Financing

Real Estate & Auction Services Since 1976!

Financing Your Dream Home

As You Begin Home Search, Check Into Financing Options

Discuss the wide array of home financing options with a lender. With good credit and work histories, buyers often can qualify for a home mortgage with as little as 3% to 5% down. Some first-time homebuyer programs require no downpayment.

Buying a house will be one of the largest, if not the largest, purchases you will make in a lifetime. Looking around for the mortgage that fits your needs and your financial situation can save money in the long run on this major purchase!

How much can I afford to pay for a house?

The general rule of thumb is buyers typically can afford a house that is 2 1/2 times their annual gross income (before taxes and other deductions from their paychecks). But a lot also depends on their current long-term debt load, such as car payment, credit card payments, college student loan payment, and other major installment loan payments, plus their work and credit history.

Talk to a real estate agent to help you get a general idea of what price range of house you can afford, or contact a local lender to get "pre-approved" to determine the actual mortgage amount that you qualify for.

Should I get pre-approved for a home loan?

Although it takes a little time and effort upfront to get "pre-approved" for a home loan and buyers are typically anxious to get started looking, it is often a wise move. Getting "pre-approved" lets you know that you can get a home loan, what your maximum home price is, and any special considerations that you'll want to discuss with your real estate agent in making an offer, such as asking a seller to help pay closing costs.

Being "pre-approved" for a home loan also gives you an edge over other buyers who are out looking in the market, but who haven't talked to a lender yet. Sellers look more favorably at "pre-approved" buyers who they know can actually buy their houses more quickly without having to check around for financing.

Also note that there is a significant difference between being "pre-qualified" vs. "pre-approved" for a home loan. To get "pre-qualified," a buyer will simply be asked about income, liabilities, assets, and amount of down payment. Based on this information, the lender estimates how much home the buyer can afford to purchase. For "pre-approval," the lender will check the buyer's credit report and verify all information provided before making a commitment to make a home loan for a specific amount, subject to satisfactory appraisal of the property that the buyer finds.

How can I estimate my monthly home loan payment?

Ask the loan officer who you are working with or try this mortgage payment calculator to get a general idea.

This loan payment calculator is for planning purposes only - payment amounts are principal and interest only. Other lender requirements such as insurance and taxes could dramatically effect your actual monthly payment.

Contact your lending institution for available terms and current rates.

Where should I start looking for a home loan?

The lender where you already have your checking or savings accounts or a loan is a good place to start because you already have a history with them. Ask relatives, co-workers, and friends for recommendations or talk to your real estate agent about financing sources. The important thing is to shop around for not only the best interest rate but also the best loan terms and options that meet your needs and financial circumstances!

Local Lender	Phone No.	Website
Citizens National Bank	419-238-1080	www.cnbohio.com

First Federal Bank (Delphos)	419-695-1055	www.first-fedbanking.com

First Financial Bank	419-238-2265 (Van Wert) 419-692-2055 (Delphos)	www.bankatfirst.com

1st Federal Savings & Loan	419-238-1463	www.1stfedvw.com

First Bank of Berne	419-232-2222	www.bankofberne.com

US Bank	419-238-6522	www.usbank.com

Van Wert Federal Savings Bank	419-238-9662	www.vanwertfederal.com

Wells Fargo Home Mortgage	419-238-2399	www.wellsfargo.com/mortgage/

Where can I find more information on financing a home?

Here are links to several resources on the Internet which, although some make references to their specific products/services, provide useful information in general to help you understand the process of financing the purchase of a home.

National Association of Realtors
Ohio Association of Realtors
Real Estate ABCs
U.S. Department of Housing and Urban Development
Fannie Mae

Our property listings were last updated on 7/22/08


Real Estate and Auction Services Since 1976 Straley Realty and Auctioneers, Inc.
(419) 238-9733
(800) 727-2021
E-mail us at Info@StraleyRealty.com

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Amount Borrowed
Interest Rate	Enter 8.50% as 8.50
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Amount Borrowed
Interest Rate	Enter 8.50% as 8.50
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