Your expectations when working with mortgage lenders in Ohio depend on the type of lender. A lender that works directly for a lending institution will provide all of the options that particular lender allows and that you qualify for. Other lenders actually work as brokers that shop your loan to a variety of lending institutions.

Brokers that provide mortgages in Ohio can provide access to more lenders but may not share your best interests. Brokers usually receive a commission from the lender and will tend to push mortgages that offer the greatest profit for them.

There are three points you should discuss with a mortgage lending company in Ohio when considering which one to use:

1. Interest rate on Ohio mortgage loans. Rates change quickly in the volatile housing market and your credit rating will also affect the rate you can expect from Ohio mortgage companies.

2. Points on the loan. Prepaid mortgage interest points will lower your interest rate but other types of points may not benefit you at all.

3. Closing costs. Lenders charge fees for various services and you will want to know what they are as soon as possible.

Action Steps
The best contacts and resources to help you get it done

Get loan offers through Ohio mortgage brokers

Talk with several of the broker's recent clients before getting a loan through that broker. Find out if the broker was able to meet all of their expectations.

I recommend: Humphries Mortgage is in Mason and offers mortgage broker services to customers in Ohio, Kentucky, Indiana and Florida. Eastern Ohio Mortgage in St. Clairsville serves Ohio and West Virginia and specializes in first time home loans.

Obtain a referral for mortgage lenders in Ohio from a real estate agent

Real estate agents usually send a substantial amount of business to their preferred lenders. A smart mortgage lender will take good care of these referrals.

I recommend: The Stewart Team is based in Mentor and also offers mortgage services that include loan pre-qualification. Huff Realty in West Chester also provides mortgages for its buyers.

Solicit quotes directly from mortgage companies in Ohio

You may want to contact a lender directly if you are already comfortable with one. Local lenders should be familiar with specific factors that affect the housing market in your area.

I recommend: Bramble Savings Bank in Milford offers a range of mortgage programs and mortgage specialists who do not receive a commission. Columbia Savings Bank is located in Cincinnati and provides many financial services including mortgage products.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Ohio mortgage lenders may sell your loan to another company. Don't be surprised if you receive a notice from both the old and new lending company advising you of the change and providing instructions for making your payments to the new lending company. The right to service your loan also includes managing your escrows for insurance and property taxes.

Ohio mortgage brokers can help you secure the best home loan possible, whether you’re looking for a colonial in Shaker Heights, an apartment in downtown Cleveland or a ranch in Toledo. Ohio mortgage loans are plentiful, but finding one that offers the best terms and options can be time-consuming. Ohio mortgage brokers can help you save time in your search for financially attractive mortgage loans.

Ohio mortgage brokers have the experience and connections to examine thousands of different Ohio mortgage companies and deals. When looking for Ohio mortgage companies or brokers, look for professionals who have a keen understanding of the residential market in your particular area.

To find the best Ohio mortgage loans:

1. Make sure you're working with reputable mortgage companies in Ohio by checking records with government and better-business groups.
2. Start your search online and look at rates and terms on a variety of websites for brokers and mortgage companies in Ohio.
3. Don't limit yourself to Ohio mortgage lenders or an Ohio-based broker. National loan originators and brokers may offer the best terms on Ohio mortgage loans.

Action Steps
The best contacts and resources to help you get it done

Search local Ohio mortgage brokers and lenders associations

Ohio mortgage lenders associations and mortgage brokers associations can help you find professionals who understand the local housing market.

I recommend: At the Ohio Association of Mortgage Brokers, you can search for brokers by city. Ohio Mortgage Bankers Association offers a variety of helpful consumer tools and allows you to search for mortgage lenders in OH.

Consider local and regional banks for Ohio mortgage loans

Local and regional banks are some of the most common mortgage lenders in Ohio.

I recommend: To find banks that are mortgage lenders in Ohio, visit Mortgage-X.com, LocalLender.info or USCITY.net.

Use online sources for Ohio mortgage companies

To find a mortgage company, Ohio residents should take advantage of numerous online sources.

I recommend: MortgageLoan.com lets you search their list of Ohio mortgage companies and brokers by city as does CityLoans.com. Many mortgage brokers and mortgage lenders in Ohio are listed online, such as Consumers' Choice Mortgage and Carlyle Mortgage Services.

Ohio mortgage loans are also available from national mortgage lenders

When shopping for a mortgage, Ohio residents can also tap into national mortgage brokers and lenders.

I recommend: Consider national lenders, such as GMAC Mortgage or Wachovia, or check out Equifax, which offers a nationwide mortgage referral service. Veterans may qualify for a loan through the VA Mortgage Center.com or USAA.com, where you can get pre-approved for Ohio mortgage loans.

Check with legal authorities about mortgage companies in Ohio

Make sure the Ohio mortgage lenders or mortgage brokers you're considering are trustworthy and haven't been reported by borrowers for shady business practices.

I recommend: Check for complaints about Ohio mortgage companies with the State of Ohio Department of Commerce’s Division of Financial Institutions, the Better Business Bureau in Northeast Ohio (including Cleveland), the BBB in Northwestern Ohio (including Toledo) or the BBB in Southern Ohio (including Cincinnati).

Find out what local experts are saying about mortgage companies in Ohio

Local real estate experts, including your own real estate agent, can provide information on mortgage brokers, Ohio mortgage lenders and other tips on the market for house, condo or apartment hunters.

