The Best Mortgage Lenders in Newark, OH
Compare verified mortgage lenders serving Newark, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Newark
Featured Mortgage Lenders
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly-rated national lender with a strong local presence in central Ohio, serving Newark residents with competitive rates and personalized service. They are known for their efficient loan processing, extensive loan options, and excellent customer satisfaction, backed by hundreds of positive reviews highlighting their responsiveness and expertise in the Ohio market.
Loan Types:
New American Funding
New American Funding, LLC
New American Funding offers a wide range of mortgage products with a focus on community involvement and customer education. They have a reputable track record in the Columbus metro area, extending services to Newark, and are praised for their competitive rates, flexible loan terms, and dedicated support for first-time homebuyers and diverse borrowers.
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Cardinal Financial
Cardinal Financial Company, Limited Partnership
Cardinal Financial is a well-established mortgage lender with deep roots in Ohio, providing reliable and transparent lending services to Newark homebuyers. They excel in offering customized loan solutions, fast approvals, and exceptional customer care, supported by years of experience and a commitment to helping clients achieve their homeownership goals with confidence.
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Frequently Asked Questions
Common questions about mortgage lending in Newark, OH
Are there any first-time homebuyer programs specifically for Newark, OH residents?
Yes, the Ohio Housing Finance Agency (OHFA) offers several statewide programs, including grants for down payment and closing cost assistance, which are available to eligible Newark homebuyers. Additionally, local lenders often partner with OHFA and may offer special rate incentives or knowledge of any hyper-local initiatives for Licking County.
How does Newark's property tax rate compare to the rest of Ohio, and how does it affect my mortgage payment?
Newark and Licking County have property tax rates that are generally competitive within Central Ohio. The effective rate is typically around 1.3% to 1.6% of the home's assessed value. Your lender will calculate this into your monthly escrow payment, and it's a key factor in your total monthly housing cost, often making a significant difference compared to counties with higher rates.
What is the typical down payment needed for a home in Newark's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Newark successfully purchase homes with 3% to 5% down using conventional loans or 3.5% down with an FHA loan. Given Newark's relatively affordable market compared to major metros, a lower down payment is often more achievable for first-time and moderate-income buyers.
Are USDA loans a viable option for homes in Newark, Ohio?
Yes, USDA Rural Development loans, which offer 100% financing with no down payment, are applicable for many properties in and around Newark. While the city itself has some eligible tracts, the surrounding Licking County areas are broadly classified as "rural" by USDA standards, making this a powerful and popular loan program for qualifying buyers in the region.
How do seasonal trends in Newark's housing market impact the mortgage process?
Newark's market sees increased activity in late spring and summer, which can mean more competition and potentially faster closing timelines. Applying for pre-approval in the slower winter or early spring can give you a strategic advantage. Local lenders are adept at navigating these seasonal rushes and can help ensure your financing is ready when you find a home.
Why Choose a Mortgage Lender in Newark?
Local Market Knowledge
Lenders who understand Newark'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 Newark and get competitive rates on your home loan.