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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How Can I Get Approved For A Bigger Home

There are many options out there that can help you get approved for a bigger home or a bigger mortgage now. You can obtain a mortgage on a 2/1 buy-down program. This will allow you to have an interest rate that is 2% lower for the first year than the final interest rate. After the first year this interest rate will increase by one percent and then after the 2nd year it will increase to its final rate. This program can be good for families that anticipate having income increases within the next year or two. It can also be good for families that have one spouse planning on returning back to work within the next year or so. This way they are able to afford the home they desire now and their income will justify the bigger home when their income increases shortly thereafter.

With an Interest Only loan you will have a lower montly payment because nothing is being paid to the principle amount. This may be a useful feature if you don't plan on being in your home long, or if you expect your salary will be increasing in the future.

Be careful when buying a home that you will be able to afford the payment. The last thing you want is a foreclosure because you weren't able to make your mortgage payments. Make sure that you are buying a home that matches the payments you are comfortable making. Resist the temptation to buy a home that you won't be able to afford.

Other types of mortgages can help you afford bigger homes. The more common options are to lower your payments by using an Interest Only Feature. Another option for lowering your payments is to get a 40 year term rather than a 30 year term. The other choice is to lower your interest rate by using some type of ARM program such as a Pay Option ARM.

If your debt to income ratio is high but you feel you can afford the payment you should consider a " no ratio " loan. No-ratio loans exclude dti restrictions at the expense of a slightly higher interest rate.

There are many loan programs available to borrowers that will help them get approved for a bigger home. Lenders are offering no ratio and no doc loans which help borrowers overcome the Debt to Income ratio requirements of most lenders. Borrowers can also afford a bigger program if they expect their incomes to rise in the future by utilizing a pay option arm loan which comes with minimum payments based on interest rates as low as 1%.

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