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Are you interested in buying a home in Ohio? You’ll want to make sure you are getting the best mortgage rate possible. Your mortgage rate will depend on various factors, including the amount you can afford for a down payment, your income and debt-to-income ratio, and your credit score level.
How can you get the best mortgage rate in Ohio? Start by getting all your documentation in order so you can get preapproved by a reputable mortgage lender. Remember to check your credit for errors.
Here’s a quick look at current Ohio mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.639%||6.717%||-0.04%|
|Conventional 20 year fixed||6.347%||6.447%||Unchanged|
|Conventional 15 year fixed||6.009%||6.14%||-0.02%|
|Conventional 10 year fixed||5.851%||6.044%||+0.04%|
|Conventional 7 year ARM||7.246%||7.815%||+0.18%|
|Conventional 5 year ARM||7.235%||7.983%||+0.09%|
|FHA 15 year fixed||5.667%||6.506%||Unchanged|
|FHA 30 year fixed||5.743%||6.548%||-0.1%|
|VA 30 year fixed||5.858%||6.131%||-0.05%|
|VA 15 year fixed||5.675%||6.082%||+0.15%|
|VA 5 year ARM||6.135%||6.987%||+0.05%|
Considering buying a home in Ohio? This could be a great time to find your dream home in the Buckeye State. Here’s what you need to know:
The first step? Determine where you want to live. Ohio has a total population of just over 11.5 million people, and around one in eight live in one of the densely populated five largest cities in the state:
Step two, how much home can you buy? Ohio ranks 47th in US homes for sale at average price, and 29th for homes over $1,000,000.
Get preapproved so you can know your budget before house hunting.
First-time home buyer? The Ohio Housing Finance Agency (OHFA) works with mortgage lenders to offer a variety of loans suitable for first-time homebuyers.
Your Choice! Down Payment Assistance lets you choose either 2.5% or 5% of the home’s purchase price, and apply the assistance towards down payments, closing costs or other pre-closing expenses. The assistance is forgiven after seven years of living in the house, as long as you live in it; if you sell or refinance before seven years are up, you must repay all of the assistance.
To qualify, first-time buyers need to satisfy a number of requirements:
If need be, you can refinance a home in Ohio to take advantage of favorable Ohio mortgage rates by doing any of the following:
You may want to ask if you qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.