The State of Ohio is a highly populated city located in the Midwestern region of the United States. The state today has a population of just over 11 million people, which makes it the 8th most populated state in the country. It is also the 10th most densely populated city due largely to the high percent of people that live in one of three big cities in the State. Due to the high population spread throughout the state, Ohio is one of the annual leaders when it comes to new and refinanced mortgages.
Ohio Mortgage Laws
Those that are considering buying a home in Ohio, or mortgage lenders that are looking to provide mortgage financing, should be aware of the various quirks that exist in Ohio mortgage law. Ohio mortgage law is governed by several different sections of its revenue code, which makes it one of the more complicated mortgage states. Ohio has strict regulations when it comes to home flippers. Those that are looking to buy and sell property for a quick profit will be able to do so, but will have to pay higher fees and taxes if certain provisions are met.
Mortgage lenders in Ohio should be aware of some laws as well. First, lenders are not able to provide long-term interest-only mortgages or loans with negative amortization. This was designed to help prevent more under-water mortgages. While the state does not have a consumer credit provision, it does require the lender to provide all appropriate parties with notice if certain credit scores limits are not met. Further, additional insurance can be required in some situations where certain credit or income levels are not met by a borrower.
Borrowers in the State of Ohio will receive interest rates that are comparable to other states in the country. Today, mortgage rates on a 30-year mortgage are 4.10%, mortgage rates on a 15-year mortgage are 3.25%, and rates on a 5/1 ARM are 3.30%. These rates will vary quite a bit based on the credit and income of the applicant. Furthermore, additional private mortgage insurance will be required for borrowers that have less than a 20% down payment.
Health of the Housing Market
The overall health and the condition of the housing market in Ohio will vary a lot from one metro area to the next. Overall, the state has had a good amount of recovery since the housing crash that stated 10 years ago. Of the three major cities, Columbus has fared the best as the city’s economy can rely on state government jobs and a lot of growth in the professional sectors. Cleveland and Cincinnati are both recovering steadily as jobs have been coming back to the cities.
The State of Ohio is best known for its three major cities that are located all over the state. Columbus, which is located in the center of the state has a populated of nearly 800,000 and is the most populated city in Ohio. Cleveland, which is located in northern-Ohio, is the second most populated with 400,000 residents. Cincinnati has a population of nearly 300,000 and is located in the southern portion of the state. Toledo, which a population of 275,000 residents, and Akron, with a population of 200,000 residents, rounds out the top five cities in terms of population.