Mortgages & Home Equity Loans in Ohio
Whether you are looking for a mortgage to buy your first home, your next home, or refinance your current home, we have the right products to help you save.
Not sure if a home equity loan or refinancing your existing mortgage is the right solution? Let our Mortgage Loan Officers help you to make the right decision for your situation.
Home Mortgages in Ohio
The last few years have seen a huge boom of mortgages in Ohio. People from all walks of life are making the decision to pursue their first home, refinance their existing mortgage or trade up to a new home.
At the same time, foreclosure filings are dropping and more people are overcoming common mortgage myths. Ohio's home ownership rate is about 66 percent and shows strong signs of growth. For many people, there's never been a better time to get a mortgage loan with BMI FCU.
What's the difference between a mortgage with a fixed rate and an adjustable rate mortgage?
A fixed rate mortgage is one where the interest rate is fixed at the time the loan is originated. It protects the borrower from future increases in the mortgage payment driven by changes in interest rates. It is very easy to understand and to budget around this kind of mortgage.
An adjustable rate mortgage or "ARM" begins with a specific, fixed rate interest rate for a certain period of time. After that time expires, the interest rate fluctuates based on the mortgage's terms. They generally start with lower monthly payments than fixed rate mortgages do.
No matter what type of mortgage you choose, you can still qualify for a home equity loan if you wish. Home equity loans are based on the total value of your home and the amount of your mortgage loan principal you've paid, so that value - the equity - continues to build as you make payments.
How does refinancing a home mortgage work?
Home loan refinancing gives you the opportunity to get a new mortgage loan. The new loan supersedes your existing one and allows you to borrow the new principal amount at a lower interest rate.
The monthly savings may not seem like very much, but they can add up to thousands or even tens of thousands of dollars over the lifetime of the loan. Naturally, you should only refinance when market conditions are right.
How much are the typical closing costs on a refinance?
Closing costs depend on the mortgage loan amount and other factors, and can only be estimated. You should generally budget $2,000 to $3,000 for closing costs. To find out more, talk to a loan expert who can help you determine likely costs.