Home Equity Loan Specialists in Ravenna, OH
Compare home equity loan specialists in Ravenna. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Ohio before hiring.
Showing 3 home equity loan specialists in Ravenna, OH
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A home equity loan specialist in Ravenna Ohio helps homeowners access the equity in their property for major expenses or debt consolidation. Ohio law requires lenders to follow specific disclosure rules under the Ohio Home Solicitation Sales Act for certain loan transactions. Specialists in Ravenna guide clients through the application process and explain local property value trends in Portage County.
What Does a Home Equity Loan Specialist in Ravenna Cost?
Typical costs for a home equity loan specialist in Ohio include an origination fee of 0.5 to 1.5 percent of the loan amount and appraisal fees ranging from 300 to 600 dollars. Closing costs for a home equity loan in Ohio generally total 2 to 5 percent of the loan amount. Some lenders also charge an annual fee of 50 to 100 dollars for a home equity line of credit. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What does a home equity loan specialist in Ravenna do?
A home equity loan specialist in Ravenna helps you understand your loan options including fixed-rate home equity loans and variable-rate home equity lines of credit. They review your credit score property value and debt-to-income ratio to find suitable lenders. They also explain Ohio specific rules like the right to rescind a loan within three days under federal law.
How much equity do I need for a home equity loan in Ohio?
Most lenders in Ohio require you to have at least 15 to 20 percent equity in your home. This means your loan balance plus the new loan cannot exceed 80 to 85 percent of your home appraised value. A specialist can help you calculate your equity based on current Ravenna market conditions.
Are there Ohio specific laws for home equity loans?
Yes Ohio has laws that regulate home equity lending including the Ohio Mortgage Broker Act and the Ohio Consumer Installment Loan Act. Lenders must provide a Truth in Lending disclosure and a good faith estimate of closing costs. Ohio also limits prepayment penalties on certain loans under Ohio Revised Code Section 1317.02.