The Best Mortgage Lenders in Andover, OH
Compare verified mortgage lenders serving Andover, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andover
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong presence in Ohio, known for its competitive rates and digital-first approach that simplifies the mortgage process. They excel in customer service with high ratings for responsiveness and transparency, offering a wide range of loan products tailored to first-time homebuyers and investors alike. Their local office in Ashtabula ensures personalized service for Andover residents, backed by over two decades of industry expertise and a commitment to closing loans quickly and efficiently.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a highly reputable lender with deep roots in the Midwest, including service to Andover, OH. They are praised for their exceptional customer care, local expertise, and competitive financing options, often providing lower rates and fees. With nearly three decades in business, they have a track record of reliability and community involvement, making them a trusted choice for home purchases and refinances. Their team offers personalized guidance through every step, ensuring a smooth and stress-free experience.
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New American Funding
New American Funding
New American Funding is a nationally recognized mortgage lender with a strong focus on diversity and customer satisfaction, serving Andover and surrounding areas through their Cleveland office. They are acclaimed for their flexible loan programs, including options for low-to-moderate income borrowers, and have a high rating for their efficient processing and supportive staff. Founded in 2003, they combine innovation with personalized service, offering competitive rates and a wide array of mortgage solutions to meet various financial needs, backed by thousands of positive reviews highlighting their reliability and expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Andover, OH
Are there any local down payment assistance programs available for homebuyers in Andover, Ohio?
Yes, homebuyers in Andover can access statewide programs like the Ohio Housing Finance Agency's (OHFA) Grants for Grads or Your Choice! Down Payment Assistance. Additionally, Ashtabula County may offer specific community development block grant (CDBG) funds for eligible buyers. It's best to consult with a local lender familiar with these programs, as they can be combined with OHFA's first-time homebuyer mortgage loans.
How do property taxes in Andover, OH, impact my monthly mortgage payment?
Andover is located in Ashtabula County, which has property tax rates that are generally moderate for Ohio. Your lender will estimate these taxes for escrow, but it's crucial to get an accurate figure from the county auditor, as taxes can vary between the village and township portions. This directly affects your total monthly payment (PITI) and debt-to-income ratio calculations.
What types of properties are common for mortgage financing in Andover, and are there any special considerations?
Andover features a mix of single-family homes, older historic properties, and larger rural lots. Financing older homes may require specific inspections to meet loan guidelines. For properties on larger acreage or with outbuildings, lenders may have restrictions if they are classified as "non-farm residential" versus a true farm, so clarifying the property's use is important during pre-approval.
As a first-time homebuyer in Andover, what should I know about the local market competition?
The Andover market is typically less competitive than major Ohio cities, but well-priced, move-in ready homes can attract multiple offers. Getting pre-approved with a local lender or credit union, like Andover Bank, strengthens your offer. Being prepared for a quicker closing timeline, often 30-45 days, can make your bid more attractive to sellers in this community.
Are USDA Rural Development loans a viable option for mortgages in Andover, Ohio?
Absolutely. Most of Andover and its surrounding area in Ashtabula County is eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This is a significant advantage for eligible buyers given the area's rural designation. A local mortgage officer can confirm the specific property's eligibility and guide you through this income-qualified program.
Why Choose a Mortgage Lender in Andover?
Local Market Knowledge
Lenders who understand Andover'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 Andover and get competitive rates on your home loan.