest rates, now is the time to visit your mortgage company if you’re considering buying a new home. At Loan One Mortgage Co., Inc., we take pride in being experts in our field. Discuss your home loan options with one of our knowledge mortgage bankers today by calling (888) 586-6042.

    • Read this article from the San Francisco Chronicle to learn more about how mortgage rates are determined and what factors affect them.
    • Check out this recent article from CBS News about why fixed interest rates are at an all-time low and how you stand to benefit.
    • Follow mortgage rate news and review record mortgage rate lows in this article from MSNBC.
    • ABC News answers your questions about whether now is a good time to invest in a home.
    • Keep up with housing market news in this article on home buying and loan rates from Reuters.

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