I recommend: The Cleveland, Ohio Real Estate Blog and real estate agent Amy Broghamer’s Cincinnati Real Estate Blog cover the Ohio mortgage and real estate scene. Find real estate agents at the Ohio Association of Realtors.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Mortgage companies in Ohio should be familiar with Ohio fees and should have a network of local appraisers and title companies to make the process go more smoothly.
• •  Ohio mortgage rates from your bank are negotiable. Shop around for rates from mortgage brokers and Ohio mortgage lenders before approaching your local bank.
• •  Rate quotes on Ohio mortgage loans should all be from the same time period due to market fluctuations.
• •  Tied mortgage brokers don't charge an upfront fee, but work with a limited number of mortgage companies in Ohio who pay them a commission should you choose their mortgage.
• •  An independent broker charges an upfront fee but casts a wider net, offering a variety of deals from a host of Ohio mortgage lenders.

Choosing a mortgage lender from the many banks, brokers and lenders is usually the most challenging step in making the most of mortgage lenders in Ohio. Your best strategy should be to select a large number of Ohio mortgage lenders and eliminate candidates as you make your criteria more selective.

A mortgage broker can help you save time in your search for mortgages in Ohio but they are not able to negotiate terms you would not be able to get for yourself and they are not obligated to get the best deal for you.

There are three things you can do to locate the best mortgage lending company in Ohio for your needs:

1. Ensure your mortgage broker has specific expertise in your local real estate market. Housing markets can vary greatly within a short distance.

2. Check records with better business groups and government sources to ensure mortgage lenders in OH are reputable.

3. Search online to find the terms for a variety of mortgage lenders in Ohio. While the interest rate is important, there are other terms you should also consider.

Action Steps
The best contacts and resources to help you get it done

Search for reputable Ohio mortgage brokers

Ohio mortgage loans are closely regulated and there are a variety of online resources you can use to investigate a mortgage broker's credentials.

I recommend: The National Association of Mortgage Brokers has a search capability for affiliate member in Ohio. The Ohio License Center allows you to search for mortgage broker license holders by license number, name and address.

Find a directory of mortgage lenders in Ohio

There are a variety of websites that allow you to select a list of mortgage lenders by state. These sites typically provide other criteria as well.

I recommend: Mortgage Referral provides a list of mortgage lenders in Ohio and provides a variety of other resources for home buyers. ReverseMortgage.org specializes in reverse mortgages and locates members of the National Reverse Mortgage Lender's Association by state.

Research mortgage companies in Ohio

There are many research sites in Ohio that provide information independent of any one mortgage lender. They may be able to offer specific advice on the housing market in your area and frequently have other resources to help you in your search for a mortgage loan.

I recommend: LeadSteps Mortgage lists interest rates on major mortgage lenders in Ohio based on loan type. NationalRelocation allows you to compare lenders by selecting Ohio for the state and providing the loan type, purpose and amount.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  An independent broker will charge you a fee upfront but will contact a larger number of Ohio mortgage lenders. Tied mortgage brokers don't charge an upfront fee but only work with a limited number of lenders. These brokers usually get a commission from the lender upon approval of the loan.

Mortgage lenders in Ohio should learn the key terms that are associated with their business if they want to be successful. While there are certainly general terms that apply to mortgage lenders all over America, there are also terms that are specific to Ohio. These terms include professional organizations, regulatory bodies and laws related to Ohio mortgage lending. By taking the time to learn these terms, you will have a better chance of success in Ohio.

Action Steps
The best contacts and resources to help you get it done

Ohio Mortgage Bankers Association

The Ohio Mortgage Bankers Association is a professional organization in Ohio for all those that work in the mortgage industry. The association offers support and networking opportunities for members.

I recommend: Learn more about the Ohio Mortgage Bankers Association from their website.

Ohio Association of Mortgage Professionals

The Ohio Association of Mortgage Professionals is another professional association in Ohio. It is a good idea for mortgage lenders in Ohio to join both organizations so that they don't miss out on any opportunities.

I recommend: The Ohio Association of Mortgage Professionals website includes more information.

Ohio Mortgage Broker License

All mortgage brokers in Ohio are required to have an Ohio Mortgage Broker License in order to do business. This ensures that they have the proper education and qualifications to make lending decisions.

I recommend: You can read more about the requirements and fees for an Ohio Mortgage Broker License at American Mortgage Licensing.

Division of Financial Institutions

The Ohio government's Division of Financial Institutions is responsible for governing the mortgage industry. They monitor the licensure of mortgage brokers and their site allows a user to verify that a mortgage broker has a license.

I recommend: Visit the website for the Division of Financial Institutions to learn more.

Anti-predatory lending laws

Anti-predatory lending laws are designed to protect consumers from lenders that take advantage of them. Typically, predatory lenders may charge high interest rates or offer a consumer an unaffordable loan. The state of Ohio enacted laws against these types of lenders in 2002. These laws cover many things, such as limiting the percentage of closing points to less than 6 percent of the financed amount.

I recommend: The House Financial Services Committee discusses anti-predatory lending laws, while Mortgage Lenders Plus briefly discusses the issue as it relates to Ohio.

Ohio FHA loan

FHA loans are insured by the Federal Housing Administration. This reduces the risk to lenders. Mortgage lenders in Ohio should consider becoming an approved FHA lender.

I recommend: Learn more about FHA loans from FHA.com.