A low interest rate means it’s a good time to consider buying a home
âWith good interest rates and cash on hand, it’s a big plus to do it now,â said Kristine Correll, vice president / head of mortgages at Worthington Federal Savings Bank.
These low interest rates are most often between 2% and 3%, said Correll, in his 25th year with the bank.
Another benefit of borrowing money to buy a home now is that the grant money is once again available to first-time homebuyers in the area, provided they qualify. Typically, a home loan requires a minimum of 5% of the price of the house as a down payment. The grant money, however, can be used for part of that down payment or to pay closing costs, Correll said.
Currently, finding a home can be a competitive process, not only in Worthington but also in the smaller communities in the area, where people often live so they can travel to Worthington for work.
âA mortgage is one of the biggest and most important financial obligations you can take on,â says the Worthington Federal website.
Even so, Correll and his team can walk someone through the process in 30 to 45 days, depending on the volume of work at the time. As a portfolio lender, Worthington Federal does not sell its loans in the secondary market, which means that all loans made there stay there.
âWe have a super friendly staff,â she said, noting that between herself, Darcy Vis, VP / Compliance, and Julie Meier, Loan Assistant, the team has 110 years of experience. âWe work one-to-one with our clients. Everyone is different.
Worthington Federal also offers home improvement loans, and recently customers have installed new roofs, replaced siding, remodeled kitchens and built garages.
âOne of our specialties is new construction,â Correll said.
For building a new home, Worthington Federal can provide just one loan, streamlining the process with just one set of closing costs from start to finish. This is a major advantage, because more generally, these projects would start with a construction loan, which would then have to be refinanced, meaning that the closing costs would have to be paid twice, and the rate on the original loan would not be. no longer blocked. .