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Ohio Mortgage Rates

Ohio Mortgage and Refinance

As far as Midwest states go, Ohio is quite popular. Whether you’re looking for a new Ohio home mortgage or you’re interested in learning about mortgage refinancing or home equity loans, MortgageSearchLive.com has tools that can help you better understand your Ohio mortgage options.

Home to the Rock and Roll Hall of Fame, the Pro Football Hall of Fame, the hot dog and astronaut Neil Armstrong, more than you might imagine goes on in the Buckeye State. If you live in this state that’s known for its top-notch health care system, you already know what Ohio has to offer. If you don’t, you’ll be pleasantly surprised by all that Ohio can offer homeowners and business owners.

Ohio home equity loans

If you have an upcoming one-time expense and need money, consider a home equity loan. This fixed rate, fixed payment, and fixed payoff schedule type of loan can get you the money you need and may be a better option than refinancing your first mortgage. Understand that you may get a lower rate on a refinance, but closing costs on a home equity loan are usually lower. Also, a home equity loan is considered a second mortgage that has no impact on your first mortgage whereas a refinance modifies the structure of a first mortgage.

Ohio adjustable rate mortgage (ARM)

An Ohio adjustable rate mortgage or ARM is a loan with terms that adjust according to a predefined schedule. Initially rates are low making monthly payments low. But once the loan adjusts, monthly payments may get lower, but often they increase, usually substantially. Borrowers need to understand this risk. Many feel the risk is worthwhile, especially if they expect income to increase or to sell the home before the first adjustment period kicks in which for most ARMs is either 1, 3 or 5 years.

Compare Ohio mortgages

The more you know about the mortgage process, the easier it’ll be to compare offers and choose the mortgage that meets your financial objectives. Take APR, for example. Do you know it’s a better gauge of a mortgage’s true costs because it factors in the interest rate as well as closing costs? And do you realize that the mortgage offering the lowest monthly payment isn’t always a good deal, especially if that payment only covers interest and doesn’t reduce principal? Likewise you should know that paying off a mortgage sooner rather than later can save thousands of dollars!

Popular Areas in Ohio

Akron
Ashland
Ashtabula
Athens
Bellefontaine
Bucyrus
Cambridge
Canton
Celina
Chillicothe
Cincinnati
Cleveland
Columbus
Coshocton
Dayton
Defiance
Dover
East Liverpool
Elyria
Findlay
Fostoria
Fremont
Greenville
Lima
Lorain County
Mansfield
Marietta
Marion
Massillon
Mentor
Middletown
Mount Vernon
New Philadelphia
Norwalk
Portsmouth
Salem
Sandusky
Sidney
Springfield
Steubenville
Tiffin
Toledo
Urbana
Van Wert
Wapakoneta
Warren County
Washington
Wilmington
Wooster
Youngstown
Zanesville