RE/MAX ONE is a full-time real estate brokerage with over 60 experienced REALTORS servicing the Central Ohio area. Our REALTORS' primary role is helping their clients meet their goals in the most efficient and professional manner in an atmosphere of accountability and trust. At RE/MAX ONE you will ALWAYS receive the highest level of service and integrity!

Mortgage Considerations

Your home is a huge investment and your mortgage terms can affect your budget for years to come.  Below are a few things to consider as you shop for the best loan for your needs.  Keep in mind, these are just suggestions.  Speaking with a mortgage professional is the best way to get a clear picture of mortgage loan options, down payments, and more.  Estimate your monthly payments by using our mortgage calculator below.  


CHECK YOUR CREDIT SCORE 
Your credit score can directly impact what mortgage loans and interest rates you may be eligible for, so work on getting it as high as you can before starting to shop around for a home. You can request a copy of your score through one of the three major credit bureaus: Equifax®, Experian®, or TransUnion®.

CREATE A BUDGET AND START SAVING FOR A DOWN PAYMENT 
There are several costs built into purchasing a home. The biggest expense to start planning for maybe your down payment. While there may be loan programs with little to no down payment, many mortgage loans will require you to put down at least 20% of the total price of the home if you want to avoid additional monthly fees and expenses. The larger your down payment, the more of your home you will own from day one, providing you with built-in equity!

Once you’ve started saving for your down payment, you may want to assess your budget to determine what you may be able to afford. Online resources and tools, such as mortgage calculators, can help give you an idea of what your mortgage payment might be based on the hypothetical amounts you enter for the loan amount, down payment amount, interest rate, loan term, taxes, and insurance.

CONSIDER OTHER EXPENSES
Keep in mind there may be other expenses you’ll incur throughout the home-buying process, such as inspection, appraisal, and closing costs. In addition, there may be additional expenses once you close on your new home, such as furniture and appliance purchases or landscaping.

SHOP AROUND FOR A MORTGAGE LOAN 
To secure financing for your home, you can work with a bank or credit union in your area, a lender, a mortgage banker, or a mortgage broker who will research lenders for you. You may want to research the current interest rate averages for the area, as well as various loan programs that may be available so you can compare quotes and estimates from different brokers, bankers, or lenders.

There are several different types of mortgage loan programs that may be available. Therefore, it can be beneficial to research what programs you may qualify for in advance — especially if you’re a first-time homebuyer. Some common mortgage options may be Conventional (Conventional or Jumbo), VA, FHA, or USDA. And if you’re financially able and willing to pay cash, you may avoid interest and closing costs altogether!

While these are common mortgage options, take time to meet with one or more mortgage professionals to review all your possible options. Your mortgage professional will work with you to help find the best loan option for your needs and circumstances.

DETERMINE YOUR MORTGAGE REPAYMENT TERM 
As part of shopping for mortgage loan options, you will need to determine your mortgage repayment term, which is commonly set at 15, 20, or 30 years. You will also need to choose a fixed or adjustable interest rate. Adjustable-rate loans may provide lower initial rates but can rise over time depending on market conditions. With a fixed-rate loan, your rate will stay the same over the course of your mortgage loan.

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