Of course, most borrowers are free to prepay their mortgages, but now, some lenders are letting people borrow money for as many - or as few - years as they like. Quicken Loans has created a product based on that premise. Called YOURgage, it lets ... Stern Advice: Designing your own mortgage
www.reversemortgagecolumbusohio.com 1. What is a reverse mortgage and do I qualify? A reverse mortgage is a unique loan that allow homeowner(s) 62 years of age and older to draw on the equity in their home, which is paid to the homeowner(s) in cash. The unique aspect of this loan...
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The growth in and around Columbus, the capital city of Ohio, has been steady and consistent. Despite the economic downturn, Columbus real estate experts predict that positive price appreciation will return in the coming years. So home buyers, who want to settle down in this part of the country should start with their home buying process now. A buyer needs to consider the price range and also short list the desirable neighborhoods. But before that study the current household budget; this helps in verifying the present financial situation as well as the buyers ability to repay the mortgage. The other factors that one needs to consider include:
Look for a reliable Columbus real estate agent. Recommendation from family and friends is a good option. But remember, one must be very careful while selecting a real estate agent as he/ she will play the most curtail role throughout the home buying process.
It is recommended to opt for an exclusive buyers agent, rather than going to a listing agent while looking for home for sale in Columbus, Ohio. Also avoid appointing a dual agent; these agents keep the entire commission and thus are only concerned about their profit. Alternatively, a Columbus real estate agent who is solely representing the buyer will always look out for the buyers best interest and will help them to get the best deal possible.
A little research is required from the buyers part. The Columbus real estate agent can help them in this field. Study the current home prices in the targeted neighborhoods. Also consider the neighborhoods, whether or not it is offering all the facilities that one needs such as proximity to work place, health care center, schools, and shopping districts.
Selecting the right type of home is also a curtail factor. Depending on the budget and the buyers ability to mortgage payment the Columbus real estate agent can help in finding a suitable home for sale in Columbus, Ohio. Those who have moderate budget can go for Columbus condos or single family homes.
After finding the right home for sale in Columbus, Ohio, the buyers need to consider the mortgage amount that they can afford as well as find a lender. The Columbus real estate agent can help the home buyer in finding a lender and can deal with the mortgage process, on behalf of the buyer.
These days, many are reselling mortgages in the secondary market. There are organizations that purchase the mortgage directly from the lenders and then sell them to investors. Ask the Columbus real estate agent about the qualification requirements. Generally the borrower must meet the total obligations to income ratio and the housing expense ratio to qualify. Also ask the Columbus real estate agent about approved loans. There are lenders who qualify the borrowers for a certain amount. With such loans it is much easier to focus on the affordable home for sale in Columbus, Ohio. In addition, approved loans help the buyers to get an edge over the home buying deals and to negotiate for a lower purchase price. Down payment is also an important factor that one needs to consider; with a debt ratio of 28% to 36% the down payment will be around 10%. However, the amount may vary and a lower down payment usually means higher monthly payments. Related Buying Home For Sale In Columbus, Ohio Topics
Question by stephanie v: I am having problems with my mortgage lender... any help would be appreciated. Thanks!? Hi there I am going through Envoy Mortgage in Columbus, Ohio. I was approved for $ 65,000 about 3 weeks ago at a 4.75% and we qualified for the 203k, my husband and I bid on a house and won it for $ 63,0000 which needed some repairs. I found out that our loan included the 3% advance for the tax credit. We were gonna put that plus the $ 2,500 hud incentive towards the repairs. The lender said he couldn't do the loan for us. So we now picked out a house and won the bid at $ 60,727 that needs no repairs. We were going to put the tax credit advance and $ 2,500 towards it. Our lender is saying that our loan to debt ratio is too high because the intrest rates went up and our rate would be 5.45%. So this one may not go through either. Is this normal for the approval rate to keep changing. He won't give me an exact amount of what I can get approved for now or even a range. My Realtor is very upset and I don't know what to do. Is this legal? Any help would be appreciated. Also ca n we get the $ 2,500 on any house? I live in Columbus, Ohio. Thanks so much! I have thought of earning extra money and YES I am still approved for a loan it's just much less than originally. I also have two back up lenders. I was just wondering if this was normal or legal. We are not waiting any longer to get the loan. Thanks for the advice. I am hoping to hear from and lenders out there. Best answer for I am having problems with my mortgage lender... any help would be appreciated. Thanks!?:
Answer by sassy2
yes as the interest rate climbs, your monthly payment increases and your income is insufficient. Reality is you cannot afford a house at this time. You need to save for a down payment
Answer by Harold
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Answer by MSAD
Looks to me like this lender has burned you twice. I think I'd go talk to another lender. Something is not quite right with this and I'm not convinced you are the problem. I think this lender has gotten 2 chances to make a loan to you and has blown it. There are a lot of banks and mortgage companies out there. I'd go talk to someone else. I'd start with the bank that has your accounts. Since they have your accounts they already have a business relationship with you. Good Luck.
Answer by stan c
Contact the Federal Trade Commission toll free @ 1-877-382-4357. Also try to contact a mortgage broker and see what options they can give you
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