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Second Ohio Mortgages

Private Ohio Mortgage Insurance

Before we begin discussing second Ohio mortgages, we discuss conventional mortgage insurance (MI). Both Fannie Mae and Freddie Mac require coverage from a private Ohio mortgage insurance company if the down payment is less than 20%. Ohio mortgage insurance protects the lender in the event the borrower defaults on the loan.

Generally, the cost of this insurance will vary according to the loan-to-value (LTV) of the mortgage (see Table 3-3), the type of Ohio mortgage product, and the mortgage insurance company chosen. The highest cost would be for a 100% loan-to-value mortgage and for an adjustable-rate Ohio mortgage.

Private Ohio mortgage insurance (PMI) is required on loans dial exceed 80% loan-to-value unless the borrower chooses a self-insured program (in which the borrower pays a higher rate to avoid MI). Borrowers can cancel their PMI when:

• The PMI has been in force for over 24 months. The property must still be owner-occupied.
• No late monthly Ohio mortgage payments were made in the last 24 months.
• The loan-to-value reaches 80% or lower.

Other than making a down payment of 20% or more, the only other way to eliminate the need for private mortgage insurance is to obtain a second Ohio mortgage.

What Is a Second Ohio Mortgage?

A second Ohio mortgage is any loan made in addition to another Ohio mortgage, with priority settlement of claims given to the earlier mortgage. This means that in the case of default the second lien holder receives proceeds after the first Ohio mortgage lender's claim has been met. In addition, foreclosure proceedings cannot be initiated without the consent of the first mortgage lien holder. As a result, second Ohio mortgage loans are considered a higher risk and thus carry a higher interest rate.

At some point, some Ohio homeowners may wish to borrow against the equity in their home (take out a second mortgage) to:
• Get cash
• Make home improvements
• Consolidate personal debts

A second Ohio mortgage comes in two options:
• One option is a traditional second Ohio mortgage. This option is available in one of two forms: - A stand-alone second. In this case, a second mortgage lien is placed after a first mortgage lien already exists.

• A concurrent second. In this case, a first and second lien are placed simultaneously.
• The other option is a home equity line of credit (HELOC).

Second Ohio mortgage loans are different from first mortgages in several ways. They often carry a higher interest rate, generally carry a fixed rate, and are for a shorter time period (20 years or less). However, a 30/15 is also available (the payment is amortized over 30 years, but the loan is due in 15 years).

Learn more about Ohio mortgages and Ohio refinance mortgages by clicking here http://www.ohio-mortgage-services.com

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