Current Ohio Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Compare OH Mortgage Rates Today

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Summary of the best mortgage lenders in 2023

LenderLendingTree rating and “best of” categoryLender review

Refinance loans
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VA loans
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Jumbo loans
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Online mortgage experience
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FHA loans
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Home equity loans
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Mortgage loan variety
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  Learn more about how we chose our list of the best mortgage lenders.

3 first-time homebuyer programs in Ohio

The Ohio Housing Finance Agency (OHFA) offers several first-time homebuyer programs — with help ranging from mortgages to down payment assistance to interest rate discounts — for those looking to achieve their dream of homeownership.

OHFA Homebuyer Program

Through the OHFA Homebuyer Program, first-time homebuyers can apply for 30-year, fixed-rate mortgages designed specifically for low- and moderate-income homebuyers. Qualified buyers must complete a free homebuyer education class.

Who qualifies?

Eligible applicants include homebuyers who haven’t had an ownership interest in their primary residence for the past three years and honorably discharged veterans.

Homebuyers must purchase a home in a qualified target area and have a minimum credit score of 640 or 650, depending on the type of mortgage they’re seeking.

Ohio Heroes

Ohio Heroes offers a mortgage interest rate discount on mortgage loans for residents who serve the public. This can be combined with the Your Choice! Down Payment Assistance (see below).

Who qualifies?

Eligible applicants include homebuyers who are:

  • U.S. veterans
  • Active duty military and reservists
  • Teachers
  • Licensed or certified direct patient caregivers
  • Police officers
  • Firefighters
  • Emergency medical technicians (EMTs)

Homebuyers must have a minimum credit score of 640 or 650, depending on the type of mortgage, and must meet income and purchase price limits.

Your Choice! Down Payment Assistance

Eligible homebuyers could receive 2.5% or 5% of the home’s purchase price in assistance through Your Choice! Down Payment Assistance. The funds can be used for the down payment, closing costs or pre-closing expenses. After seven years, the assistance amount is forgiven.

Who qualifies?

Eligible applicants include homebuyers who haven’t had an ownership interest in their primary residence for the past three years.

Homebuyers must have a minimum credit score of 640 or 650, depending on the type of mortgage they’re seeking, and must meet the income and purchase price limits.

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How to refinance your mortgage in Ohio

When mortgage rates in Ohio drop, it could be a good time for you to refinance your mortgage to save money. When refinancing your mortgage, you’ll receive a new loan to pay off your current home loan. If the mortgage rate is substantially lower than your current loan, the new loan could have lower monthly payments or a shorter loan term.

However, deciding to refinance your mortgage depends on more than just the mortgage rates in Ohio. You also need to determine:

  • How much interest you will save over the loan term
  • How much the loan’s closing costs will be

These amounts could exceed how much you save with the new loan.

To determine if you should refinance your mortgage, shop around with at least three lenders to compare interest rates, closing costs and loan terms. These factors will help in deciding if refinancing your mortgage is the right move for your financial future.

Ready to compare refinance lenders?