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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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6 Reasons to Refinance

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Mortgage Refinance in Zanesville OH

Is your mortgage still serving all your financial needs? Or do you sometimes wish you could make some changes? Refinancing gives you a way to potentially make some of those changes. In this post, we go over some common reasons to refinance.

  1. Interest rates have gone down compared to what you are paying. One of the biggest reasons to get a refinance is if you are paying higher mortgage rates than current rates. Refinancing may allow you to start paying the same rates you would if you bought a house today. You can do this whether you have a fixed or adjustable mortgage rate. If you have an adjustable rate that ballooned, consider refinancing to a lower fixed rate. If you have fixed rate that has stayed high when rates have dropped, simply refinance to today’s lower fixed rate.
  2. Your qualifications have improved. If your credit score or income have increased relative to when you bought your home, you may be able to qualify for better rates than you did then. The same may be true if your debt-to-income ratio has improved, or you have more assets.
  3. You have debts to consolidate. You can use a refinance to consolidate high-interest debts. Get a cash-out refi and use the funds to pay off the high-interest debts. That will leave you with just the mortgage to pay off, with its lower interest rate.
  4. You want to remove mortgage insurance. If you did not put 20% down (or more) on your mortgage when you bought your home, you are probably paying mortgage insurance. Some types of loans have mortgage insurance permanently until you refinance. Doing so can remove this monthly cost and allow you to pay off your mortgage more quickly going forward.
  5. You want to make other changes to your loan. Speaking of paying off your home loan more quickly, you can also adjust the term of your loan when your refinance (you can make it longer as well, if you need to lower your monthly payments). You can also make other changes when you refinance, such as switching the format for your mortgage rate from fixed to adjustable or vice versa.
  6. You are getting divorced. If you are divorcing a partner who owns the home and is listed on the mortgage with you, you need to refinance your mortgage to get them removed from the mortgage (the same is true if you are the one trying to get removed from the mortgage). Be aware that the party who refinances the mortgage to list themselves as the sole borrower will be exclusively responsible for paying off the remaining balance. They also will need to buy the other person out of their share of the home.

            Refinance Your Mortgage in Ohio

            Not sure whether a refinance will help you meet your financial goals? During your consultation, we can discuss your individual scenario with you in detail, going over the costs and benefits of a refinance. Please contact us at (740) 624-8091 to schedule your refinance consultation.

            Frequently Asked Questions About Reverse Mortgages

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            Reverse Mortgages in Zanesville OH

            A reverse mortgage is a lending product for seniors that allows a qualifying borrower to take out a loan against the equity in their home. The reverse mortgage is designed to act as a supplement to your income during retirement.

            While reverse mortgages have many attractive benefits, you probably have some questions about how they work and what to expect. Below are answers to some FAQs about reverse mortgages.

            • Q: Will the government or bank own my home if I take out a reverse mortgage?
              • A: No, the government will not own your home if you take out a reverse mortgage, and neither will the bank. You will continue to be listed as the owner of your home on the title and will be able to sell the property if you wish (just be aware that if you do sell it, the reverse mortgage will come due, as that is a maturity event).
            • Q: How much can I borrow with a reverse mortgage?
              • A: The amount you can borrow with a reverse mortgage depends on the value of your home (based on an appraisal), your mortgage balance, your age, and interest rates for reverse mortgages.
            • Q: What can I do with the supplement to my income from the reverse mortgage?
              • A: You can spend the supplement to your income in any way you choose. Some borrowers spend it on home renovations, or to pay off medical bills or other debts, or to put a down payment on a vehicle or a second home. Others simply use it to pad their regular monthly finances. Still others finance a family member’s education or go back to school themselves. You can even spend it on a vacation.
            • Q: Will I need to pay back the loan?
              • A: You only need to pay back the loan if there is a maturity event. Selling the home is a maturity event and would make the loan come due. The death of the last borrower is also a maturity event, which makes the loan come due. If you wish, you can live in your home your entire life without the loan coming due. But to do that, you must keep up with all your home maintenance payments, as well as any remaining mortgage payments.
            • Q: How will the reverse mortgage affect my social security, pension, or Medicare?
              • A: No. The reverse mortgage funds are a supplement to your income, rather than being categorized as income. So, they will not have any adverse impact on your benefits. If you are not yet claiming social security, you could even choose to wait longer to start claiming it if the reverse mortgage gives you enough to live on. That way, you can qualify for a higher benefit amount.
            • Q: How is a reverse mortgage different from a home equity loan?
              • A: Both a reverse mortgage and a home equity loan let you borrow against your home equity. But they are very different financial products. One key difference is that only seniors qualify for reverse mortgages, whereas borrowers can qualify for home equity loans at any age, so long as they meet all other criteria. The other key difference is that you need to make payments on a home equity loan. You do not need to make payments on a reverse mortgage unless a maturity event makes it come due. That is why reverse mortgages are such a flexible and accommodating product for senior homeowners.
            • Q: How will the reverse mortgage affect my heirs?
              • When the last borrower dies, the reverse mortgage will come due. Your heirs will be able to pay it in either of two ways: They can choose to keep the home; in which case they will need to pay back the reverse mortgage out of their own funds.
              • Or …
              • They can sell the home, and the proceeds from the sale will be used to pay off the reverse mortgage. If there is excess due on the reverse mortgage after the sale proceeds have all been used, your heirs will not be responsible for paying it. Be sure to talk to your heirs about how your reverse mortgage will and will not affect them.

            Apply for a Reverse Mortgage in Ohio

            Now you know answers to some of the most frequently asked questions about reverse mortgages. If you are ready to apply for a reverse mortgage in Zanesville, or anywhere in Ohio, please contact us at (740) 624-8091 to schedule your reverse mortgage consultation.

            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 ICM 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 ICM 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 ICM 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. ICM 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 ICM Mortgage today at (740) 624-8091. We look forward to discussing your needs during your free consultation.