How to Get a Home Mortgage in Ohio

The high prices for some homes can scare some into renting, but others choose to take out an Ohio home mortgage. For those who do, this is a good investment in their future and secures their living situation for years to come. Below, are the steps for getting an Ohio home mortgage loan:

Instructions

Difficulty: Easy

1. Obtain a current copy of your credit report and correct any errors it may contain.
2. Check out Ohio state and federal loan programs specific to your situation. Such as seniors, veterans, first-time buyers, rural home incentives, and low-income buying programs, such as the First Time Home Buyer program, the Home Buyer Assistance program, and the Community Housing Improvement Program.
3. Look into state and federal programs via these websites:
   o Ohio Homeownership Overview
   o USDA Ohio Rural Development programs
   o Ohio Homeownership Assistance programs
4. Select a lender. Shop banks, credit unions, mortgage brokers, and online lenders to find the best rates.
5. Get pre-approved from your lender. Bring all the documentation they require such as tax returns, proof of employment, and any other specified documentation.
6. Shop for a real estate agent. Select one that knows your desired area well.
7. Find the home that’s right for you and shoot them an offer. If the offer is accepted, complete the loan process.
8. Close on your home. Your lender will contact you shortly with payment information.

Tips & Warnings

• In Ohio, if you are getting a VA loan, you will need your certificate of eligibility, if you have one; or you will need a STATEMENT OF SERVICE (DF 2496) or DISCHARGE PAPER (DD214). If you are currently in the military, you will need a DD 1747 (permission to live off post).
• Make sure you shop around for the lowest rates. A small difference can save you thousands.
• Have the house inspected by a professional before you close. They may find things that change your mind about your choice.
• Be careful to understand all the terms of the loan before you sign any documents. Beware of predatory lending, where lenders lenders that intentionally coerce consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed orrowers or those with poor credit.
• Never be pressured into paying for a loan application.
• Have an attorney review any documents before you sign them.
• Make sure that the home title is clear of liens before you purchase it.