Sun. Jan 17th, 2021

Ready to hit the housing market in Bakay State? Expect below-average home prices but a growing market. Ohio has 5.2 million housing units And according to the US Census Bureau, a homemade rate of 66% 2017 American Community Survey.

The state’s average housing price is $ 144,200, which falls below the national average of $ 217,600. Home values ​​can vary by region, providing multiple options for Ohio’s 11.6 million residents.

What are mortgage rates in Ohio?

Average interest rate for a 30 year fixed rate Ohio Has Customizing Mortgages 2.89%.

House interest rates Range from 2.49% Service 3.63% In Ohio.

What are today’s mortgage rates?

By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.96% 3.06%
15-Year Fixed Rate Mortgage 2.48% 2.62%
30-Year Fixed-Rate Jumbo Mortgage 2.96% 3.01%
5/1 ARM 3.04% 3.03%
5/1 Jumbo ARM 2.92% 2.89%

* Rates up to November 13, 2020

US News’ Best Ohio Mortgage Lender

Methodology: US News conducted an in-depth review of major direct mortgage lenders in Ohio. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.

Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

Best counter

  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

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  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

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Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

Before you apply

  • Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

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  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

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Best for customer service

Fifth Third Bank operates in 10 states with products such as traditional mortgages, as well as loans from the Federal Housing Administration and the Department of Veterans Affairs. The lender has an A + rating with the Better Business Bureau.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Home Equity Loan
  • Minimum FICO Score: Not disclosed
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: Not disclosed
  • Loan: till $ 3 million
  • Total Closing Cost: Not disclosed
  • JD Power Overall Satisfaction Rating: 3 out of 5

Best counter

  • Income and profession-based loan programs.

  • A down payment assistance program is available.

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

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  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

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  • The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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Best for online service

Priming is a Dallas-based mortgage lender, with a number of mortgage loan options including traditional loans, jumbo loans, government backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

main characteristics:

  • Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
  • Minimum FICO Score: 600
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total Closing Cost: 2% to 6% of the loan amount
  • Equity required: Not disclosed
  • JD Power Satisfaction Rating: Not rated

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  • Offers various types of mortgage loans.

  • Nationwide provides mortgage loans.

  • Helps with closing costs.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

Best counter

  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

Are there some Ohio homebuyer programs?

Ohio homebuyers can obtain mortgage interest tax credits and help with payments and closing costs from these programs.

  • available to: Homebuyers who meet one of three criteria, including first-time homebuyers and purchasers who have not owned an ownership interest in a primary residence in the past three years; Honorably discharged veterans; And homebuyers buying homes in a target area. Specially designed for low and middle income homebuyers.
  • Income Range: Different from county.
  • First time homebuyers ?: No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Payment and closing cost assistance: You can use either of your choice! Down Payment Assistance Program or the agency’s Advantage Program for traditional loans.

  • available to: Those who are not first time homebuyers and meet other program requirements, such as income and purchase price range.
  • Income Range: Different from county.
  • First time homebuyers ?: No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Payment and closing cost assistance: You can use either of your choice! Down Payment Assistance Program or OHFA Advantage Program for traditional loans.

  • available to: Homebuyers using an OHFA program.
  • Income Range: Different from county.
  • First time homebuyers ?: No.
  • profit: Allows homebuyers to choose 2.5% or 5% of the purchase price of the home to apply toward payment, closing costs, or other predecessor expenses. This assistance is waived after seven years.

  • available to: OHFA Traditional Loan Borrower.
  • Income Range: Different from county.
  • First time homebuyers ?: No.
  • profit: $ 2,500 for homebuyers, whose income falls within 50% of the area’s median income in the county where they purchase the home; $ 1,500 for homebuyers, whose income falls within 80% of the area’s median income in the county where they purchase the home.

  • available to: Ohio residents who serve the public, including veterans, active-duty military members or members of the reserve constituents, including surviving spouses; Police officers, firefighters, volunteer firefighters, EMTs and paramedics; Physicians, nurse practitioners, nurses (RN and LPN) and STNA; And teacher (ex. Through grade 12), administrator and consultant.
  • Income Range: Vary by county.
  • First time homebuyers ?: No.
  • profit: Discounted Mortgage Interest Rate.

  • available to: Ohio resident who has graduated from an accredited college or university with an associate, bachelor’s, master’s, doctorate or other postgraduate degree within the last 48 months.
  • Income Range: Different from county.
  • First time homebuyers ?: Yes
  • profit: Rewarded with concessional mortgage interest rate and 2.5% or 5% down payment assistance. Down payment assistance is waived as long as you live in Ohio.

  • available to: Homebuyers using an OHFA program.
  • Income Range: Different from county.
  • First time homebuyers ?: No.
  • profit: First-time homebuyers using Mortgage Tax Credit Plus receive a tax credit of 40% of the home’s mortgage interest, with a maximum annual tax credit of $ 2,000. With Mortgage Tax Credit Basic, the credit is 30% for bank-owned property, 25% for property located in the target area, and 20% for all other properties.

pay attention: Some OHFA programs can be added. See the list for more information.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are US News advertising clients. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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