Cincinnati Banking Rates

Columbia Savings Bank Makes Cincinnati Mortgage Lending Easy

Cincinnati mortgage rates

Finding the right Cincinnati mortgage rates can be difficult, especially when you are looking for a house on a budget. That’s why GoBankingRates recently talked with a customer service representative at Columbia Savings Bank about how the institution tries to help local residents find the home of their dreams within their means. By offering some of the best mortgage rates in Cincinnati, Columbia Savings Bank makes the mortgage-lending process easy, efficient and economical for all parties involved.

The following interview covers common questions, misconceptions and helpful tips you can apply toward your next CIncinnati mortgage loan.

Q&A on Columbia Savings Bank Mortgage Rates for Cincinnati

GoBankingRates: What is the best mortgage option for Cincinnati residents?

Columbia Savings Bank: Fixed 30- and 15-year mortgages are by far the most popular mortgage options. The rates we offer within Cincinnati are very competitive, especially since we can offer the best rates available from our many lending partners.

GBR: How can home loan applicants ensure they are offered the lowest possible mortgage rate?

CSB: It is very important to shop for both rates and closing costs. Working with Columbia Savings affords borrowers the opportunity to compare many lender options to ensure they get the best total value.

GBR: How much should a borrower expect to put toward his or her mortgage down payment?

CSB: We offer a variety of loans programs and there are still some that include no-down-payment options. We also offer FHA loans that require 3.50 percent down payment and conventional loans that require a minimum of 5 percent down.

GBR: What are the benefits of a fixed-rate mortgage versus an adjustable rate?

CSB: A fixed-rate mortgage allows borrowers to budget both short- and long-term expenses without being at the mercy of market fluctuations. However, there are still circumstances in which an adjustable rate mortgage would make sense. It is important to choose a lender that can evaluate all of the options.

GBR: Is it better for a homeowner to finance his property over a shorter or longer period of time?

CSB: This really depends on the borrower’s goals and financial picture, especially since mortgages are not a one-size-fits-all proposition.

GBR: How can homeowners determine what size home loan they can truly afford?

CSB: Only an experienced lender like Columbia Savings Bank can help determine what a borrower can afford.

GBR: What can homeowners do to reduce the mortgage rate on their existing loan?

CSB: Borrowers can refinance or take advantage of the government programs being offered to help buyers that are “upside-down” on their current home.

GBR: Is there a limit to the number of times homeowners can refinance their mortgages?

CSB: No, there is not a limit, but the refinance must result in savings for the homeowner. There are guidelines in place to determine whether a refinance makes financial sense and if it’s beneficial to the borrower.

GBR: How does Columbia Savings Bank set its mortgage rates? 

CSB: We partner with all of our lenders to offer the lowest rates available in the marketplace.

GBR: Are home values in Cincinnati rising or falling, and how is that affecting mortgage rates?

CSB: Home values are beginning to stabilize in our market and many others in the country. Depreciation is at a minimum and this is causing interest rates to begin increasing.

GBR: Are there home financing options for a borrower with poor credit?

CSB: There are very few home financing products left for borrowers with challenged credit. But Columbia Savings Bank loan officers are experts at helping borrowers map a path to homeownership despite challenges presented by poor credit.