MANSFIELD — Buying a home is one of the biggest financial steps anyone can take, but taking the right first steps can make all the difference. KeyBank is here to help with a familiar face in Central Ohio.
Michelle Wallace is now a part of the KeyBank Mortgage Loan team in Mansfield. After working in mortgage loans for most of her career, she’s bringing her experience to a team that is growing and building momentum.
“Having someone local is a big difference when you’re looking for a mortgage. The process can be stressful and having your Mortgage Loan Officer just a phone call and ten minutes away can ease that stress” said Wallace, who has been working in mortgage loans since 1998.
The opportunity right now for home buyers is in the low interest rates.
“This is a great time to buy. Interest rates are hitting near-record lows right now, making a mortgage look easier on the budget” said Wallace.
In October, mortgage buyer Freddie Mac reported the average rate on a 30-year, fixed-rate mortgage hit 3.94 percent. Historically, the average rate for a mortgage loan is around 6 percent.
No matter what your interest rate may be, you still need to make sure you don’t take on more than your budget can handle. For different homeowners, that’s at many different levels. Wallace says she advises her clients towards their comfort zone.
“My advice to people is always to try and find what they feel most comfortable with. Less can be more when you consider the size of a loan and what that does to your budget.”
Having financial wellness is important to receive the lowest possible interest rate. Your credit score matters. Lenders will look at your credit history as a way to determine how likely you are to repay your loan. If your credit score is low, they may ask for a higher interest rate to offset the risk.
There are quick ways you can help your credit score. Start by limiting the amount of credit accounts you have open, as more accounts is a sign of financial stress to lenders. Making payments on time for credit cards, car loans and other bills maintain your score. You also want to avoid unnecessary credit checks.
That history is a red flag if too many creditors request your records. Finally, pay off your debts. The amount of debt you keep monthly reduces the ability for taking on more debt, like a mortgage.
Achieving financial wellness comes in many forms, and Key Private Bank is ready to help along the way. A mortgage is a big step, but the day to day management of your money is what will determine your wellness in the long run. One tool for that is HelloWallet.
An app for your phone, tablet or computer that can track your money and help you create a budget in line for your financial goals. Hundreds of thousands of KeyBank clients have already used HelloWallet to improve their financial wellness.
For Michelle Wallace, helping others find financial wellness runs in the family. Both her mother and aunt have experience in the mortgage loan industry. For Wallace, she’s happy to be a part of this big move for homeowners.
“I like helping people with their finances. Home ownership is a huge accomplishment in someone’s financial life and I think it’s fun and exciting to be a part of it.”
