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Home Savings and Loan of Kenton Ohio offers to work with clients in many different types of home buying circumstances, including fIrst time buyers, clients buying a new home, clients building a new home, refinancing client’s  current home or using the client’s  home equity for cash. The company also offers many kinds of financial products, including home loans. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, USDA, conventional mortgage loans with 30 year terms, as well as renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation.

Taking Stock of the Client’s Financial Situation

When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Next they will consider your monthly “Debt to Income” ratio which consists of your total income, minus monthly credit payments and other debts will also be considered.The paperwork you will need to gather will include pay stubs, tax forms and bank statements at minimum.

Mortgage Loans with Personal Service Emphasis

Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. There is some hint about the “cost” of the loan from the percentage difference between the interest rate and the APR – since the APR is legally required and must be provided to account for the lending institution’s charges, although not all charges are required to be included. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money it costs to get the loan.