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Ohio’s Best Mortgage Lenders & Current Mortgage Rates

Ready to hit the housing market in the Buckeye State? Expect below-average home values but a growing market. Ohio has 5.2 million housing units and a homeownership rate of 66%, according to the U.S. Census Bureau’s 2017 American Community Survey.

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

What Are the Mortgage Rates in Ohio?

The average interest rate for a 30-year fixed-rate conforming mortgage in Ohio is 2.98%.

Home interest rates range from 2.5% to 3.63% in Ohio.

What Are Today’s Mortgage Rates?

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







Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage3.13%3.02%
15-year fixed-rate mortgage2.59%2.62%
30-year fixed-rate jumbo mortgage3.2%3.04%
5/1 ARM3.33%3.31%
5/1 jumbo ARM3.4%3.41%

*Rates as of Aug. 28, 2020

U.S. News’ Best Ohio Mortgage Lenders

  • Bank of America: Best lender for up to 100% of the appraised value of your home.

  • Caliber Home Loans: Best lender for a first-time homebuyer program.

  • Chase: Best for up to $3,000 at closing with the Chase Homebuyer grant and completion of a homebuyer education course.

  • Fifth Third Bank: Best feature: low down payment loan options.

  • Guild Mortgage: Best for loans for up to $3 million.

  • loanDepot: Best lender for lender fees waived on future refinancing.

  • PrimeLending: Best lender with a closing cost assistance program.

  • Quicken Loans: Best lender for approval with a debt-to-income ratio of up to 60%.

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

Best lender for up to 100% of the appraised value of your home.

A major financial institution serving homeowners nationwide, Bank of America has good customer satisfaction ratings. The bank has an A+ Better Business Bureau rating and a J.D. Power rating of four, which is better than most.

Highlights:

  • Mortgage types offered: Conventional, VA, FHA, refinance, home equity
  • Minimum FICO score: 620
  • Maximum loan-to-value ratio: 100%
  • Maximum debt-to-income ratio: 55%
  • Loan amounts: Up to $5,000,000
  • Total closing costs: Varies
  • J.D. Power overall satisfaction rating: Four out of five

Best Features

  • Bank of America has a wide variety of mortgage products.

  • The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.

  • Home equity lines of credit have no annual, balance transfer or cash advance fees or closing costs.

See full profile

Best lender for a first-time homebuyer program.

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

Before You Apply

  • Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: 580
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • Offers a first-time homebuyer program

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

See full profile

Best feature: low down payment loan options.

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

Highlights:

  • Mortgage types offered: conventional, FHA, VA, ARM, home equity loans
  • Minimum FICO score: not disclosed
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: not disclosed
  • Loan amounts: up to $3 million
  • Total closing costs: not disclosed
  • J.D. Power overall satisfaction rating: 3 out of 5

Best Features

  • Income and profession-based loan programs.

  • Down payment assistance program available.

See full profile

Best for loans for up to $3 million.

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best lender for lender fees waived on future refinancing.

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best lender with a closing cost assistance program.

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

Highlights:

  • Loan types: conventional, FHA, VA, USDA, ARM, refinancing
  • Minimum FICO Score: 600
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total closing costs: 2% to 6% of loan amount
  • Equity required: not disclosed
  • J.D. Power Satisfaction rating: not rated

Best Features

  • Offers a wide variety of mortgage loans.

  • Provides mortgage loans nationwide.

  • Helps with closing costs.

See full profile

Best lender for approval with a debt-to-income ratio of up to 60%.

Quicken Loans 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 (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Ohio Homebuyer Programs?

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

  • Available to: Homebuyers who meet one of three criteria, including first-time homebuyers and buyers who have not had an ownership interest in a primary residence in the last three years; honorably discharged veterans; and homebuyers purchasing a home in a target area. Designed especially for homebuyers with low and moderate incomes.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: You can also use either the Your Choice! Down Payment Assistance program or the agency’s Advantage program for conventional loans.

  • Available to: People who are not first-time homebuyers and meet other program requirements, such as income and purchase price limits.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: You can also use either the Your Choice! Down Payment Assistance program or the OHFA Advantage program for conventional loans.

  • Available to: Homebuyers using an OHFA program.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Benefit: Allows homebuyers to choose either 2.5% or 5% of the home’s purchase price to apply toward down payments, closing costs or other preclosing expenses. This assistance is forgiven after seven years.

  • Available to: OHFA conventional loan borrowers.
  • Income limits: Vary by county.
  • First-time homebuyers only?: No.
  • Benefit: $2,500 for homebuyers whose income falls within 50% of the area median income in the county where they purchase a home; $1,500 for homebuyers whose income falls within 80% of the area median income in the county where they purchase a home.

  • Available to: Ohio residents who serve the public, including veterans, active-duty military members or members of reserve components, including surviving spouses; police officers, firefighters, volunteer firefighters, EMTs and paramedics; physicians, nurse practitioners, nurses (RNs and LPNs) and STNAs; and teachers (pre-K through grade 12), administrators and counselors.
  • Income limits: vary by county.
  • First-time homebuyers only?: No.
  • Benefit: Discounted mortgage interest rate.

  • Available to: Ohio residents who have graduated within the last 48 months with an associate, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university.
  • Income limits: Vary by county.
  • First-time homebuyers only?: Yes
  • Benefit: Rewarded with a discounted mortgage interest rate and 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years, as long as you remain in Ohio.

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

Note: Some OHFA programs can be combined. See chart for more details.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.

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