subject: Refinance Rates And Mortgage Rates In Ohio [print this page] Refinance Rates And Mortgage Rates In Ohio
Did you know you can search online for mortgage rates and refinance rates for a loan on a home in Ohio. Several websites list of Ohio mortgage interest rates and mortgage refinance rates offered by banks and mortgage companies. Several websites also offer free mortgage calculators you can use to calculate monthly mortgage payments. When you start your search for Ohio mortgage interest rates or mortgage refinance rates you need to first have an understanding of the types of mortgages available and the corresponding interest rates. Types of mortgages interest rates and refinance mortgage rates available in Ohio include conforming mortgage rates, super conforming rates, jumbo rates, adjustable rates, HELOC rates and home equity loan rates. There are variations of each type of mortgage available in Ohio listed below. Conforming mortgage rates are rates on mortgages that meet the criteria set out by the Federal Housing Finance Agency. There are limits set for each county of Ohio. There are higher mortgage loan limits for designated high-cost areas, like on the coasts and in large cities. Ohio Mortgages that "conform" to the standards set out by the Federal Housing Finance Agency can be purchased by Freddie Mac and Fannie Mae. This process guarantees banks are able to resell Ohio mortgage loans that have been made. As a result, conforming mortgage rates in Ohio are lower than jumbo interest rates in Ohio. Conforming mortgages and jumbo mortgages are available in terms of 40 years, 30 years, 25 years, 20 years, 15 years and 10 years. Super conforming mortgages in Ohio are mortgages that have higher mortgage loan amounts but still "conform" to the standards set by the Federal Housing Finance Agency. Super conforming mortgages are available for the higher cost housing areas like the coasts and in large cities. Ohio Jumbo mortgage rates are rates for mortgage loans that have a dollar amount higher than conforming and super conforming loan amounts. Jumbo home loan rates in Ohio are usually 0.75 basis points higher than conforming interest rates in Ohio because there is no guarantee banks and credit unions can sell these mortgages after they make the loans. Fixed rate mortgages are the most common mortgage available in Ohio. The mortgage rate and the monthly payment stay the same for the entire life of the mortgage loan. This makes fixed rate mortgages the most stable and predictable for mortgagees. Ohio Adjustable mortgages have a fixed mortgage rate for a certain number of years and then the mortgage rate adjusts every year after the initial period. There are usually yearly caps and life time caps on how much the mortgage interest rate and fluctuate. Your monthly mortgage payment will be lower at first but can rise when mortgage rates rise. Adjustable mortgages are available in terms of 1 year, 3 years, 5 years, 7 years and 10 years. Ohio interest only mortgages are mortgages that the borrower pays only the interest on the principal balance or a set period of time. After the initial period the mortgagee pays both interest and principal. Interest only (IO) mortgages were popular during the housing boom. Borrowers in Ohio must meet certain requirements established by FHA to qualify for a mortgage insured by the FHA. FHA mortgage interest rates in Ohio are usually lower than conforming mortgage interest rates because mortgage lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her mortgage loan.
