Ohio
Home Financing and
Mortgages
House prices are stable in Ohio at the moment and the
rate of sales in the state remains unchanged in recent times. Toledo is a
good example of a typical mid-sized city, the average selling price for a
house in 2003 being $97,044.
Most Americans will need to arrange a mortgage in order
to buy a house. The repayment period is usually 10, 15, 20 or 30 years.
There are two main kinds of loan for home buying, a fixed rate or adjustable
rate mortgage. A fixed rate mortgage offers unchanged monthly repayments
over the period of the mortgage. Adjustable rate mortgages start with a
period of fixed rate interest and then move to an adjustable rate of
interest which is usually index linked. This means that your repayments then
become variable. Whether you save money or not each month with this
arrangement will depend on the fluctuation in the national base interest
rate.
Like most states Ohio has a housing finance agency (OHFA).
They can provide those who need it with assistance for a house purchase.
This can come in different forms. OHFA offers a First-Time Buyers Program
which provides borrowers with the flexibility of choosing a mortgage which
is most suitable. Within this package they can provide a 2% down payment
assistance based on the price of the house purchased.
Another form of financial help comes in their Mortgage
Credit Certificate Program.
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