Central Ohio Real Estate Market Finance Watch
The market in Central Ohio has been very strong partly due to large developments and investments. From a real estate financing and mortgage perspective, with interest rates dramatically below usual norms for both construction and more permanent loans, this continues to be an opportunistic time for property owners to finance or refinance their assets and projects. Three quarters of the financing volume seen in Ohio has been refinancing of existing assets.
Today, the 30-year fixed-rate mortgage, while still the most common way to buy a home, is just one of many financing options available. Indeed, many mortgages today are almost custom-tailored to individual needs. Mortgage lending is a highly competitive field. Information on mortgage rates, which can change daily, is available in through mortgage brokers and from individual lenders. When you're shopping for a loan, interest rates tell just part of the story. You'll also need to study the various fees lenders charge.
Finally, for borrowers who do stay in their home after their fixed-rate period expires, there are ceilings on how much their rates can rise each year and over the life of the loan. Moreover, they always have the option of refinancing their mortgage if rates move up.
