Home Mortgage Loans
Home Mortgage Loans
Carpet or wood flooring isn't the only decision you'll need to make when buying a home. The Ohio State Bank provides the highest level of personal service to ensure you choose the best mortgage option for you.
Local decision-making helps create a smoother process. And that direct, local connection ensures you get the best rate and terms available. You can be a number to a faraway headquarters, or you can enjoy a relationship with your neighbors at The Ohio State Bank.
- Summary
- Competitive rates
- Wide range of terms and options
- Fixed rate and adjustable rate mortgages
- Local decision-making
- Local servicing makes process easier
- On-time closings
- Pre-approval available for better buying power
- Personal service at every step
- No pre-payment penalty
- Fixed Rate or ARM
The two most common mortgage categories are fixed rate loans or adjustable rate mortgages (ARM). Choosing which is best for you depends on your particular wants and needs.
Fixed Rate Mortgage
- Interest rate will not increase over time
- Principal mortgage payment never changes
- Conventional loans typically have fewer fees
- Option to pay "points," an upfront investment that reduces interest rate and monthly payment
ARM
- Initial interest rate is lower
- Lower payments for 3-7 years
- Rates and payments adjust annually after this initial fixed rate period
- Per-year and per-lifetime interest caps
- No private mortgage insurance (PMI) required
- Provides greater upfront buying power
- Could be ideal if plan on selling home
