Current Ohio Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is Loan-to-Value?The loan-to-value is your loan amount divided by your property value. For example, the loan-to-value on a $100,000 house with a $75,000 loan amount is 75%.
What is the 30 Year, 3/1 ARM?
zionmortgages.com has attracted much attention by providing exclusive loan programs that provide the security of a fixed rate with the lower rate benefits of an ARM. This loan offers a low fixed rate that can only adjust after 3 years, at which point it will adjust yearly for the remaining 30 year term, according to the weekly average yield of the one-year LIBOR. Interest rate adjustments have a 2.25% margin, with an annual 2% adjustment cap, and 10% lifetime adjustment cap from the start rate. A lower rate means a lower payment, which allows you to qualify for a larger home.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
