The Best Mortgage Lenders in Salem, OH
Compare verified mortgage lenders serving Salem, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Salem
Featured Mortgage Lenders
Guardian Savings Bank
Guardian Savings Bank
Guardian Savings Bank is a highly-rated regional lender founded in 2008, serving Salem and Northeast Ohio with a strong local presence. They are known for competitive mortgage rates, personalized service, and a wide range of loan products. With over 180 reviews praising their efficiency and customer care, they excel in guiding homebuyers through the mortgage process, making them a top choice for Salem residents seeking reliability and community-focused lending.
Loan Types:
Union Home Mortgage
Union Home Mortgage Corp.
Union Home Mortgage, founded in 1990, is one of Ohio's top-rated mortgage lenders with decades of experience serving the Salem area. They boast a 4.9 rating from 250 reviews, highlighting their exceptional customer service, fast closings, and diverse loan options. Their local loan officers provide personalized guidance, ensuring a smooth mortgage experience, which makes them a trusted partner for homebuyers in Salem and surrounding regions.
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Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans, established in 2008, offers competitive rates and a seamless digital mortgage process, with a strong presence in Ohio serving Salem. Rated 4.4 from 200 reviews, they are praised for efficient processing, knowledgeable staff, and a wide array of loan products. Their commitment to customer satisfaction and reliability makes them a excellent option for Salem homebuyers seeking a modern and dependable lending experience.
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Frequently Asked Questions
Common questions about mortgage lending in Salem, OH
What are the current mortgage rates like in Salem, OH, and how do they compare to state or national averages?
Mortgage rates in Salem typically align closely with national averages, but local lenders may offer competitive rates due to the community-focused banking environment. As of recent trends, rates in Columbiana County can be slightly more favorable than in larger Ohio metro areas due to lower overall market pressure. It's advisable to check with local credit unions like Farmers National Bank of Salem or 1st National Community Bank for potential relationship discounts.
Are there any down payment assistance programs specifically for homebuyers in Salem, Ohio?
Yes, homebuyers in Salem can access the Ohio Housing Finance Agency (OHFA) programs, which offer down payment assistance grants and affordable first mortgages statewide. Additionally, the Columbiana County Land Reutilization Corporation (Land Bank) occasionally has programs for purchasing renovated homes in targeted areas. Working with a local lender familiar with these programs is key to navigating the application process successfully.
How does the appraisal process work in Salem given its mix of historic homes and newer developments?
Appraisals in Salem require appraisers with specific knowledge of the local market, as values can vary significantly between the historic districts near downtown and newer subdivisions on the outskirts. They must account for the value of well-maintained older homes with classic features versus modern builds. Using a local mortgage lender who works with appraisers familiar with Columbiana County is crucial for an accurate valuation.
What should I know about property taxes and insurance when budgeting for a mortgage in Salem?
Columbiana County property taxes are generally moderate, with Salem city taxes adding to the total rate. It's important to get an estimate from the county auditor. For insurance, due to Ohio's weather, lenders will require coverage for standard perils, and some older homes may need additional inspections for certain policies. Budgeting for these localized costs upfront will give you a clearer picture of your total monthly payment.
Are there special mortgage considerations for buying a home in one of Salem's historic neighborhoods?
Yes, purchasing a home in a historic district like the area around South Lincoln Avenue may involve specific loan considerations. Some renovation loans, such as the FHA 203(k), can be useful for updating older systems while preserving historic character. Furthermore, some lenders may have stricter requirements on the condition of major components like roofing or foundation for these properties, so a thorough inspection is highly recommended.
Nearby Cities
Explore mortgage lenders in cities near Salem, OH
Why Choose a Mortgage Lender in Salem?
Local Market Knowledge
Lenders who understand Salem'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 Salem and get competitive rates on your home loan.