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Ohio Mortgage Rates

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Ohio Mortgage Rates

Comparing Ohio Mortgage Rates with National Rates

In order to help you see how Ohio mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Ohio

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Ohio

In order to qualify for the best mortgage rates in Ohio it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Ohio

Ohio is the fifth most populous US state. According to the US census, as of 2017, there is an estimated population of over 12.8 million residents, which represents 4% of the US population. Chicago is the largest city in the state and the third most populous city in the United States, with its 2010 population of 2,695,598.

Here are some outside resources that can help you understand the Ohio mortgage environment:

  1. FHA loan amounts in Ohio: (note:set the table to Ohio) There are 88 counties in the state of Ohio of which none of the single family units meet the Highest loan limit, currently at $636,150. 88% of the counties are at the Standard loan limit, currently at $275,665. The remaining 11% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Ohio and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties fit into this category.
  3. Ohio First Home Buyer Programs: this category. Ohio First Home Buyer Programs: The Ohio Housing Finance Agency (OHFA) offers a number of programs including a homeowner loan program, downpayment assistance program, student graduation program, and a mortgage tax credit program. Borrowers must meet eligibility requirements including credit, income and purchase limits.
  4. Many areas of Ohio were hit hard during the 2007-2008 Housing Crisis. According to the harp.gov website (as of December 2016) Ohio is the fourth ranking state with the most HARP eligible loans. Cuyahoga County, Ohio, which houses Cleveland, ranks as the third most county with HARP eligible loans..
  5. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Ohio

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in Two areas in Ohio:

  • Mortgage Rates for Conventional Loans in Two MSAs in Ohio
  • Mortgage Fees in Two MSAs in Ohio
  • Loan Amount in Ohio for Two MSAs
  • LTV over 90% in Two MSAs in Ohio

 

Mortgage Rates for Conventional Loans in Two MSAs in Ohio"

 

Mortgage Fees in Two MSAs in Ohio

 

Loan Amount in Ohio for Two MSAs

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LTV over 90% in Two MSAs in Ohio for Two MSAs

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