Ohio Mortgage Rates

July 6, 2015 04:04 PM Eastern

Refinance rates now in COLUMBUS, OH [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Securing Low Ohio Mortgage Rates rhe Ohio Home Finance Agency
The Ohio Home Finance Agency is a non-profit organization that helps Ohio residents finance home purchases and secure low OH mortgage interest rates. Programs offered by the Ohio Home Finance Agency include:

• First-Time Homebuyer Program: Through this program, qualifying Ohio first-time homebuyers can secure a 30-year fixed mortgage with competitive interest rates.

• Ohio Heroes Program: Ohio residents in certain professions, such as those working in the armed services, can take advantage of all the benefits of the first-time homebuyer program at discounted interest rates.

• Mortgage Credit Certificate Program: If you're worried about paying your mortgage costs, qualifying OH homebuyers can apply for a Mortgage Credit Certificate. This allows residents to reduce their income tax liability, letting them save more of their hard earned cash for mortgage payments.

Ohio also offers programs for recent college graduates, disabled people and veterans.

Learning about OH Mortgage Rates via Homebuyer Education Programs
If you're a first-time homebuyer, you may be overwhelmed at the prospect of having to research current ohio mortgage rates, calculate a budget, and find a real estate agent on your own. Fortunately, the state of Ohio offers a homebuyer education program that can help first-timers learn more about the home buying process, including the process of researching and securing a low OH mortgage rate.

Using this program, potential homebuyers complete a 25-question online test and a budget form. Applicants then receive a phone consultation with a local housing counselor. The purpose of this call is to help the homebuyer learn more about OH mortgage interest rates, loans, and programs available to help them finance their home. This is an invaluable resource to many first-time homebuyers in the state, and helps them find the best current Ohio mortgage rates.