This applicant would like to be approved for their first home equity mortgage loan for a relatively small mortgage amount of $70,000. They live  in Lorain Ohio and they both have stable government jobs which they have worked at for the past 10 years. They currently rent and are coming to the end of their current lease and would like to become home owners for the first time.  They have placed a conditional offer on a home which is well within their level of affordability.

This couple is similar to many couples who make an offer on a home and then risk losing the home due to lack of pre-approved financing.  Consumers should be aware that they can be pre-approved for a mortgage which would allow them to place  firm offers on a home and not risk losing the home to someone else who already has financing approval. Many people risk disappointment every year due to this simple reason alone.

Financially this client can easily afford the purchase of this home and in fact, the mortgage payments on this home equity mortgage loan plus taxes are probably less than the rent that they are currently paying. Of course they will now have to spend some money on upkeep, however they should be financially well ahead and have the enjoyment of owning their own place.

Their credit rating is a little soft, not because they have failed to pay monthly payments or bills. Instead it is the lack of loans and monthly payments that does not provide any information regarding whether this client can regularly make monthly payments of utilities, loans, mortgage loans and credit card payments. Consumers should note that it is a good idea to establish a record in terms of establishing a credit rating which can be used to obtain the most competitive rates and terms for loans and mortgages.

We expect that this client should have no problem having their mortgage approved given the income and credit rating that they do have. Most lenders will work with them to help them be approved and give them the go ahead to firm up their conditional offer on the house they want to purchase.

Regarding the clients question about using savings vs. a mortgage, the client may want to use this opportunity to establish his credit rating. From a financial perspective, if his savings are generating the same or more in terms of interest income, then he will be further ahead in keeping his savings were they are and taking on this mortgage.

Home/Mortgage Loan Amount ::$70,000

Home Loan Application and Processing Speed (when do you need the funds):: Need the approval within the next two weeks with closing in 3 months time.

Do you currently have a mortgage? :: no, this is a first time starter home for us

Bank Name and Branch :: Buckeye Community Bank, Sheffield Center

What City/Town, State and County do you live in? :: Lorain, Ohio

Zip :: 44053

What is your employment field? ::  County Government

Employment Position :: Construction Inspector

When are you paid? (monthly/weekly/biweekly):: Biweekly

Your credit rating to be – excellent, fair, or bad? :: fair

How did you find us? :: surfing on the net

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $1731

Do you agree to have this information published online, without your PRIVATE information of course? :: I guess, if you have to

Extra information here please (some detail):: This is a first time home for my wife and I. We currently rent an apartment and are coming to the end of our lease. We think this is a good time to make a move and become home owners. The house we are looking at is currently for sale and we have an offer on the home along with two other people. All of us have conditional offers pending financial home equity mortgage loan approvals. We think the first to firm up their offer will be the couple to actually get the home.

I work for the county as a construction inspector and I am on the road or at construction sites most of the day. I have been with the county for 10 years.  My wife also works for the city as a clerk in the tax office and has also been with the city for the past 10 years. We both have steady jobs and are not worried about being laid off or losing our jobs. It feels pretty good to have this kind of security when so many are looking for work or are worried about losing their jobs.

Note to Lender :: Regarding our credit rating , we think it is pretty good, however we do not have any loans or credit card balances so we are not sure if there is much of a record on us to establish a credit rating. We have rented for the past 10 years from the same land lord and always pay our bills on time.

We have extensive savings and could put more towards the down payment, however this would mean cashing in several investments that are doing quite well and so we feel that we should take on a home equity mortgage loan instead of cashing in these savings. If you have an opinion about this approach we would appreciate hearing about it.

The home we are looking at is listed at $89,000 and we will need a mortgage for $70,000. We have $19,000 plus money for the closing fee’s.  We need to move on this pretty quickly to ensure that we do not lose this home to other people who also have offers on the house.

Category: Home Mortgage Loan	APR 3.916%	APR 4.388%	APR 4.695%
Loan Principal	$70,000	$70,000	$70,000
Payment Schedule	Monthly	Monthly	Monthly
Length of Term	15	20	30
Amount to be paid	$90,671.81	$100,842.35	$119,432.56
Total interest paid	$20,671.81	$30,842.35	$49,432.56
Paid per installment	$496.83	$20,671.81	$327.21

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