Compare two mortgage scenarios, then consider the payment together with upfront costs and the loan structure.
The two scenarios above compare estimated payments. They do not calculate APR or compare discount points, lender fees and total cash to close. Review those costs separately with WOMC. For a focused look at two fixed terms, use our 15-year versus 30-year mortgage calculator.
For a conventional mortgage, WOMC reviews credit, income, debt, down payment, reserves, property type and occupancy. The loan structure also needs to fit your longer-term plans.
A lower interest rate may come with more discount points. Compare interest rates with interest rates and APRs with APRs so the figures describe the same kind of cost.
Consider the down payment, mortgage insurance, prepaid taxes and insurance, lender fees, title charges and total cash to close when comparing a payment range.
No. Conventional financing is one option, but another loan program may better fit a buyer's credit, down payment and property needs.
Our conventional loan overview explains those considerations. The Ohio closing-cost guide adds the upfront part of the budget.
Final eligibility, pricing and loan structure depend on the full application, property and current guidelines.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.