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what it's like to live, work and play in the Columbus Ohio Area

30 year Columbus Ohio Home Mortgage Loan Interest Rates Fall Below 5%

Are you debating whether now is a good time to buy Columbus Ohio real estate? Interest rates for a mortgage loan in Columbus Ohio have never been lower! I received a call from Sue Reichard, with Fifth Third Bank in Columbus Ohio, reporting that 30 year mortgage interest rates have fallen to 4.625%, with zero points. That’s amazing!

These historically low interest rates for a mortgage loan in Columbus Ohio and low real estate prices make this an ideal time to buy a home in Columbus Ohio. With the falling interest rates, the real estate market in Columbus Ohio is picking up already, because many people realize the huge window of opportunity that exists now.

How Do I Start The Process of Buying a Home in the Columbus Ohio Area?

To start the process of buying a home, condo or investment property in Columbus or Central Ohio, please CONTACT ME at 614-895-0496 anytime from 8am-10pm.

As an Accredited Buyer’s Agent Representative, I can help make your home search easier, while looking out for your best interests, AT NO COST TO YOU. I look forward to helping you find your ideal home and obtain the best financing for your Columbus Ohio real estate needs.

Great Time To Refinance Your Mortgage Loan Too!

Now is also a great time to think about refinancing, especially if you are one of the million of adjustable rate mortgage holders. There are millions of homeowners that have adjustable rate mortgages that will be adjusting this year or next. Rates have dropped below the 5% range so it is an excellent time to secure a fixed rate. A lot of people also refinance to consolidate debt and get cash out for college expenses or home improvements.

Should I wait to see if mortgage interest rates get lower?

Some people are still thinking, maybe I should wait to make a move or refinance, in case rates get even lower? Many economists don’t think rates will get much lower, but if they should, I have a coupon from Fifth Third Bank** enabling you to refinance for only $153.00*, if your rate should drop .5% or more within 36 months after your closing. (*application, processing & underwriting fees).

There are many rumors that banks are not lending money any more or that mortgages are too hard to qualify for. That is simply not true. Call for a no cost mortgage analysis!

Fifth Third Bank
Sue Reichard, Vice President
Regional Sales Manager
Residential Mortgage Lending
www.53.com/mlo/sue-reichard
Phone: 614-442-3156 Cell: 614-395-4150
UFax: 614-474-1440
we’ve got a mortgage for that!

**Fifth Third Bank - Columbus Ohio Mortgage Interest Rate coupon details: Subject to credit review and approval. Offer applies to applicable application, processing and underwriting fees only. All other applicable loan fees would apply. Offer not available on Equity Line, Equity Loan or Easy Equity products or construction or lot loans. Original coupon must be presented at time of application. Not valid with any other offer. Offer valid on initial loans closed between 12/01/08 and 3/31/09. Rates and program are subject to change. Mortgage products are offered through Fifth Third Mortgage Company. Member FDIC. Equal Housing Lender.

Petra Hinterschied, ABR
Accredited Buyer Agent Representative
Columbus Ohio Realtor with over $40 Million in Central Ohio Real Estate Sales since 2001.

If you’re considering buying a home in the Columbus Ohio area, you may want to consider obtaining an FHA mortgage loan. While most first time home buyers I’ve helped buy Columbus Ohio real estate do use an FHA loan, FHA is not only for first time home buyers.

One reason many first time home buyers obtain an FHA mortgage loan when buying a home in Columbus Ohio, is because many of the government grants and down payment assistance programs have been partnered with FHA loans.  Currently, most of the first time home buyer down payment assistance programs in the Columbus Ohio area are out of money.  Once I receive an update on any new funds for down payment assistance becoming available, I’ll be sure to post it here on my Columbus Ohio real estate blog.

HIGHER FHA MORTGAGE LOAN LIMITS FOR BUYING COLUMBUS OHIO REAL ESTATE

FHA has recently increased their loan limits, which makes their loans even more attractive to a wider variety of buyers. The new FHA loan limits to purchase real estate in the Columbus Ohio area are as follows:

SINGLE FAMILY HOMES = $310,500

BUYING INVESTMENT PROPERTIES WITH AN FHA LOAN:

Buying investment property in the Columbus Ohio area typically requires a minimum of 10-20% down payment. However, if you are an owner occupant (live in one unit and rent out the rest) then you can obtain an FHA mortgage for a 2-4 unit investment property in Central Ohio.

Interest rates are generally higher for investment property loans. Another huge benefit of buying investment property in the Columbus Ohio area, with an FHA loan, is you’ll get the typical market interest rate available to any other FHA buyer. This is truly a great deal! Here’s the new FHA mortgage loan limits for buying investment property in Columbus and Central Ohio.

2 UNITS = $397,500
3 UNITS = $480,450
4 UNITS = $597,100

FHA loans are attractive because they typically require a lower down payment than Conventional mortgage loans, plus credit and qualification standards are more flexible. Currently FHA requires 3.5% down payment, while most conventional loans require a minimum of 5% down. Due to the sub prime mortgage crises, many people who used to be able to get a loan can no longer qualify. FHA mortgage loans are now the best alternative for people who’s credit scores are not high enough to obtain a conventional mortgage.

If you’re interested in buying a home, condo or investment property anywhere in Columbus or Central Ohio, please CONTACT ME at 614-895-0496 anytime from 8am-10pm to get started.  I look forward to helping you find your ideal home and obtain the best financing for your needs.

As always I look forward to serving your Columbus Ohio real estate needs.

Petra Hinterschied, ABR
Accredited Buyer Agent Representative
Columbus Ohio Realtor with over $40 Million in Central Ohio Real Estate Sales since 2001.