Cleveland Ohio Mortgage Rates

Written by Michael Federico
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Rates for mortgages in Cleveland, Ohio will change depending on the duration of the mortgage. For instance, if a person has a 30-year mortgage with a rate of 5.5 and an APR of 5.559, he would benefit from lower rates if he shifted to a 15-year program. The rates for the shorter mortgage would most likely be around 5.0 and the APR would be close to 5.125. This means that the borrower is paying less interest each month on the loan, and the fact that he is paying the loan off in half the time means that he is ultimately paying far less than he would with a 30-year mortgage.

There are a couple of catches that come along with low Cleveland mortgage rates, though. A person with a 15-year mortgage is going to have to make higher monthly payments. Granted, a larger portion of each payment will go directly to paying off the principal of the loan, but it will still cost a person much more in the short-term. Also, securing a Cleveland mortgage with low rates and a short duration is not easy. People with okay or bad credit will not usually qualify, and a person's annual earnings typically have to be relatively high.

Getting Low Cleveland, Ohio Mortgage Rates

Thirty-year fixed rate mortgages tend to be the most common. Requirements are lower, and they give a person the ability to make lower payments each month. However, different firms might give the same person very different rates for these mortgages.

It is strange that people subject themselves to intense scrutiny when they apply for loans, but they do not usually do the same to the lender. Just because a lender is established or connected to a national bank or financial firm does not mean that it is offering the best rates. A person should never go with a lender that has not proven itself to be legitimate, but a person should at least take the time to get information on lenders that are definitely taking the time to get information on him.

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