The Best Mortgage Lenders in Euclid, OH
Compare verified mortgage lenders serving Euclid, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Euclid
Featured Mortgage Lenders
Third Federal Savings & Loan
Third Federal Savings & Loan
Third Federal Savings & Loan is one of Northeast Ohio's most established and highly-rated mortgage lenders, consistently earning top ratings for customer satisfaction. As a mutual institution owned by its depositors, they offer competitive rates with no origination fees on most mortgages. They have deep roots in the Cleveland-Euclid area and are known for their personalized service, local decision-making, and commitment to the community. Their long history of stability and excellent customer reviews make them a top choice for Euclid homebuyers.
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Union Home Mortgage
Union Home Mortgage Corp.
Union Home Mortgage has built an outstanding reputation throughout Northeast Ohio with their comprehensive mortgage solutions and exceptional customer service. As a direct lender with local processing and underwriting, they offer faster closings and personalized attention. They consistently receive high marks for their knowledgeable loan officers, competitive rates, and smooth closing process. With multiple local branches serving the Greater Cleveland area including Euclid, they provide the perfect blend of local expertise and lending power.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established a strong presence in the Cleveland metropolitan area with their extensive loan options and dedicated local service. Their Mayfield Heights office serves Euclid residents with a wide variety of mortgage programs including specialized first-time homebuyer options. They are particularly noted for their educational approach, helping borrowers understand all available options and finding the best fit for their financial situation. Their combination of national lending power with local, personalized service makes them an excellent choice for Euclid home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Euclid, OH
Are there any special down payment assistance programs for first-time homebuyers in Euclid, Ohio?
Yes, Euclid homebuyers can access several Ohio-wide programs, but the most notable local resource is the **Euclid Homeownership Program**, which offers up to $10,000 in down payment and closing cost assistance in the form of a forgivable loan. This is often paired with the **Ohio Housing Finance Agency (OHFA)** programs, which offer competitive rates and additional grants, making homeownership more accessible in the city.
How does Euclid's property tax structure impact my monthly mortgage payment?
Cuyahoga County, where Euclid is located, has relatively high property tax rates, which significantly affect your total monthly payment. The effective tax rate in Euclid is typically between 2.3% and 2.6% of the home's assessed value. Your lender will calculate this into your escrow payment, so it's crucial to budget for this when determining how much house you can afford in Euclid compared to neighboring suburbs.
What types of homes in Euclid might qualify for an FHA 203(k) renovation loan?
Given Euclid's inventory of older, solidly built homes from the mid-20th century, FHA 203(k) loans are a popular tool. They are well-suited for purchasing and renovating the city's many brick colonials, Cape Cods, and bungalows that may need updates to electrical, plumbing, or roofing systems. This loan allows you to finance both the purchase price and the cost of renovations into a single mortgage.
Are mortgage rates different for homes in the "Lakeshore" area versus other parts of Euclid?
While base interest rates are set nationally, the property's location can influence the final offer. Homes in the desirable Lakeshore neighborhood, with their proximity to Lake Erie, may be viewed as lower risk due to stable property values, potentially leading to slightly more favorable terms. Conversely, lenders may apply slightly more scrutiny to flood zone determinations for properties very close to the lake, which is a standard underwriting step.
Does the City of Euclid offer any incentives for police officers, teachers, or healthcare workers to buy a home there?
While Euclid does not currently have a city-run "Heroes" program, many statewide programs like OHFA's "Grants for Grads" (for recent Ohio college graduates) and conventional loan programs with reduced mortgage insurance for certain professionals are widely available. It's also worth checking with local credit unions, which sometimes offer special relationship discounts for community service employees working in Euclid.
Why Choose a Mortgage Lender in Euclid?
Local Market Knowledge
Lenders who understand Euclid'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 Euclid and get competitive rates on your home loan.