Getting the Best Mortgage Rates in Columbus, Ohio (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Are you in the market to buy a home in Columbus, OH? As a home buyer, one of the biggest challenges is finding a competitive Columbus mortgage rate that won’t break the bank.
Conversely, if you’re looking to refinance an existing Columbus mortgage, you’ll want to find the best mortgage rates in Columbus, Ohio to ensure that the refinancing process is as beneficial as possible.
Whether you are a first-time home buyer or a homeowner looking for the best refinance rates, taking the time to examine your options is key to saving money in the long-term.
Current mortgage rates in Columbus, Ohio are subject to change from one day to the next. As such, it’s important to weigh in your options between mortgage lenders in Columbus, Ohio to get the best rates and terms.
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Good, Great, or Excellent Credit Scores for Columbus Mortgages
Most lenders that provide competitive Columbus mortgage rates use a FICO score to determine if a borrower is creditworthy or not.
FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.
FICO scores for Columbus mortgage rates generally fall into these categories:
- 300 – 629 is considered “Bad”
- 630 – 689 is considered “Fair”
- 690 – 719 is considered “Good”
- 720 – 850 is considered “Excellent”
If you’re curious about the average credit score, see the table below for average FICO scores from 2005-2015. According to CNBC, as of this year, the average score is 700.
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Factors that Influence Mortgage Rates in Columbus, Ohio
Monthly payments on a Columbus mortgage should not be higher than 28 percent of total monthly income, including related expenses like principal, interest, taxes, insurance, and even HOA fees.
While Columbus mortgage terms will play a role in determining monthly costs, mortgage rates in Columbus, Ohio will be the biggest factor in whether monthly payments are affordable.
See the sections below for common elements that can impact your mortgage rate in Columbus.
Credit Score
Just like any other loan, a borrower’s credit score is used as a benchmark for reliability. Mortgage lenders in Columbus, Ohio see high credit scores as proof of reliability, offering lower Columbus mortgage rates as a result.
Lower credit scores are problematic for lenders, as it raises doubts on whether a borrower can financially manage current mortgage rates in Columbus, Ohio.
While exploring mortgage rates in Columbus, take the time to examine your credit score. Look for ways to boost your score through paying off any old debts or resolving errors before committing to a Columbus mortgage.
Location
For some mortgage lenders in Columbus, Ohio, the location of your home could make a difference in Columbus mortgage rates.
Rates may change when purchasing in an urban vs. a rural area, so make sure that you take note of the location while evaluating mortgage rates in Columbus.
Down Payment
Putting aside more money for a down payment certainly isn’t fun, but it’s a great way to boost your chances of getting a lower Columbus mortgage rate. According to Bankrate, most lenders require a payment of at least 3 percent.
Although some mortgage rates in Columbus, Ohio will still be affordable with a lower down payment, the best way to keep a Columbus mortgage cost-effective over time is to put 20 percent down.
Columbus, OH
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Conclusion – Getting the Best Mortgage Rates in Columbus, Ohio
Once you know what type of Columbus mortgage you are interested in, your next step is to start evaluating lenders to find the best terms and mortgage rates in Columbus.
Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple mortgage lenders in Columbus, Ohio to ensure that you are getting the best deal possible.
Affordable and manageable Columbus mortgages are determined not just by monthly payments, but also by loan terms and mortgage rates in Columbus, Ohio.
As such, don’t be afraid to shop around until you find the best mortgage rates in Columbus, Ohio for your financial needs.
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Mortgage Rate Table Disclaimer
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Image sources:
- http://www.fico.com/en/blogs/wp-content/uploads/2015/08/April-2015-Average-FICO-Score.png
- https://pixabay.com/en/columbus-ohio-city-cities-urban-1618317/
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