The Best Mortgage Lenders in Solon, OH
Compare verified mortgage lenders serving Solon, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Solon
Featured Mortgage Lenders
Third Federal Savings & Loan
Third Federal Savings and Loan Association
Third Federal Savings & Loan is one of Ohio's most respected mortgage lenders with an exceptional reputation for competitive rates and outstanding customer service. As a Cleveland-based institution with deep roots in Northeast Ohio, they have extensive experience serving Solon residents. They consistently receive top ratings for their low-rate promise, transparent pricing, and personalized service. Their mortgage specialists are known for guiding borrowers through the entire process with expertise and care, making them a top choice for first-time homebuyers and experienced homeowners alike in the Solon area.
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Howard Hanna Mortgage Services
Howard Hanna Financial Services
Howard Hanna Mortgage Services is a powerhouse in Northeast Ohio real estate with strong presence throughout the Greater Cleveland area, including Solon. As one of the largest full-service mortgage lenders in the region, they offer comprehensive mortgage solutions with local underwriting and decision-making. Their deep integration with Howard Hanna Real Estate Services provides seamless home buying experiences. Customers consistently praise their responsive loan officers, competitive rates, and efficient closing processes. Their extensive local market knowledge makes them particularly valuable for Solon home purchases.
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Union Home Mortgage
Union Home Mortgage Corp.
Union Home Mortgage has built an outstanding reputation as a leading Ohio-based mortgage lender with strong presence throughout Northeast Ohio, including dedicated service to Solon residents. They are particularly noted for their innovative loan programs and exceptional customer service. Their local loan officers provide personalized attention and deep knowledge of the Solon housing market. The company receives consistent praise for their streamlined application process, competitive rates, and ability to handle complex mortgage scenarios. Their commitment to community involvement and local decision-making makes them a trusted choice for Solon homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Solon, OH
What are typical mortgage rates for homebuyers in Solon, OH, and how do they compare to national averages?
Mortgage rates in Solon are generally competitive with national averages but can be influenced by Ohio-specific economic factors. As a high-demand suburb with excellent schools, lenders often view Solon as a stable market, which can be favorable. It's best to compare rates from local credit unions, like those in Cuyahoga County, alongside national lenders for the best deal.
Are there any down payment assistance programs specifically for buyers in Solon?
While Solon itself doesn't offer a city-specific program, homebuyers can access several Ohio and Cuyahoga County programs. Key options include the "Ohio Heroes" program for essential workers and the "Grants for Grads" program for recent college graduates, which can be used in Solon. Additionally, the Cuyahoga County "First-Time Homebuyer" program offers down payment assistance to eligible buyers in the county.
How does Solon's high property tax rate impact mortgage affordability and lender calculations?
Solon has some of the highest property tax rates in Cuyahoga County, which significantly affects your total monthly payment. Lenders will include these taxes in your debt-to-income (DTI) ratio calculation, potentially reducing the loan amount you qualify for. It's crucial to factor in an annual tax bill of 2.5% to 3% of the home's value when budgeting for your overall mortgage payment.
What should I know about jumbo loan requirements when buying a higher-priced home in Solon?
With many homes in Solon exceeding the Cuyahoga County conforming loan limits ($ in 2024), jumbo loans are common. Requirements are stricter, typically requiring a credit score above 700, a down payment of 10-20%, and significant cash reserves (often 6-12 months of payments). Local lenders with experience in Solon's premium neighborhoods are adept at navigating these requirements.
Does Solon's location in a "snowbelt" region affect the home appraisal or insurance process for a mortgage?
Yes, appraisers will note the condition of the roof and drainage systems due to heavy seasonal snowfall, which can impact valuation. Furthermore, lenders will require you to secure homeowners insurance that includes adequate coverage for winter-related damage, such as ice dams or roof collapse. Proving insurance is a mandatory step before closing on your Solon mortgage.
Why Choose a Mortgage Lender in Solon?
Local Market Knowledge
Lenders who understand Solon'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 Solon and get competitive rates on your home loan.