Learn More About Mortgages
There are tons of mortgage options available for prospective buyers—but it’s important to choose the right mortgage for your specific needs. The Sam Cooper Team is eager to secure you the best rate and terms for your home loan.
Want to learn more about your options? Here are a few of the most popular mortgages here in the Central Ohio area.
Common Central Ohio Mortgage Options
Conventional loan
- Frequently used by buyers with good credit, low debt, and moderate to high income
- Requires a 10% – 20% down payment
- Typically lasts between 15 – 30 years
- Stricter credit and income requirements
VA loan
- Available to most active, retired, and veteran military personnel and their spouses
- Backed by the US Department of Veterans Affairs and financed by approved lenders
- Little to no down payment without private mortgage insurance (PMI)
- May require additional inspections and appraisals
FHA loan
- Designed for first-time or lower-income homebuyers
- Down payments as low as 3.5%
- Private mortgage insurance (PMI) required
- Can have higher interest rates
USDA loan
- Targeted toward buyers in more rural areas
- Will fund up to 100% of the purchase price for an eligible home—which means you don’t have to put any money down
- Private mortgage insurance (PMI) required
- Check the USDA’s eligibility map for more details
Balloon mortgage
- Payments are based on a 30-year term, but the loan lasts for five to seven years
- At the end of the term, the borrower must pay off the balance, refinance, or sell
- Suitable for commercial properties or buyers who don’t plan to stay in their homes for very long
Lender-specialty loans
- Available to niche groups such as first-time and lower-income buyers
- Can offer lower interest rates, payments, and qualification requirements
- Requires additional research to shop around and find the best deal
Ready to Calculate Your Monthly Payments?
Now that you’ve learned more about the different types of mortgage options available, it’s time to start calculating. Use our mortgage calculator to accurately estimate your monthly payments—and if you have any questions, the Sam Cooper Team is always here to help!