Ohio Mortgage Rates | OH Home Equity Loans
If you’re ready to stop renting in Ohio and start buying, we can help. As the #1 online resource for up-to-date Ohio mortgage information, tips, and lender recommendations, we will help answer any mortgage 
questions you have. We’ll even pair you with a reputable Ohio mortgage lender. So whether you’re looking for a modern, "green" home in Dayton, a downtown condo in Cleveland, or a rustic cabin near MT Gilead State Park, it’s time to make your home-owning dreams a reality!
Should I Get an ARM or a FRM?
The two most common types of mortgages are an Adjustable Rate Mortgage (ARM) and a Fixed Rate Mortgage (FRM).
- has a variable interest rate that can increase or decrease according to current market rates;
- has a low initial rate, which allows borrowers to qualify for more expensive homes;
- is risky because your monthly mortgage payments could increase if current rates rise;
- is a good option for homeowners who expect to move within 5 to 7 years.
- has a set interest rate that stays the same for the entire loan term;
- has the same monthly mortgage payment amount every month;
- is less risky and more stable;
- generally has a slightly higher interest rate;
- is a smart option for retirees or individuals with a fixed income;
- is ideal for homeowners who plan to stay in their home for many years.
What are Points?
An OH mortgage lender usually charges "points" up-front for lending individuals money. A point is one percent of the total amount of your mortgage. Points can be negotiable, and those with a higher interest rate loan could have no points at all. Points are usually due in cash at the time of closing.
Sometimes, an Ohio lender will offer a lower interest rate if you pay more up-front points. This is a good idea for those with a FRM or homeowners who plan to live in their home for a long period of time. If, however, you have an ARM, or expect to move in a few years, it is not cost-effective to pay a lot of points up front.
Understanding Closing Costs
Closing costs are the costs and fees you pay at "closing," when the seller transfers the house to you. Depending on where you live, closing costs usually add up to be about 3% of the total purchase cost. Your Ohio mortgage lender will give you a "good faith estimate" of your closing costs after you apply for the loan.
Closing costs generally include the following: application fee, credit check, appraisal fee, title search, title insurance, points, processing/preparation fee, and various taxes. Some closing costs, such as the processing fee, are negotiable and can be lowered or even removed.
Ohio Home Equity Loans
If you already own a home in Ohio and need extra cash for daily living expenses, you may want to consider a home equity loan. This type of loan allows homeowners to tap into the equity they’ve built in their home and receive much-needed cash. Since home equity loans generally have a lower interest rate than that of consumer loans or credit cards, many people use these loans to consolidate their debt into one simple (lower) monthly payment. Others use Ohio home equity loans to pay for home renovations or repairs. Either way, OH home equity loans can be a great way to get quick and easy cash at a relatively low mortgage rate.
The Time is Right to Buy!
It is currently a buyer’s market. Housing prices are slashed and interest rates remain low. Take advantage of this great economic opportunity, and begin the process of buying your new Ohio home today! Whether it’s a colonial-style home in the suburbs of Cincinnati, a waterfront property on Maumee Bay, or a house in Franklin County near Interstate 70, don’t wait - contact us today for your no obligation rate quote!
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