Ohio Mortgage Loans And Financing

Ohio Mortgage Loans And Financing



Ohio Mortgage Loans And Financing
When Should you​ Refinance Your Mortgage? There are two primary reasons to​ refinance a​ mortgage: to​ get a​ more desirable rate and terms or​ to​ extract cash from the​ home's equity .​
Both of​ these reasons can of​ course also be fulfilled!
Rate-and-term refinancing
Rate-and-term refinancing pays off one loan with the​ proceeds from the​ new loan,​ using the​ same property as​ collateral .​
This type of​ loan allows you​ to​ take advantage of​ lower interest rates or​ shorten the​ term of​ your mortgage to​ build equity faster .​
Rate-and-term refinancing refers to​ a​ myriad of​ strategies,​ including switching from an​ ARM to​ a​ fixed or​ vice versa .​
For example,​ if​ you​ have an​ ARM that is​ set to​ adjust upward in​ a​ few months,​ you​ can refinance into a​ fixed-rate mortgage .​
Or if​ you​ have a​ fixed-rate loan and you​ know you​ will move in​ two or​ three years,​ you​ could refinance into a​ lower-rate 3/1 hybrid ARM.
Cash-out refinancing
Cash-out refinancing leaves you​ with additional cash above the​ amount needed to​ pay off your existing mortgage,​ closing costs,​ points and any mortgage liens .​
You may use the​ additional cash for any purpose.
For example,​ say you​ bought your house for $150,​000 a​ few years ago and borrowed $120,​000 .​
Now the​ house has an​ appraised value of​ $250,​000 and you​ owe $110,​000 .​
With a​ cash-out refinance,​ you​ could get a​ mortgage for $150,​000 .​
You would pay off the​ $110,​000 you​ owe and pocket the​ $40,​000 difference,​ minus closing costs.
Ohio Mortgage Bankers Association
To learn more about Ohio Mortgage options you​ can check with the​ Ohio Mortgage Bankers Association,​ founded in​ 1961 .​
OMBA is​ a​ statewide organization devoted exclusively to​ the​ field of​ residential and commercial real estate finance .​
OMBA's membership comprises mortgage originators and servicers,​ as​ well as​ investors,​ and a​ wide variety of​ mortgage industry-related firms .​
Mortgage banking firms engage directly in​ originating,​ selling,​ and servicing real estate investment portfolios.
Members of​ OMBA include mortgage bankers,​ mortgage brokers,​ banks,​ mortgage insurance companies,​ attorneys,​ credit unions,​ saving & loans associations etcetera.
OMBA is​ dedicated to​ the​ maintenance of​ a​ strong housing,​ residential and commercial,​ real estate finance system .​
This involves support for a​ strong economy; a​ public-private partnership for the​ production and maintenance of​ single and multi family home ownership opportunities; a​ strong secondary mortgage credit delivery system; equitable tax laws; suitable shelter for low income families and the​ disadvantaged; housing opportunities for the​ nation's veterans; appropriate environmental measures; and fair and equitable bankruptcy laws.
OMBA consists of​ 145 member companies which represent approximately 80% of​ the​ mortgage lending business in​ the​ State of​ Ohio.




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