The Best Mortgage Lenders in Akron, OH
Compare verified mortgage lenders serving Akron, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Akron
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is highly regarded in the Akron area for its exceptional customer service, competitive rates, and extensive loan options. With a local branch in nearby Cuyahoga Falls, they offer personalized service and have consistently high ratings for transparency and efficiency in the mortgage process. Their team of experienced loan officers specializes in guiding clients through various loan programs, making them a top choice for homebuyers and refinancers in Northeast Ohio.
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New American Funding
New American Funding
New American Funding is a nationally recognized lender with a strong presence in Ohio, known for its diverse loan products and commitment to underserved communities. They excel in providing competitive rates and flexible terms, with high customer satisfaction ratings for their responsive service and online tools. Their dedicated team serves Akron residents efficiently, offering support for first-time homebuyers and refinancing, backed by a reputation for reliability and innovation in the mortgage industry.
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Guardian Savings Bank
Guardian Savings Bank
Guardian Savings Bank is a community-focused lender with deep roots in Northeast Ohio, including Akron, offering personalized mortgage solutions and competitive rates. They are praised for their local expertise, straightforward processes, and strong customer relationships, with high ratings for reliability and community involvement. As a federally insured institution, they provide a range of loan options with an emphasis on customer education and support, making them a trusted choice for home financing in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Akron, OH
Are there any special first-time homebuyer programs available specifically for Akron, OH residents?
Yes, the City of Akron offers the "Homebuyer Assistance Program" (HAP), which provides up to $7,500 in down payment and closing cost assistance as a forgivable loan. This program is designed for low-to-moderate income buyers purchasing a home within Akron city limits. Additionally, the statewide "Grants for Grads" program is popular in Akron, offering assistance to recent Ohio college graduates.
How do property taxes in Summit County affect my mortgage payments in Akron?
Summit County property taxes are a significant component of your monthly mortgage escrow payment. Akron's effective tax rate is typically around 2.2% to 2.5% of the home's assessed value, which is higher than the national average but competitive within Ohio. It's crucial to factor this into your budget, as taxes on a $150,000 home can add $275-$310 to your monthly payment.
What is the typical down payment needed for a conventional loan on an Akron home, given the local market prices?
With Akron's median home price around $130,000, a conventional loan typically requires a minimum of 3%-5% down ($3,900 to $6,500). However, many local lenders encourage a 10%-20% down payment to secure better rates and avoid private mortgage insurance (PMI), which is especially manageable given Akron's affordable housing stock compared to national averages.
Are there specific mortgage considerations for buying a historic home in Akron's neighborhoods like Highland Square or West Hill?
Yes, purchasing a historic home often requires a specialized inspection for issues like outdated wiring, plumbing, or foundations, which can affect loan approval. Some lenders may require escrow holds for repairs. Additionally, if the home is in a local historic district, you may need to comply with preservation guidelines, which can impact renovation loans or the type of insurance required.
How do local economic factors like the healthcare and education sectors influence mortgage lending in Akron?
Akron's stable employment sectors—notably healthcare (Cleveland Clinic Akron General, Summa Health) and education (University of Akron)—provide consistent income for many borrowers, which lenders view favorably. This economic stability often translates to competitive local mortgage rates. Furthermore, employees of these major institutions sometimes have access to exclusive mortgage or grant programs through partnerships with local banks and credit unions.
Nearby Cities
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Why Choose a Mortgage Lender in Akron?
Local Market Knowledge
Lenders who understand Akron's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Ohio.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Akron and get competitive rates on your home loan.