Getting a mortgage is one of the biggest financial decisions you’ll make when buying a home in Ohio. With so many mortgage lenders to choose from, it can be overwhelming to try to find the best loan for your needs. The lender you pick can have a major impact on your interest rate, fees, loan options, and overall experience.
While it takes research to find the right Ohio mortgage lender, it’s worth the effort to save money and get great service. This guide examines the top mortgage lenders in Ohio, key factors to weigh when choosing a lender, mortgage rates in Ohio, and the overall process of getting a home loan. Read on to learn more about finding the best mortgage lender for you!
An Overview of the Mortgage Market in Ohio
Ohio offers reasonably priced homes compared to national averages, making it an attractive and competitive market for home buyers. The typical home price in Ohio is around $179,000, lower than the U.S. median home price of $258,000. With more affordable home prices, mortgage amounts are lower as well. The average mortgage loan in Ohio is $140,000.
Mortgage interest rates in Ohio have remained low overall, with 30-year fixed-rate mortgages around 3%–5% in recent years. This is on par with national averages. Rates tend to be competitive among lenders in Ohio due to high demand within the state. Types of mortgages commonly offered include fixed-rate, adjustable-rate (ARM), FHA, and VA loans.
Major metropolitan areas like Cleveland, Columbus, and Cincinnati have robust real estate markets and plenty of mortgage lending options. However, even smaller Ohio cities have access to hundreds of lenders, from national banks to local credit unions and mortgage brokers. With so many choices, it pays to evaluate multiple lenders to find your best fit.
The Top 10 Mortgage Lenders to Consider in Ohio
Based on interest rates, fees, loan options, customer service, and overall reputation, here are 10 top mortgage lenders to consider in Ohio:
1. Quicken Loans
- One of the biggest lenders in Ohio and the USA
- Online-focused but also has branches
- Offers rates and closing cost quotes on its website.
- Loan types include conventional, FHA, VA, USDA, and jumbo.
- Known for excellent customer service
- Fast online document uploading and approvals
- Used by over 2 million clients nationwide
2. LoanDepot
- Top 5 mortgage lenders nationwide
- Competitive fixed and adjustable interest rates
- Low origination fees starting at $0
- Online lending is available, but local loan officers are also available.
- Closing in as fast as 15 days
- Mobile app for uploading documents
- Over 1,500 5-star reviews online
3. Fairway Independent Mortgage
- A large Ohio lender with 25+ branch locations
- Fixed- and adjustable-rate mortgages
- FHA, USDA, VA, renovation, and jumbo loans
- Down payment assistance programs
- Local underwriters provide faster processing.
- 4.8 TrustScore on Trustpilot
- Over 132,000 happy customers
4. Cross-Country Mortgage
- Licensed in all 50 states
- Offers conforming and jumbo loans
- Competitive interest rates with minimal fees
- Customized home loan solutions
- Local branch offices combined with online services
- Positive reviews for great customer service
- Quotes are available online or by phone.
5. Academy Mortgage Corporation
- Large independent mortgage bank
- Wide range of conventional, FHA, VA, USDA, and jumbo loans
- Down payment assistance programs
- Competitive interest rates with low lender fees
- Customized rate lock options
- Helpful tools like mortgage calculators are on the website
- Local loan officers and a smooth online process
6. America’s Mortgage Resource
- A mortgage broker with access to financing options from various lenders
- Able to find the best rates, terms, and fees for each client.
- Offer loans nationwide
- Expertise in new construction loans and renovations
- 4.9 TrustScore based on transparent fees and great service
7. Interior Federal Credit Union
- Regional credit union provides mortgages in Ohio
- Offer first-time buyers and physician mortgage programs.
- Low-interest rates and origination fees
- Online applications and document uploads
- Member-focused, not-for-profit financial institution
- In-person help is available at branches.
8. First Federal Lakewood
- Savings and Loan Association is located in Ohio.
- Competitive interest rates on fixed and adjustable mortgages
- A variety of home loan options, including construction loans
- Local underwriting provides faster processing.
