Ohio is a beautiful state that touches the Great Lakes area. It is located in the heart of the Midwest, and has a largely agriculturally driven economy. Ohio is home to several of the nation’s best universities. It is also one of the few places that take the time to slow down and focus on family values. Ohio residents are some of the kindest people in the whole country. These people, however, are seriously burdened by the fact that they are paying far too much for their mortgage each month. This burden prevents many from experiencing financial relief and from paying for college for their children. Fortunately, homeowners in the Ohio area have the option of refinancing their mortgage. Refinancing is the process by which a homeowner obtains a new loan to cover the remainder of their current balance on their existing mortgage.
Quick Ohio Housing Facts:
- Percent of homeowners in Ohio: 69.1%
- Percent of renters in Ohio: 31.9%
- Median annual income in Ohio: $43,591
- Average credit score in Ohio: 685
- Best Ohio city to live in: Powell, OH
- Median Ohio home value: $103,700
When to Refinance in Ohio
The refinancing process was designed with the intention of saving individuals from paying far too much for their homes each month, lowering monthly payments, and offering access to hard-earned equity. This process needs to be approached intelligently. Be sure that you are completely educated about how to reap the most benefits from refinancing your mortgage. You can do this by checking into current interest rates to ensure that they are less than what you are currently paying by at least 1.5 to 2 percent; if they are not, you should probably wait before refinancing your home. It is also a good idea to research the terms and conditions of your existing home loan to determine if there are any serious penalties for paying the loan early. By the same token, it is a good idea to investigate the terms of the new refinancing package to determine if there are large closing costs associated with the refinance loan. At last, you should do a serious price estimate of what you are going to pay for your current home loan and of what you are going to pay for the new refinanced loan. Be sure that you save a serious amount of money in the long-term. Otherwise, you are being contrary to the entire purpose of refinancing your mortgage in the first place.
How much house can I afford?
One of the biggest problems facing Ohio’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Ohio’s residences. We work with local and national lenders to make sure that you get the best rate possible.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.