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More Information on
Option One Mortgage
The Background of Option One
A Culture of Servicey
The Management Team
Financial Literacy
Who Should Take Out a Mortgage?
The Monthly Payment
What is a Second Mortgage?
Take Out a Second Mortgage?
Home Equity Line of Credit
Preparing to Apply
The Down Payment
Fixed vs. Variable Rates
Escrow
Interest Rates
Online / Payment Options
Identity Theft
Private Mortgage Insurance
Option One Mortgage and Habitat for Humanity
Option One Mortgage and Junior Achievement
Volunteer Center Orange County


Who Should Take Out a Mortgage?

Option One Mortgage encourages consumers to pursue their goal of homeownership. It is not difficult to understand how owning your home as opposed to renting makes a big difference in your family’s future financial health.

Think of the “balance sheet” of your family’s budget. By turning the liability of renting into the asset of owning, you turn a negative into a positive. Also, if you choose your new home carefully, perhaps with the help of an experienced real estate agent, its market value is likely to appreciate over the years, making homeownership an excellent investment both financially and in the quality of your family’s life.

Many people who are currently renting an apartment are taken aback to learn that the expense of rent and the amount of the monthly payment they would be required to make on a mortgage loan are often quite similar.

You can get a rough comparison of the two scenarios by using an online mortgage calculator. Your favorite online search engine is a good source for finding one to use. The mortgage calculator will give you a rough estimate of what your monthly payment on a mortgage loan would be depending on how much you plan to borrow, how long you plan to take to pay it back, and what interest rate the loan will carry.

The results might surprise you – you are closer to homeownership than you might think. Option One Mortgage wants to give consumers the opportunity to make their money work for them. Taking out a mortgage loan instead of renting just makes sense. Let Option One Mortgage show you how to make it happen.


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