- Free pre-approvals with credit report reviews
- Branches across Northeast Ohio
- Positive customer reviews praise their service.
9. Third Federal Savings and Loan
- One of the largest Ohio-based lenders
- Offer a range of mortgage products.
- Competitive interest rates with low fees
- FHA, VA, USDA, and Fannie Mae loans are available.
- Online applications, e-signatures, and account access
- Personal support from the local lending team
- Over 90 years of mortgage lending experience
10. US Bank
- A major national bank with mortgage options in Ohio
- Branch locations across the state for in-person banking
- Comprehensive online and mobile banking
- Competitive interest rates on fixed and adjustable mortgages
- Range of home loan programs and terms
- Smooth online application and document processes
- Ranked among the top national mortgage lenders
Tips for Getting the Best Mortgage Rates in Ohio
While mortgage lenders play a big role, there are also steps you can take to get the lowest rates and best loan terms:
- Shop around. Get rate quotes from multiple lenders. Even a small rate difference can save you thousands on your loan.
- Check for first-time homebuyer programs. Many lenders offer discounted rates and down payment assistance for first-time buyers.
- Ask about discounts. See if you qualify for rate discounts by setting up autopay, having existing accounts, or taking a homebuyer course.
- Get pre-approved. Being preapproved makes your offer stronger and shows sellers you are serious.
- Compare ARM vs. fixed-rate loans: Adjustable-rate mortgages sometimes have lower upfront rates but more long-term risk.
- Improve your credit: Work on raising your credit score and resolving any issues to qualify for better rates.
- Lower your debt-to-income ratio. Pay down debts so you qualify for larger loan amounts and better rates.
- Make a larger downpayment if possible; 20% down payments let you avoid PMI and qualify for the best rates.
Common Mortgage Programs in Ohio
Ohio home buyers can choose from a variety of mortgage programs from in-state lenders. Here is an overview of some popular mortgage types in Ohio:
Conventional Loans: Conventional loans that conform to standards set by Fannie Mae and Freddie Mac are very common. They require good credit, income, and a down payment starting at 3%. Conventional loans offer competitive interest rates and flexible terms.
FHA Loans: FHA loans are popular with first-time home buyers. They only require a 3.5% down payment and have lower credit score requirements. FHA loans are backed by the Federal Housing Administration.
VA Loans: No down payment is required for VA loans, and they have no monthly PMI. Available to qualifying military members and veterans. VA loans are guaranteed by the Department of Veterans Affairs.
USDA Loans: For moderate-income buyers in rural areas, USDA loans offer 100% financing with no down payment. Eligible areas can be checked on the USDA site.
Jumbo Loans: Jumbo loans exceed conforming loan limits and are offered by certain lenders. They allow higher loan amounts for pricier homes.
ARM/Adjustable Rate Mortgages: ARMs start with lower interest rates that later adjust to market rates. This helps qualify borrowers for higher loan amounts.
Ohio lenders offer mortgage shoppers plenty of loan programs to fit different budgets and needs.
The Mortgage Process in Ohio
Now that you’ve chosen a lender, here is an overview of the typical mortgage process in Ohio:
Preapproval: Getting preapproved involves submitting documents for income, assets, debts, and a credit check. This gives you a rate and the amount you qualify for.
House hunting: With preapproval done, you can start seriously looking for homes within your budget and mortgage amount.
Offer and Negotiation: Make an offer on the home you want and negotiate terms with the seller. Your lender can advise on competitive offers.
Underwriting: Your full loan application goes through underwriting, where your eligibility and home value are verified.
Appraisal: An independent appraiser visits the property to assess its fair market value for lending purposes.
Closing Disclosures: At least 3 days before closing, you’ll receive detailed closing disclosures of all final costs.
Closing and Keys!: Finally sign your loan documents, finalize funding, get a a recorded deed, and get the keys to your new home in Ohio!
While every home purchase is different, this summarizes the key steps of the mortgage process in Ohio. Do your research to find the right lender and loan program for your needs. With a trusted lender at your side, you’ll be in your new Ohio home in no time!
