Select Page

Home Savings and Loan Company of Youngstown is a full service savings and loan institution, with all sorts of financial services that they offer to individuals and businesses. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, reverse mortgage loans, down payment loans for first time buyers,  renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation.

Web Presence is Up to Date and User Friendly

Their website is very well arranged and organized. The site includes a very detailed information about each of the above loan options, as well as  descriptions of what the borrower must provide to justify a loan. But beyond that, the website explains what the relevant factors are that the lender considers beyond the individual’s financial situation. They help their customers by providing many tools to assess your loan potential. However, the specifics are necessary to assess your actual loan potential. Even though the APR is designed to present the actual cost of obtaining financing, by requiring that some but not all closing fees are included in the APR calculation, it is important to assess the difference between upfront money and the overall cost of the loan. Comparing APRs across loan companies cannot tell you which loan to acquire without considering these factors.

Some Undescribed Points of Interest

The Mortgage Resources and Information Center provides some very good basic information presented in a very usable manner, like their list of necessary documents. The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.