Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated October 28, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Eliminating PMI with an Ohio Conventional 1st Mortgage Refinance

As of June 22, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the average 30-year fixed mortgage rate is 6.47%, and the 15-year fixed rate is 5.81%. (ohiohome.org) For Ohio homeowners with a credit score of 700 or higher, established income, and a down payment of 10% or more, refinancing your conventional mortgage presents a strategic opportunity to eliminate Private Mortgage Insurance (PMI) and potentially secure a more favorable interest rate.

What Are Today's Mortgage Rates in Ohio?

Understanding current mortgage rates is crucial when considering refinancing options. Here's a snapshot of the prevailing rates:

|-------------------------|---------------|-------|--------|-----------------|

| 30-Year Fixed Conventional | 6.47% | 6.60% | 2.000 | $2,070 |

| 15-Year Fixed Conventional | 5.81% | 5.99% | 2.250 | $2,813 |

Rates as of June 22, 2026, according to Freddie Mac's Primary Mortgage Market Survey®. (ohiohome.org)

These rates are competitive and can vary based on individual qualifications and market conditions.

Steps to Eliminate PMI Through Refinancing

Refinancing your conventional mortgage can help you remove PMI and potentially lower your monthly payments. Here's how:

Assess Your Home's Current Value: Obtain a professional appraisal or a comparative market analysis to determine your home's current market value.
Calculate Your Loan-to-Value (LTV) Ratio: Divide your current mortgage balance by your home's appraised value. An LTV ratio of 80% or lower is typically required to eliminate PMI.
Review Your Credit Profile: Ensure your credit score remains strong (700 or higher) to qualify for favorable refinancing terms.
Compare Refinancing Offers: Obtain quotes from multiple lenders to find the most competitive rates and terms.
Initiate the Refinancing Process: Submit a complete application, including necessary documentation, to your chosen lender.

Pro Tip: Refinancing can also provide an opportunity to secure a lower interest rate, further reducing your monthly mortgage payment.

Common Mistakes Homebuyers Make

Avoiding common pitfalls can streamline your refinancing journey:

1. Overlooking Closing Costs

Refinancing involves closing costs that can range from 2% to 5% of the loan amount. Ensure you have sufficient funds to cover these expenses.

How to Avoid:

Request a detailed breakdown of all fees from your lender.
Consider rolling closing costs into the new loan if permitted.

2. Ignoring Credit Score Fluctuations

A slight dip in your credit score can impact your refinancing eligibility and interest rates.

How to Avoid:

Monitor your credit regularly.
Address any discrepancies or issues promptly.

3. Failing to Lock in a Rate

Interest rates can fluctuate; failing to lock in a favorable rate may result in higher costs.

How to Avoid:

Stay informed about market trends.
Work closely with your lender to lock in a rate at the optimal time.

4. Not Considering Loan Terms

Extending the loan term to lower monthly payments can increase total interest paid over time.

How to Avoid:

Evaluate the long-term financial impact of different loan terms.
Choose a term that balances monthly affordability with overall cost.

5. Neglecting to Shop Around

Accepting the first refinancing offer without comparison can lead to missed opportunities.

How to Avoid:

Obtain quotes from multiple lenders.
Compare interest rates, fees, and terms to find the best deal.

Frequently Asked Questions

1. How do I know if refinancing is right for me?

If your home's value has increased, your credit score is strong, and current interest rates are favorable, refinancing may be beneficial.

2. How long does the refinancing process take?

Typically, refinancing can be completed in 30 to 45 days, depending on the lender and complexity of the loan.

3. Will refinancing affect my credit score?

Refinancing may cause a temporary dip in your credit score due to the hard inquiry, but responsible management can lead to long-term improvements.

4. Can I refinance if I have an existing second mortgage?

Yes, but the combined loan amounts must still meet the lender's requirements for PMI elimination.

5. Is PMI removal automatic after refinancing?

No, you must request PMI removal from your lender after refinancing, even if your LTV ratio is below 80%.

For competitive agency conventional rates in Ohio, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Refinancing your conventional mortgage in Ohio offers a strategic path to eliminate PMI, potentially lower your interest rate, and reduce your monthly payments. By carefully assessing your home's value, credit profile, and current market conditions, you can make informed decisions that align with your financial goals. Remember to compare offers from multiple lenders and consult with a mortgage professional to navigate the refinancing process effectively.

*Ohio Residential Mortgage Lending Act Certificate of Registration. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program

Compliance Disclaimer: Ohio Residential Mortgage Lending Act Certificate of Registration. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Ohio. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.