The Best Mortgage Lenders in Cleveland, OH
Compare verified mortgage lenders serving Cleveland, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cleveland
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is highly regarded in the Cleveland area for its exceptional customer service and competitive mortgage rates. With over 25 years of experience, they specialize in a wide range of loan products, including first-time homebuyer programs and refinancing options. Their local branch in Independence ensures personalized service, and they have built a strong reputation for transparency, quick closings, and community involvement. Customers frequently praise their responsive loan officers and seamless application process, making them a top choice for Cleveland residents.
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Guaranteed Rate
Guaranteed Rate
Guaranteed Rate is a national lender with a strong presence in Cleveland, known for its innovative digital mortgage platform and competitive rates. Founded in 2000, they offer a comprehensive suite of loan options, including adjustable-rate mortgages and home equity solutions. Their Cleveland office provides local expertise with the backing of a large institution, resulting in efficient processing and high customer satisfaction. Reviews highlight their user-friendly online tools, knowledgeable staff, and ability to handle complex loan scenarios, making them a reliable option for homebuyers in the area.
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Movement Mortgage
Movement Mortgage
Movement Mortgage has established itself as a trusted lender in the Cleveland market, focusing on community engagement and customer-centric services. Since its founding in 2008, they have offered a variety of loan products, including new construction and government-backed loans. Their local team in Brooklyn Heights is praised for its dedication and reliability, with many customers noting fast turnaround times and personalized support. Movement Mortgage is also recognized for its charitable initiatives and commitment to making homeownership accessible, contributing to its high ratings and loyal client base in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Cleveland, OH
Are there special mortgage programs for buying a home in Cleveland's historic neighborhoods?
Yes, the City of Cleveland offers the "Welcome Home" program, which provides down payment and closing cost assistance of up to $7,500 for eligible buyers purchasing a home in a designated historic neighborhood or a qualifying city neighborhood. This is a forgivable grant that does not need to be repaid if you live in the home for five years, making historic properties more accessible.
How do property taxes in Cuyahoga County impact my mortgage affordability in Cleveland?
Cuyahoga County has relatively high property tax rates compared to national averages, which significantly affects your total monthly payment. When budgeting for a mortgage in Cleveland, it's crucial to factor in an effective tax rate of approximately 2.3% to 2.8% of the home's assessed value. Your lender will collect these taxes monthly as part of your escrow payment.
What are typical down payment requirements for first-time homebuyers in Cleveland?
While conventional loans may require 3-5% down, Cleveland's affordable housing market allows many first-time buyers to utilize FHA loans with a 3.5% minimum down payment. Furthermore, the Ohio Housing Finance Agency (OHFA) offers statewide programs with down payment assistance, which can be particularly powerful when combined with Cleveland's lower median home prices.
Does Cleveland's older housing stock present challenges for mortgage appraisals and inspections?
Yes, it's common for homes in Cleveland, many built before 1950, to require more scrutiny during the appraisal and inspection process. Lenders may mandate repairs for health and safety issues (like outdated electrical systems or foundational concerns) before loan approval. It's wise to budget for potential repair costs and consider an FHA 203(k) renovation loan if a home needs significant updates.
Are there specific mortgage considerations for buying a multi-family property (2-4 units) in Cleveland?
Cleveland offers many two-family homes (duplexes), which can be purchased with owner-occupant financing like an FHA loan, requiring only a 3.5% down payment if you live in one unit. This is a popular strategy for first-time investors. However, lenders will factor in a portion of the rental income (typically 75%) from the other unit(s) to help you qualify for a higher loan amount.
Why Choose a Mortgage Lender in Cleveland?
Local Market Knowledge
Lenders who understand Cleveland'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 Cleveland and get competitive rates on your home loan.