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Ohio Mortgage and Refinance Rates
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Dhara Singh is a former mortgage reporter for Bankrate. As of Sunday, November 13, 2022, current rates in Ohio are 6.95% for a 30-year fixed and 6.21% for a 15-year fixed. Bankrate has offers for Ohio mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control. Ohio mortgage overview
Homes in the Buckeye State are relatively affordable, a fact that has drawn attention from homebuyers around the country in recent years. The median sale price in Ohio was $199,000 as of the fourth quarter of 2021, according to ATTOM data. Top 5 Bankrate mortgage lenders in Ohio
Third Federal Savings & Loan Association LoanMonkey Ally Bank Better com Sage Mortgage Methodology
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly. Third Federal Savings and Loan Association
Third Federal Savings and Loan is a mid-sized bank based in Cleveland, Ohio, offering loans in 25 states and Washington, D.C. Through this bank, you can obtain a fully underwritten preapproval (called "Early Approval") good for six months, giving you more time to find a home to purchase, and a lower-cost loan that only requires $295 upfront in exchange for a higher interest rate. Strengths: Fully underwritten preapproval lasts for six months Can request to reduce your interest rate if rates fall, even after locking it Offers down payment assistance up to $3,000 for eligible borrowers Weaknesses: No FHA, VA or USDA loans No eligibility requirements available online Can't apply through the mobile app Read Bankrate's . LoanMonkey
LoanMonkey, a mortgage broker and lender, offers "The Online Everything Mortgage" that allows borrowers to manage their loan applications completely online. The broker and lender was founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, and is headquartered in San Diego, California. Strengths: Streamlined application managed online; takes approximately 15 minutes to complete Low overhead can yield lower rates Closings average 30 days Weaknesses: Only available in some states Doesn't offer some specialized mortgages, including construction and USDA loans Read Bankrate's . Ally Bank
Ally Bank began offering direct-to-consumer home loans in 2016. The bank and lender provides several mortgage options, including conventional loans, jumbo loans and adjustable-rate loans in five- seven- or 10-year terms. Ally Bank also offers refinancing options, including rate-and-term and cash-out, but doesn't offer FHA loans, VA loans, USDA loans or home equity loan options. Strengths: Preapproval in as little as three minutes and closings up to 10 days faster than industry average Transparent interest rates Weaknesses: No FHA, VA or USDA loans No home equity lines of credit (HELOCs) or home equity loans No branch locations Read Bankrate's . Better com
Better com is a direct online lender established in 2016 that provides a completely online process where rates, loan preapprovals and resources are available 24/7. The lender offers a variety of mortgage options, including conventional and jumbo fixed-rate and adjustable-rate mortgages and bridge loans. Strengths: No commissions or fees charged Smart technology automatically looks for and applies discounts to eligible borrowers Automated process yields a preapproval letter in three minutes Will beat competitor's offer or give you $100 (only available to applicants who go directly through Better) Weaknesses: No branch locations No home equity lines of credit (HELOCs) or home equity loans Some government loans not available Read Bankrate's . Sage Mortgage
Sage Mortgage is an online mortgage company that both underwrites loans and works with multiple wholesale lenders. The company can help you secure a preapproval in one to two days, and the typical closing takes 27 days. Strengths: Works with multiple wholesalers to offer competitive rates and fast cycle times Dedicated loan officer works with borrowers throughout the entire process Most mortgages close within 27 days Weaknesses: Doesn't offer VA loans Doesn't offer home equity loans or home equity lines of credit (HELOCs) Read Bankrate's . First-time homebuyer programs in Ohio
The Ohio Housing Finance Agency (OHFA) has a variety of loan options to assist low- and moderate-income homebuyers, including first-time homebuyers and repeat buyers. OHFA does not lend funds directly to homeowners, but works with approved lenders, credit unions and mortgage companies to offer competitive rates on 30-year fixed-rate mortgages. To qualify, you'll need to meet credit score requirements, debt-to-income ratios and income and purchase price limits. You generally need a credit score of 640 or higher for a conventional, USDA or VA loan. FHA loans require a score of 650 or higher. Income and purchase price limits vary by county. You can apply for one or more of the following programs: OHFA Your Choice! Down Payment Assistance: If you need help with a down payment or closing costs, you can apply for OHFA assistance in the amount of either 2.5 percent or 5 percent of the home's purchase price. The amount can be used toward a down payment, closing costs or other expenses. The amount can often be forgiven after seven years, but it will need to be repaid if you sell or refinance the home during that period. The amount can often be forgiven after seven years, but it will need to be repaid if you sell or refinance the home during that period. OHFA Ohio Heroes: This program provides discounted mortgage rates to Ohioans who work in certain careers that serve the public good. These careers include: Veterans and active-duty military members Police officers, firefighters and paramedics Physicians, nurse practitioners and nurses Teachers and school administrators This program can be combined with down payment assistance. OHFA Grants for Grads: If you graduated with a college degree in the last 48 months, OHFA will help you buy a home in Ohio. The Grants for Grads program provides a discounted mortgage interest rate combined with down payment assistance of 2.5 percent or 5 percent of the purchase price. The down payment assistance can be forgiven after five years, but must be repaid if you sell your home and move out of Ohio within that period. OHFA Mortgage Tax Credit: Homebuyers can also receive a federal tax credit on a portion of their mortgage interest through the OHFA's Mortgage Tax Credit program. The amount is determined by factors like the home's location and the type of mortgage. This credit is in addition to the IRS mortgage interest deduction. The Ohio credit cannot exceed the homeowner's federal income tax bill, after deductions, exemptions and other credits. There are two programs: Mortgage Tax Credit Plus, a tax credit of 40 percent of mortgage interest up to a maximum of $2,000 per year; and Mortgage Tax Credit Basic, a tax credit of 30 percent for a bank-owned property, 25 percent for a property in a target area and 20 percent for other properties. Ohio mortgage refinancing
OHFA does not currently offer a government-backed refinancing program. A previous program for foreclosure prevention assistance, Save the Dream Ohio, stopped taking applications in October 2019. Use to see how much you can save by lowering your rate. Ohio mortgage resources