Mortgage Guide | Columbus OH Mortgage

Columbus OH Mortgage

We’ve been living in our current home for close to seven years, we realized recently that we had made a mistake when purchasing our home and took out the wrong mortgage, so now we need to get some information about Columbus OH mortgage. We need to find a mortgage broker to help us solve our problem. We were first-time homebuyers and we were not well educated in the types of mortgages that would be the best for our financial future. We were young and we made the mistake of trusting the broker when he told us that an adjustable-rate mortgage loan would be good for us because the first portion of the loan would have lower interest rates, therefore our mortgage monthly payments would be lower.

This mortgage broker didn’t clearly explain what would happen at the end of the first term of the loan if the interest rates increased a lot.  He convinced us that we would be able to make the second period payments when the seven years ended because he was sure the interest rates wouldn’t increase by much over the first period of our Columbus OH mortgage loan. Well, time has passed and the Columbus OH mortgage rate has been continuously increasing over the past years to the point that when the second term of our adjustable-rate mortgage starts we might not be able to afford the Columbus OH mortgage loan monthly payments.

My husband is a hard working man but his career choice was not in a field that he was able to make a lot of money. He thought he was going to prosper much more than he has and the fact that we have four children has not helped our financial status. We made some investments with the money we saved from the low Columbus OH mortgage monthly payments but we were unlucky in some of those ventures. We were able to make a little money and we have been really trying hard to save money and not spend unwisely. We don’t use charge cards we pay for everything with cash. If we don’t have the cash, we don’t buy it.

So, now the second period of our mortgage is coming up soon and we think the Columbus OH mortgage rate that we will be paying is extremely high. We just won’t be able to make the Columbus OH mortgage payments and we might lose our home even though I have started working because most of my pay goes towards the babysitter.

We just met with a new mortgage broker and he said he thought he could help us by refinancing with a different type of mortgage. After meeting with the new mortgage broker and going over our finances with the broker we left feeling hopeful for the first time in awhile. He had found a Columbus OH mortgage lender that would take a chance on us since we had an excellent credit rating and my husband had been on his job for fifteen years. The Columbus OH mortgage rate being offered were lower than we thought we could get and we would be applying for a fixed-rate mortgage which would mean that after the refinance our mortgage monthly payments would always stay the same no matter whether the interest rates increased or decreased. This would allow us some stability and let us plan our other finances around that payment. Now, whenever we hear of someone we know is about to purchase a home we make sure to tell them to do their own research regarding their Columbus OH mortgage and not to just trust one person.

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