At Edge Mortgage Inc., we are your guide to navigating the complex world of Ohio mortgage lenders and buying a home. We remove costly and difficult processes by replacing them with high-quality customer service. We know each client and situation is unique. As a mortgage broker, we have access to many different lenders and products to find a loan to best fit your needs. We will be there every step of the way. Whether it’s your first, next, or forever home, purchasing a home is a major life event. Edge Mortgage, Inc. is your trusted mortgage broker serving Ohio, Colorado, Nebraska, and Wyoming. In this article, we will dive into the details of comparing Ohio mortgage lenders, which could significantly impact your journey to homeownership.
Choosing the right lender is not just about finding a good interest rate; it’s about finding a partner in your home-buying journey. But first, it’s important to know the difference between a lender and a broker.
The difference between Mortgage Lenders and Brokers
A mortgage lender is an institution that provides a loan directly to the borrower for the purpose of buying a real estate property. When you work with a mortgage lender, you’re dealing directly with the company that is funding your home purchase. On the other hand, a mortgage broker acts as a middleman between you and multiple lenders. Instead of lending the money themselves, brokers search through various lenders to find a loan that suits your needs. While a lender offers loans with its own terms and rates, a broker gives you access to a wide range of products from different lenders, potentially offering more flexibility in finding a loan that best matches your financial situation. Edge Mortgage Inc. is a broker, but for the purpose of this article, we will be using the word lender interchangeably. It’s important to know however that they are ultimately different and there are great advantages to working with a broker instead of a lender.
Understanding Ohio Mortgage Lenders
Ohio’s housing market is as diverse as its landscapes, from bustling city properties in Columbus to peaceful countryside homes in the Amish Country. With such variety, having a mortgage lender who understands the local market nuances is key. But before we compare, let’s clarify our terms. Mortgage lenders can be banks that lend money directly, and brokers like Edge Mortgage Inc. are who find you the best deal from multiple sources and who specialize in crafting personalized mortgage solutions.
Key Factors to Consider When Comparing Lenders
1. Interest Rates
Certainly, the rate you pay on your mortgage is crucial. It determines your monthly payment and the total cost over the life of the loan. However, the lowest rate isn’t always the best deal if it comes with high fees. It’s important to understand your mortgage payment and everything that is included.
2. Fees and Costs
Speaking of fees, closing costs, origination fees, and other charges can add up. It’s important to consider these when comparing lenders, as they can impact the overall cost of your loan. Even a lender’s commission rate charged can affect your monthly payment amount.
3. Loan Types Offered
Each homebuyer’s situation is unique, and so should their loan. Whether it’s a conventional loan, FHA, VA, or USDA loan, the best lender for you offers a loan that suits your specific needs. Brokers search for multiple different kinds of loans and customize their options more than lenders can.
4. Customer Service
You want a lender who is responsive, knowledgeable, and helpful through every step of the process. After all, buying a home is a big step, and you deserve a lender who is there for you.
5. Online Reviews and Testimonials
A great way to gauge a lender’s reliability and service quality is through the experiences of others. Online reviews and testimonials can provide valuable insights.
How to Compare Mortgage Lenders Effectively
Comparing mortgage lenders might seem daunting, but it’s all about knowing what to look for. Allow your mortgage broker to gather quotes from several lenders to compare rates and fees. Don’t underestimate the importance of pre-approval, as it gives you a clearer picture of what you can afford and shows sellers you’re serious. And always, always read the fine print.
Questions to Ask Potential Lenders
- What are the all-in costs, including fees and charges, of the loan?
- How long is the typical closing process?
- Can you offer a rate lock, and if so, how does it work?
- How do you communicate with clients throughout the loan process?
These questions can reveal a lot about a lender’s transparency and commitment to serving you.
Making Your Decision
After comparing your options, it’s time to trust your gut. The right broker for you is one that not only offers competitive loan options but also aligns with your values and makes you feel supported. Choosing among Ohio mortgage lenders is a pivotal part of your home-buying process. Take your time, do your homework, and don’t hesitate to reach out with questions.
Remember, at Edge Mortgage Inc., we’re more than just lenders—we’re your partners in making your dream home a reality. Ready to take the next step in your home-buying journey? Contact us today at Edge Mortgage Inc. or start your application online.
Read some of our 5-star reviews from our happy clients
“We have used Edge Mortgage, Inc. 3 times. Every time has been fantastic. Keri is honest, dependable and will do anything she can, with her team, to get you the best rates. We have been treated like family every time and will use her services again in the future. Highly Recommend.” -Stephanos
“Keri was amazing helping us every step of the way purchasing our first home. We had no idea where to start or what type of loan to consider. She was very quick to answer us with our busy work schedule all times of the day! I highly recommend Keri and her team.” -Angie
“We have used Edge Mortgage Inc. for multiple loans and refinancings. Keri is always on top of it and a pleasure to work with. The thing I love the most is we aren’t just another number. She always has her client’s best interest at heart. She is also very knowledgable and great with communication. We will always use Edge Mortgage for home loan needs.” -Sarah
Edge Mortgage Inc. is your trusted choice for Ohio Mortgage Lenders
Edge Mortgage Inc. is located in Johnstown, Colorado, and serves all of Ohio, Colorado, Wyoming, and Nebraska. We offer the loan process made simple and top-notch customer service. We are your trusted Mortgage Lender and the top-rated mortgage specialist in Ohio, and every state we serve! Call us today at 970-744-0000. You may also be interested in From Dreaming to Owning: A Guide to Preparing for Homeownership.
