Columbus Ohio Mortgage Rates

Written by Michael Federico
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The introduction of the online quote calculator has made it much easier for people to get Columbus, Ohio mortgage rates. Rates from the city's major lenders can usually be obtained in a very short time. Most calculators are free, but some might require a person to sign up for a specific internet service.

People who receive Columbus mortgage rates from quote calculators do not always know exactly what those rates imply. They might see that their personal information has generated a quote stating they are eligible for a 30-year fixed-rate mortgage with a rate of 5.6 and an APR of 5.663. Some calculators will go further and actually generate a total loan payment for a person, but this feature is rare and not always accurate, so it is a good idea to consult someone in the field about what the quotes truly mean.

Qualifying for Low Columbus, Ohio Mortgage Rates

Everyone who takes on a mortgage would love to be able to pay it off quickly. They would also like low rates, so the majority of their money would go toward paying off the loan's principal and not its interest. Unfortunately, most people will not qualify for low-rate short-term mortgages.

Even people with good credit will often have to take 30-year mortgages, because their income will not enable them to make the higher monthly payments that come with lower rates and shorter payoff periods. However, if a person has excellent credit, a high income, and he has been consistent with previous loans, he will most likely qualify for a Columbus mortgage that features some of the lowest rates on the market and that can be paid in full in a relatively short time. If he can handle paying the mortgage off bi-weekly as opposed to monthly, he will be finished with the loan even faster.

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