Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
 
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.
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Mortgage Myths Revealed

There are lots of myths in the world of mortgages. One of the biggest myths is that you should not refinance if you aren’t reducing your interest rate by at least 2%. This is completely false. Even though you may not be reducing your current rate by much, there may be and endless number of other benefits for refinancing.

Another common myth is that mortgage brokers are more expensive to work with than going to a bank directly. This couldn't be farther from the truth. When you go to a bank, you get one pricing option, and that is the bank's pricing. When you work with a broker, they have the ability to shop your loan to many different banks and lenders and find you the best possible rate that you qualify for.

Another myth regards debt. If you are paying over $500 a month in credit cards and the interest is only compounding why would it not be in your best interest to pay off your credit cards and apply the money to other financial goals.

One such benefit is the leveraging of your equity to increase your true wealth

Another myth is that you should pay off your mortgage as soon as you can. Well when you pay your mortgage off you loose the mortgage interest write off on your taxes.

Another myth is that bi-weekly payments are the best way to go to paying off your mortgage. Although it is a plan and people are attracted to plans, there are better plans out there that are more advantageous to the consumer.

This may be considered a myth or just plain false, but most people think that the 30 year fixed rate mortgage is the best mortgage option. This may be true for some people, but for people who only plan on living in their home for 4 years this isn't true at all. Those people would be better off taking a 5 year adjustable rate mortgage, because of the lower interest rate that it carries. The truth is every person has a different situation, and each person has to analyze their mortgage situation accordingly.

Another myth is that you need a down payment of 20 percent to purchase a home. Most mortgage brokers can provide you with 100% financing with credit scores as low as 580.

Another mortgage myth is that people with bad or below average credit can not buy a home or refinance their home. This is false. Many mortgage brokers can obtain a home loan for people with below average or bad credit. In the event that your mortgage broker can not obtain a mortgage loan for you at the present day and time, they will help direct and educate you on what to do so that you will qualify for a mortgage loan soon.

A common mortgage myth that is advertised on radio and other media is the no points and no fee mortgage loans. The myth lies in the fact that these lenders often want you to beleive that they are just giving away the fees for free. As with most things in life there is no free lunch. Mortgages loans without points or fees are just a different way of pricing and structuring the loan so that the lender will pay the fees in exchange for a higher interest rate. In a few situations such an arrangement is beneficial but in most cases the higher interest rate means the borrower will pay more in the long run.

Another myth is that everyone will qualify for the low rates they see advertised. You have to read the fine print and make sure that your situation and credit profile meets the program guidelines.


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