Mortgage Lenders In Ohio

As A Borrower, You Should Understand Your Options.

Mortgage Lenders In Ohio help borrowers find the type of loan that matches their financial situation. There are two types of loans; Conventional and Government-Backed loans. If you aren’t hiring a mortgage broker, it’s important to understand your credit history so that you are carefully evaluated for the right loan. Also before approaching a lender, you should understand which mortgage option is better; fixed-rate or an adjustable rate mortgage. We recommend our services because this process can be difficult to understand and we are ready to protect from any outrageous obligations.
At Cross Roads Loans, we answer all the questions that matter to the loan process.

Do I need GREAT credit to get a mortgage?

It’s better to have a clean credit history but not necessary. Even if you have a credit score as low as 620, you could still qualify for a mortgage loan. However, be aware that the lower you FICO score the higher your interest rate will be.

How much will my down payment be?

Your down payment will depend on your loan. Conventional mortgage you’ll need as little as 3% down. FHA Loans 3.5% down, VA and USDA loans may not require a down payment. If you decide on a Conventional or FHA loan you’ll have to pay private mortgage insurance, PMI.

What are closing costs?

Closing costs are charges paid before the loan is completed. Typically closing costs include: origination fees, title insurance, prepaid escrows, and more. You can expect to pay 2% to 3% of the home’s price in closing costs.

Should I choose a fixed-rate or an adjustable-rate mortgage?

The majority of homebuyers opt for a fixed-rate mortgage. The advantage of a fixed-rate mortgage is just that, you are able to get a fixed rate for a period of time. Only 3% of buyers are choosing adjustable-rate loans. One of the advantages of an adjustable-rate mortgage is that if you want to see your house before the fixed-interest period ends, an ARM could save you money in the long run.

Whats the difference between pre-qualification and pre-approval?

Pre-qualification is a review of your finances. This review will determine if you qualify for a mortgage. It is not a firm guarantee of a loan. Pre-approval is a tool used during the home buying process. A pre-approval checks more than just finances. A lender can review your credit history and income over a span of time which puts you in a better position. Lenders want to see that you are serious and financially responsible.