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Guide to Ohio Mortgages
Maybe you are buying your first home in Ohio, or perhaps you're relocating to Ohio from another state. Then again, you may be a long-time Ohio resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Ohio home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Ohio:
The median price of a home in Ohio is $211,500. Recently, homes in Ohio have been appreciating at rates well above the national average. As a result, income levels in many parts of Ohio are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Ohio are below the national average, Ohio has one of the lowest levels of home affordability in the nation.
In Ohio, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Ohio's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Ohio law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Ohio law enacted a set of anti-predatory lending laws in order to help protect Ohio homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Ohio, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Ohio FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Ohio's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Ohio also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Ohio's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Ohio Housing Finance Agency.
Last Updated: Wednesday, January 07, 2009
Ohio Real Estate Market View
updated Wednesday, January 07, 2009
| Housing & Social Facts |
Ohio |
United States |
| Total housing units |
5,007,091 |
n/a |
| Owner-occupied housing units |
69.9% |
66.9% |
| Renter-occupied housing units |
30.1% |
33.1% |
| Vacant housing units |
10.0% |
10.8% |
| Average Home Value |
$129,600 |
$167,500 |
| Average Mortgage Payment |
$1,141.00 |
$1,295.00 |
| Average Rental Payment |
$376 .00 |
$388.00 |
| Total Population |
11,155,606 |
n/a |
| Percentage Male |
48.6% |
49.0% |
| Percentage Female |
51.4% |
51.0% |
| Median Age |
37.6 |
36.4 |
| Under 5 years |
6.6% |
7.0% |
| 18 years and over |
75.3% |
74.6% |
| 65 years and over |
12.8% |
12.1% |
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1 Year Market Value Change for Ohio |
| 1yr | 5yr | 10yr |
 |
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Popular Ohio Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Akron |
217,074 |
$31,835 |
| Canton |
80,806 |
$28,730 |
| Cincinnati |
331,285 |
$29,493 |
| Cleveland |
478,403 |
$25,928 |
| Cleveland Heights |
49,958 |
$46,731 |
| Columbus |
711,470 |
$37,897 |
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| HomeGate Mortgage Company |
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HomeGate Mortgage is in the business of helping you realize your dreams for you and your family. We listen carefully to you to make sure we find the right loan program for your situation and needs. To get you the best terms available, we work through a number of lenders so that you do not have to do the shopping so let our expert loan officers do the work for you! Your home loan is a custom-made product, so we take the time to get to know you on a personal level. The best loan program for purchasing your new home is different from the best loan program for consolidating debt, or for doing a refinance of your rate and term. Once the right program has been selected, we manage the process to make it as hassle-free and as stress-free as is possible for you. This personal touch makes for a more pleasant experience and is the best way to help us help you.Start the process now by filling out the simple and easy online Inquiry! We currently offer home loan financing in Colorado, Florida, Indiana, Kentucky, Minnesota and Ohio. You will hear back from us shortly. Here is a short list of loan programs we offer: Cash Out Loan, Debt Consolidation Home Loan, Financing Options for Self-Employed, Home Purchase Loan Financing, Poor or Less than Perfect Credit and Home Mortgage Refinance. Department of Financial Institutions Ohio License Number: MB# 5639 HomeGate Mortgage, LLC
9100 Centre Point Drive, Suite 110
West Chester, OH 45069
Ph: 513-860-1012
Fax: 513-860-1097
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| Accesable Mortgage |
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Accesable Mortgage Co. LLC is an Akron mortgage company in Ohio that serves Ohio mortgage loan metro area. For over 20 years, we have been helping friends, families, students, newlyweds, retirees, single parents - literally thousands of people - to achieve the home loans they want to make their dreams come true. And, over the years, we've come to understand that as lives change, so do people's circumstances, and their needs. That is why, in 1999, Accesable Mortgage changed, too. We decided that the old way of lending did not meet the needs of today's lives, or lifestyles, and that a new way should be devised. We felt people should be rewarded for good credit and a willingness to finance their futures. The friendships we made, and the changes we saw, by working diligently to achieve home mortgage loans that other mortgage lenders refused, convinced us that your loan, your way was our way of lending. Akron Mortgage loan with the best values, most competitive rates and most creative options to achieve the mortgage loans you need! At Accesable Mortgage, our management team reviews, compares, analyzes and revises our loan offerings daily, searching the financial world for the very best opportunities. Then, from this base, our Akron loan specialists further qualify lenders for their fit to you. At Accesable Mortgage, we customize every loan, every day for one simple reason - so you don't have to. Accesable Mortgage Co. LLC
90 North Miller Road, Suite D
Fairlawn, Ohio 44333
Toll free: 888.854.1848 Accesable Mortgage is a real estate broker licensed by the OH Dept of Real Estate License
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| Star Point Mortgage, Inc. |
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At STAR POINT MORTGAGE, INC. one of our licensed loan officers can tailor a loan package to fit your individual needs. Since we utilize a multitude of leading lenders in the country, the best loan programs are available are accessible to us. STAR POINT MORTGAGE, INC. is a full service mortgage company, licensed in Ohio, Kentucky, and Indiana, with a team of licensed professionals ready to serve YOU. These licensures enable us to provide wholesale interest rates to all of our clients. We work for YOU, not the lender, resulting in "Custom Fit" loan programs and interest rates for your individual needs! We are also members of the National Association of Mortgage Brokers, the Ohio Association Of Mortgage Brokers and the Better Business Bureau. STAR POINT MORTGAGE, INC. prides itself on the number of referrals sent to us by satisfied borrowers, and we are committed to earning the respect and confidence of every single client we represent. "As a professional mortgage broker, we represent the borrower not the lender, thus resulting in substantial savings to YOU. "We receive daily rate quotes and loan program updates from our multitude of mortgage lenders. However, many loan programs may not fit your specific goals. That is why we work closely with every borrower to ensure you receive a lending program that fits YOUR needs. For us, nothing is more important than our commitment to helping you achieve your goals in today's fast, ever-changing mortgage market. Star Point Mortgage, Inc.
3131 S. Dixie Dr. Ste. 535
Dayton, OH 45439
Phone: (937) 298-7183 MB#2769
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