Ohio Mortgage Refinance
With a population of 11,478,006, Ohio has many competitive home mortgage refinance opportunities for borrowers. Currently “Buckeye State” residents can take advantage of a 30 year fixed product at rates as low as 4.93% APR to 5.28% APR. For a 5/1 ARM rates range from 3.33% APR to 3.92% APR. In terms of home values, the average home in Ohio is approximately $106,700. Home values in Canton (44701) are $102,700, in Cleveland (44101) home values are $115,900 and in Dayton (45401) are $105,700. The median home sale price in Ohio is $125,800. Home sale prices in Columbus (43085) are an average of $153,700 and in Springfield (45501) homes sell for an average of $99,500. When it comes to comparing home refinance options in Ohio, borrowers should consider their budget and financial goals. Some products may be a better fit based on the borrower’s future plans. For those who plan to stay in their home for less than 10 years, an adjustable rate mortgage (ARM) may be a better fit. ARM rates are lower and the adjustment period is after a predetermined number of years. Fixed rate products may be a better fit for those who plan to stay in their homes for the long haul. Borrowers have the security of knowing that the rate will remain the same for the life of the loan, allowing the home owner to budget accordingly.