The Best Mortgage Lenders in Milan, OH
Compare verified mortgage lenders serving Milan, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Milan
Featured Mortgage Lenders
Firelands Financial Credit Union
Firelands Financial Credit Union
Firelands Financial Credit Union is a highly-rated, member-owned financial institution serving the Milan area with exceptional mortgage services. With over 85 years of community banking experience, they offer personalized service and competitive rates. Their mortgage team provides comprehensive guidance through the entire home buying process, from pre-approval to closing. As a credit union, they prioritize member satisfaction over profits, resulting in consistently high customer ratings and strong local reputation throughout Erie and Huron counties.
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Sutton Bank
Sutton Bank
Sutton Bank is a well-established community bank with deep roots in North Central Ohio, serving Milan residents with comprehensive mortgage solutions. With over 140 years of banking experience, they offer local decision-making and personalized service. Their mortgage specialists provide competitive rates and flexible terms, specializing in both purchase and refinance loans. The bank's long-standing presence in the region and commitment to community banking make them a trusted choice for Milan area homebuyers seeking reliable, local mortgage expertise.
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Paramount Residential Mortgage Group
Paramount Residential Mortgage Group - Sandusky Office
Paramount Residential Mortgage Group operates a highly-rated Sandusky office that actively serves Milan and surrounding communities. With over two decades of mortgage lending experience, they offer a wide range of loan products and competitive rates. Their local mortgage experts provide personalized service and streamlined processing, earning excellent customer reviews for their responsiveness and expertise. The company's strong regional presence and commitment to customer education make them a top choice for Milan residents seeking professional mortgage guidance with access to multiple lending programs.
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Frequently Asked Questions
Common questions about mortgage lending in Milan, OH
Are there any local down payment assistance programs specifically for homebuyers in Milan, OH?
Yes, the Erie County Home Buyer Assistance Program serves eligible buyers in Milan, offering up to $5,000 in down payment and closing cost assistance as a zero-interest, forgivable loan. Additionally, the Ohio Housing Finance Agency (OHFA) offers statewide programs like Grants for Grads, which can be particularly useful for professionals moving to the area for jobs at nearby facilities like NASA Plum Brook Station.
How does Milan's location in a historic district affect the mortgage process?
Purchasing a home in Milan's historic district, especially in the downtown area, may require a specialized appraisal to accurately value the unique architectural features. Lenders might also inquire about any local historic preservation easements or restrictions that could impact the property's future modifications or insurance requirements, which is a key underwriting consideration.
What are typical property tax rates in Milan, and how do they impact my mortgage payment?
Property taxes in Milan (Erie County) are relatively moderate for Ohio, with effective rates typically ranging from 1.3% to 1.6% of the assessed home value. This means for a $200,000 home, you can expect annual taxes of roughly $2,600-$3,200, which will be factored into your monthly escrow payment, making your total mortgage payment higher than the principal and interest alone.
As a first-time homebuyer in Milan, what type of loan should I consider given the mix of older and newer homes?
For Milan's charming but often older housing stock (many homes are 50+ years old), an FHA 203(k) Rehabilitation Loan can be an excellent option, as it allows you to finance both the purchase and necessary renovations. For newer constructions or homes in good condition, an OHFA first-time buyer loan with competitive rates and down payment assistance is a strong, conventional choice.
How do seasonal tourism and the Milan Melon Festival influence the local real estate and mortgage market?
The festival and tourism create a stable, desirable local economy but do not typically cause the extreme seasonal price fluctuations seen in pure vacation towns. Lenders view Milan as a stable, rural market. However, appraisals for downtown or short-term rental properties may consider income potential, and you may find more inventory available in the fall and winter months.
Nearby Cities
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Why Choose a Mortgage Lender in Milan?
Local Market Knowledge
Lenders who understand Milan'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 Milan and get competitive rates on your home loan.