The Best Mortgage Lenders in Ravenna, OH
Compare verified mortgage lenders serving Ravenna, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ravenna
Featured Mortgage Lenders
Hometown Bank Mortgage Team
Hometown Bank
Hometown Bank is Ravenna's premier local community bank with deep roots in Portage County. As the only full-service bank headquartered directly in Ravenna, they offer personalized mortgage services with local decision-making and exceptional customer service. Their mortgage team has extensive experience with first-time homebuyer programs, portfolio lending for unique situations, and competitive conventional loans. Their strong community presence and understanding of local real estate markets make them a top choice for Ravenna residents seeking a trusted mortgage partner.
Loan Types:
Third Federal Savings & Loan
Third Federal Savings and Loan Association
Third Federal is a highly respected Ohio-based mortgage lender with an excellent reputation throughout Northeast Ohio, including strong service in Ravenna and Portage County. Known for competitive rates and low fees, they consistently rank among the top mortgage lenders in Ohio. While headquartered in Cleveland, they actively serve the Ravenna market with both purchase and refinance options. Their long history, financial stability, and commitment to customer satisfaction make them a reliable choice for Ravenna homebuyers seeking competitive terms from an established Ohio institution.
Loan Types:
First Place Bank Mortgage Division
First Place Bank
First Place Bank is a strong regional lender serving multiple Ohio counties including Portage County and Ravenna. They offer comprehensive mortgage solutions with local loan officers who understand the Ravenna market. Their mortgage division is particularly noted for excellent customer service, flexible underwriting, and competitive construction lending programs. With multiple branch locations throughout Northeast Ohio and dedicated mortgage specialists, they provide personalized service combined with the resources of a regional banking institution, making them an excellent option for Ravenna homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Ravenna, OH
Are there any special down payment assistance or first-time homebuyer programs available specifically for Ravenna, OH?
Yes, Ravenna homebuyers can access statewide programs like Ohio Housing Finance Agency's (OHFA) Grants for Grads or Your Choice! Down Payment Assistance. Additionally, Portage County may offer local programs or grants; it's recommended to check with the Portage County Land Bank or a local HUD-approved housing counselor for the most current city and county-specific opportunities.
How do property taxes in Ravenna, OH, impact my monthly mortgage payment and loan qualification?
Portage County property taxes are a significant component of your monthly escrow payment. Ravenna's effective tax rate is moderately higher than some neighboring areas, which can affect your debt-to-income (DTI) ratio during qualification. Your lender will use the specific tax rate for the property's taxing district to calculate an accurate payment estimate.
What types of properties in Ravenna might require specialized mortgage loans, like renovation loans?
Given Ravenna's mix of historic homes and more affordable, older housing stock, a loan like the FHA 203(k) can be particularly useful. This loan is ideal for purchasing a home that needs significant repairs or updates, allowing you to finance both the purchase price and renovation costs into one mortgage, which is common for many homes in the city's established neighborhoods.
How does the appraisal process work in Ravenna's unique real estate market?
Appraisals in Ravenna must carefully consider the wide range of home values, from historic districts to newer subdivisions. An appraiser will look for comparable sales ("comps") primarily within Ravenna or immediate surrounding areas in Portage County, as values can differ significantly from nearby cities like Kent or Streetsboro. Accurate appraisals are crucial in this stable but varied market.
Are USDA rural development loans available for homes in Ravenna, Ohio?
Most of the city of Ravenna itself is not eligible for USDA loans, as it is considered a suburban area. However, properties in the surrounding Portage County townships outside the city limits may qualify. It's important to check the USDA eligibility map for the specific property address, as this zero-down-payment program can be a valuable option for eligible buyers looking just outside the city.
Why Choose a Mortgage Lender in Ravenna?
Local Market Knowledge
Lenders who understand Ravenna'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 Ravenna and get competitive rates on your home loan.