You can find competitive mortgages and mortgage loan rates in Columbus-and Mortgageloan.com will help you find and evaluate them. The site's broad database of articles provides everything from basic to expert information, and the wide selection of mortgage calculators is sure to address any mathematical mortgage questions you may have. You can be methodical in your mortgage search if you're new to the world of mortgages, or you can jump right in and request loan quotes if you're an experienced mortgage borrower. If you prefer to contact lenders individually, you'll find contact information and more in the Columbus broker directory. Remember that the best way to save money on your mortgage is to consult with, and request offers from, several competing lenders.
When you don't want your Columbus mortgage to be caught up in the swings of the economy, a fixed-rate mortgage (FRM) is the way to go. FRMs have the following features:
- A rate that doesn't change
- A payment amount that's steady
- A set amortization schedule, with full repayment at loan maturity
Fixed-rate mortgages can be structured for payoff in 10 years, 15 years, 20 years, 30 years, or even 40 or 50 years, but the 30-year structure is most common. The shorter loan terms often have lower interest rates, while longer terms have higher rates. FRM terms can't be changed, but can be refinanced.
First-time homebuyers should visit the Mortgageloan.com Mortgage Tax Savings Calculator to estimate the potential tax savings associated with homeownership. Homeowners can deduct the following items on their federal tax returns:
Mortgage interest, deductible in the year paid; homeowners will realize the largest impact in the earliest years of the mortgage
Loan points; on purchase mortgages, points are deductible in the year paid. Points on refinance mortgages are deducted over the life of the loan.
Property taxes, deductible in the year paid
The easiest part of your mortgage search will be finding qualified Columbus lenders. Click to the Columbus broker directory to find all the information you need. Once the quotes start coming in, the real work begins. You may receive some FRM quotes, and some adjustable-rate mortgage (ARM) offers. If you're not in complete understanding of the different loan structures, evaluate the FRMs first, and then separately review your ARMs. Pick the best in each category and compare them with Mortgageloan.com's mortgage comparison calculators.
Also pay close attention to the differences in payment amounts. Sometimes low payments are great, but in other situations, they could end up costing you more, or inhibiting the growth of your home equity. Compare your loan offers on total interest and remember to consider the risk of payment increases down the road.
Whether you're refinancing a historic home in the suburbs or buying a loft downtown, you can save money on your Columbus mortgage. And Mortgageloan.com will help you do it.