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Mortgage Broker Zanesville OH | Home Loans | Innovation Capital Mortgage

If you’re looking to choose from the many available Zanesville, OH, mortgages through a team that’s focused on precision, give us a call at (740) 624-8091.

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5 Steps to Identifying the Ideal Type of Home Loan

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Buy a Home in Zanesville Ohio

When you are trying to choose a mortgage, you will discover quickly that there is not just one option. Many homebuyers qualify for multiple types of home loans. How do you narrow it down and figure out which of those options is suitable for your financial needs and goals?

In this post, we will walk you through some steps you can take to determine which loan types may be ideal. If you need help during this process, that is what we are here for. You can schedule a consultation to have one of our loan experts sit down with you to walk through your scenario and help you choose a mortgage product.

  1. Figure out if you qualify for a government-backed loan. A great place to start is to try and figure out whether you qualify for a government-backed mortgage such as an FHA loan, USDA loan, or VA loan. All of these types of mortgages offer easy qualifications and competitive interest rates, even without ideal credit. Some of them also offer additional benefits, like zero down and no PMI for VA loans. Both first-time and repeat homebuyers can qualify for FHA mortgages. To qualify for a VA loan, you must be a veteran, active-duty service member, or eligible surviving spouse. To be eligible for a USDA loan, you must fit within the income threshold and be purchasing a home in a rural zone (thankfully, there are a lot of those in Ohio).
  2. Consider your credit score, debt-to-income (DTI) ratio and income. When you apply for a home loan, your credit score, debt-to-income ratio, and income will all be assessed to determine what you qualify for. How competitive your qualifications are may have an impact on what type of home loan makes sense for you. For example, a borrower with a low credit score might find an FHA mortgage to be a suitable choice. But another borrower with a high score may choose a conventional loan in order to avoid paying for mortgage insurance, while still qualifying for a competitive rate.
  3. Assess whether you need a specialized mortgage product. Some scenarios may require a different type of mortgage product. Say you are investing in Ohio real estate as a foreign national. In that case, for example, you would need to apply for a foreign national loan.
  4. Figure out how much money you can put down. The amount you intend to put down on a home can have a significant impact on your choice of mortgage. Imagine you can afford to put down 20%, and that is your intention. You may be doing this because you do not want to pay for mortgage insurance. In that case, a conventional loan would make more sense than an FHA loan. On the other hand, let’s say you are not sure you can afford to put money down on a home at all. In a situation like that, a VA loan or a USDA loan would be a better option, if you qualify for one. In fact, if a USDA loan is your only zero down option, that might even inform your home search, since you would need to shop for a home in a rural zone.
  5. Think about how the features of different types of mortgages will impact your monthly finances. Ultimately, your goal is to find a flexible loan product that will fit within your budget every month. Along with the loan term, you need to consider how the interest rate for a given type of mortgage as well as whether or not it carries an insurance requirement will impact your monthly payments.

Buy a Home or Refinance in Ohio

Trying to figure out what type of mortgage is ideal for you on your own can be a challenge. But you are not on your own, with the friendly mortgage experts from Innovation Capital Mortgage on your side.

If you are ready to buy a home or refinance, please give us a call today at (740) 624-8091 to schedule your mortgage consultation. We can help you find a suitable mortgage in Zanesville or anywhere in Ohio.

How to Choose a Mortgage Broker in Zanesville, OH

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There are a lot of great deals on real estate in Zanesville, Ohio. The cost of living here is lower than the nationwide average, and housing is one of the main reasons for that difference.

But to maximize your savings when you purchase a home in Zanesville, it is important to find the right mortgage for your needs.

You can find the home loan that is suitable for you rapidly with the help of the right mortgage company.

Choose the right mortgage broker in Zanesville, OH

How can you decide what mortgage company to use? The following are some recommendations to help you narrow down your options.

  1. Pick an independent mortgage company that knows the Zanesville area. There are nationwide lenders that serve Zanesville, but we recommend that you choose an independent mortgage broker instead. An independent company that is focused on the local area knows the Zanesville real estate market better than a nationwide big-box lender ever could. They also can provide you with more personalized help.
  2. Choose a Zanesville mortgage company that offers a wide variety of loan types. For some customers, a conventional loan is the ideal way to buy a home. Others may need to borrow more, and thus require a jumbo loan. For still others, a government-insured FHA, VA or USDA loan could be the right choice. Since there is no one-size-fits-all lending product, you should pick a company to work with that offers a wide range of solutions. Such a company not only is more likely to find you the ideal fit, but will also be skilled in assessing the needs of each individual customer and offering a more personalized experience. At Innovation Capital Mortgage, we take pride in offering loan options that go beyond what the banks offer. With our network of lenders, we are confident that we can match every customer with the right loan. In fact, we can even connect you with loans for manufactured homes and other specialized lending products.
  3. Work with a Zanesville mortgage broker that makes it fast and easy to apply for a loan. Applying for a loan should be a rapid and simple process that is as streamlined as possible. With over three decades of experience, we have the lending process down to a science. With electronic filing and free pre-approval, we help you move fast on your Zanesville dream home.
  4. Choose a Zanesville mortgage broker that offers great customer service. Big banks are in the business of efficiency. But they aren’t trying to move you through quickly for your sake; they are doing it for theirs. With an independent mortgage company like Innovation Capital Mortgage, you are working with a company that strives to be efficient to meet your needs. We are customer-focused and dedicated both to getting you the right loan and making the process an enjoyable one. We answer questions and address concerns quickly and transparently, and provide you with the knowledge and the commitment you need to move into a new home or refinance with confidence.
  5. Work with a company that is flexible. Don’t have a perfect credit score? Don’t have a large sum of money to put down on a house? Big banks often turn customers away that have obstacles like these. That is why you want to work with a Zanesville mortgage company that rises to a challenge. Innovation Capital Mortgage can help you explore options for down payment assistance and credit repair. Even if your situation is not ideal, we are confident we can find you a loan with flexible approval.

Schedule Your Free Mortgage Consultation Now

Now you know what qualities are important to look for when you are choosing a mortgage company in Zanesville.

If you are ready to move into a home in Zanesville or elsewhere in OH with a competitive mortgage while enjoying great customer service along the way, please call Innovation Capital Mortgage today at (740) 624-8091. We look forward to discussing your needs during your free consultation.