Quicken Loans
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Learn More | Read More | |
Rocket Mortgage
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Learn More (800) 762-5471 | Read More | |
AmeriSave
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Learn More | Read More | |
HomeDirect
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Offers home loans, mortgage refinancing and home equity loans with competitive rates and flexible plans. Online application. Prioritizes one-on-one customer support. Diverse mortgage products. Lenient down payment requirements. |
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First Federal Lakewood
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Location
4001 Detroit Ave.
Cleveland, OH 44113
(216) 961-9319
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NLC Loans
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Location
4 Summit Park Dr., Ste. 200
Independence, OH 44131
(877) 480-8050
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Liberty Home Mortgage Corp.
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Provides HECM and HECM for Purchase loans. Properties must meet FHA’s requirements to be eligible. Offers a promise for competitive rates. Loan closings within 60 days and financing for processing and loan fees available. |
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Location
4401 Rockside Rd., Ste. 310
Independence, OH 44131
(440) 838-5291
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Schmidt Mortgage Company
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Location
20545 Center Ridge Rd., Ste. 250
Rocky River, OH 44116
(440) 356-3242
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Third Federal
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Location
7007 Broadway Ave.
Cleveland, OH 44105
(216) 429-5228
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American Midwest
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Location
6363 York Rd., Ste. 300
Parma Heights, OH 44130
(800) 248-0166
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First Security Mortgage
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Location
15887 Snow Rd., Ste. 200
Brook Park, OH 44142
(216) 267-1735
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Residential Mortgage Services
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Location
4992 Foote Rd., Unit 5
Medina, OH 44256
(234) 231-7350
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Quicken Loans
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Location
100 Public Square
Cleveland, OH 44113
(216) 586-8900
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Freedom Mortgage
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Location
36701 American Way, Unit 8
Avon, OH 44011
(440) 695-3065
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Bellwether Enterprise
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Location
360 E. 9th St., Ste. 300
Cleveland, OH 44114
(216) 820-4500
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Secure Lending Inc.
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Location
707 Brookpark Rd.
Cleveland, OH 44109
(800) 705-4308
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Sirva Mortgage
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Location
6200 Oak Tree Blvd., Ste. 300
Independence, OH 44131
(866) 562-8031
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Key factors that influence the best mortgage choice include the price of the home, the size of down payment and your credit history.
Cleveland’s residential real estate market is similar to national trends of higher prices, increasing interest rates and lack of available properties. The median home sales price in Cleveland is about $123,000 compared to the national median sales price of around $265,000.
Affordability will decline with reduced inventory and increasing home prices and mortgage rates. These increases in home value provide owners with greater equity, which should lead to more refinancing activity.
Cleveland has some emerging areas that are worth a home investment. It's wise to get a mortgage loan for a home in an area where it will retain its value over time.
Common types of mortgage loans in the Cleveland housing market include:
Loan Type | Volume | Percentage |
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Conventional | 27,000 | 73% |
FHA | 8,000 | 22% |
VA / FSA / RHS | 2,200 | 6% |
Source: Federal Reserve Bank of Cleveland. Volume and percentages rounded.
Quicken Loans |
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Quicken Loans has a variety of mortgages to choose from, such as jumbo, FHA, VA, and 15- and 30-year fixed mortgages. You can also opt to refinance your home or investment property with this company. At the time of publishing, Quicken Loans’ annual percentage rates fall between 3.375% and 3.638% for a 30-year fixed mortgage and between 2.75% and 3.178% for a 15-year fixed mortgage. |
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Rocket Mortgage |
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Rocket Mortgage’s main loans include conventional, FHA, VA, refinancing and jumbo mortgages. At the time of publishing, its fees for a 15-year fixed mortgage start at 2.6% APR. Clients looking for a longer-term mortgage can find 30-year fixed mortgages starting at 2.8% APR. If you’re still exploring your options, check out Rocket Mortgage’s educational materials on its website or reach out to a support representative. |
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Learn More (800) 762-5471 |
AmeriSave |
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This well-established national lender in 49 states has financed over 200,000 homes. Online customer reviews suggest that they are a great option for those who want the most competitive rates and for those in need of flexible options to refinance an existing property. |
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HomeDirect |
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HomeDirect is well-known for offering consumers the best self-service, real-time online access to obtain a quote, make payments and manage accounts. Several customers stated that the company offered very low rates on VA loans. |
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First Federal Lakewood |
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FFL is a bank headquartered locally with branch offices throughout the greater Cleveland area. Customers report that although they are a local bank, they maintain excellent online banking capabilities to access accounts on mobile devices. |
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NLC Loans |
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Nations Lending Corporation is headquartered in Independence, a Cleveland suburb. Many online customer reviews complimented their staff for providing individual customer service and support. NLC offers a niche for those obtaining a mortgage or refinancing a manufactured home. |
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