Best Ohio Mortgage Lenders of 2023

[ad_1]

The average mortgage rate in Ohio is currently 7.04% for a 30-year fixed loan term and 6.42% for a 15-year fixed loan term.

These are the interest rates offered to Ohio residents looking to buy or refinance a home as of 06/28/2023.

Powered by Bankrate

The 30-year fixed mortgage rate reached a new peak of 7.39% this week, eclipsing the previous record of 7.33% set last November. Most fixed and adjustable mortgage rates continued to march higher on the heels of recent employment and inflation reports, which highlight resilient U.S. economic conditions.


Mortgage interest rates are widely expected to fall through 2023 but have remained elevated during the first half of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of July 13:

  • 30-year fixed: 7.39% (up from 7.26% a week ago).
  • 20-year fixed: 7.44% (up from 7.32% a week ago).
  • 15-year fixed: 6.68% (up from 6.61% a week ago).
  • 10-year fixed: 6.73% (down from 6.79% a week ago).
  • 5/1 ARM: 6.23% (up from 6.12% a week ago).
  • 7/1 ARM: 6.46% (up from 6.25% a week ago).
  • 10/1 ARM: 6.61% (up from 6.5% a week ago).
  • 30-year jumbo loans: 7.43% (up from 7.31% a week ago).
  • 30-year FHA loans: 6.61% with 0.05 point (up from 6.51% a week ago).
  • VA purchase loans: 6.78% with 0.05 point (up from 6.69% a week ago).


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.

U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.

To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.

The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.

To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.

To recap, here are the picks:

Best Ohio Mortgage Lenders of 2023

[ad_2]

Source link

Leave a Comment