Getting the Best Mortgage Rates in Cincinnati (10-15-30-Year Fixed, 5/1, 7/1 ARM)

It’s no secret that purchasing a home comes with a ton of outright and hidden costs, and the real estate market in Cincinnati is no different.

In fact, potential homeowners considering a Cincinnati mortgage may find themselves paying more than most. According to Bankrate, the closing costs associated with Cincinnati mortgages are relatively high, averaging $2,031 for a $200,000 home.

With rising property values and increasing closing costs, it’s more important than ever for homebuyers to find manageable mortgage rates in Cincinnati.

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Hidden Costs of Cincinnati Mortgage Rates

Before you even start the application process, it’s helpful to consider the following “hidden costs” of a Cincinnati mortgage:

  • Mortgage application fees (typically 1-2 percent of the total purchase price)
  • “Good faith deposit” (helps the seller know that you intend to buy)
  • Down payment (20 percent of the total mortgage)

There are also closing costs to consider, which can include a wide range of expenses from:

  • Mortgage points
  • Attorney’s fees
  • Inspections or surveys
  • Title insurance
  • Escrow deposit
  • City recording fees

Although each Cincinnati mortgage rate is subject to differences depending on loan amount, location, appraisal, etc., Bankrate estimates that the average closing costs for a Cincinnati mortgage can include:

  • Origination points—$358
  • Commitment fee—$370
  • Document preparation—$78
  • Broker, originator, or lender—$800
  • Processing—$932
  • Tax service—$77
  • Underwriting—$600
  • Appraisal—$460
  • Attorney, closing, or settlement—$461
  • Credit report—$25
  • Flood certification—$10
  • Postage/courier—$36
  • Survey—$254

Best Mortgage Rates in Cincinnati

Cincinnati, OH

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Conventional vs Adjustable Cincinnati Mortgage Rates

Cincinnati mortgage lenders provide a wide range of conventional and adjustable rate loan types, including those listed below.

A conventional Cincinnati mortgage could be any of the following:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans

A conventional mortgage rate in Cincinnati is a loan that has a fixed-interest rate that won’t change throughout the life of the loan.

These types of Cincinnati mortgage rates conform to established industry and regulatory guidelines based on size of the loan and your financial situation. Terms for a conventional Cincinnati mortgage rate typically range between 10 to 30 years.

Conversely, adjustable Cincinnati mortgage rates will have fluctuating interest rates, meaning that if the real estate market begins to offer more favorable rates, so will your mortgage.

With typically shorter terms and the opportunity to get better Cincinnati mortgage rates over time, these types of loans are popular options for homeowners looking to refinance existing Cincinnati mortgages.

Adjustable Cincinnati mortgage rates include:

  • 5/1 ARM
  • 7/1 ARM
  • 3/1 ARM

Key Requirements for Buying a House in Cincinnati

Before you apply for a Cincinnati mortgage, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also want to thoroughly examine your options for conventional Cincinnati mortgages (10, 15, 20, or 30-year) or adjustable rate Cincinnati mortgages (5/1, 3/1, 7/1 ARM) before choosing between the best mortgage rates in Cincinnati for you.

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Conclusion – Choosing the Best Mortgage Rates in Cincinnati

Once you know what type of Cincinnati mortgage you are interested in, your next step is to start evaluating lenders to find the best Cincinnati mortgage rates and terms.

Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple Cincinnati mortgage lenders to ensure that you are getting the best deal possible.

Affordable and manageable Cincinnati mortgages are determined not just by monthly payments, but also by the specific terms and Cincinnati mortgage rate.

As such, don’t be afraid to shop around until you find the best mortgage rates in Cincinnati for your financial needs.

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