Compare mortgage rates and fees for leading lenders in Lancaster, OH. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Lancaster.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lancaster. Plus, shopping lenders is free and there is no obligation.
May 30, 2020
The current average rate for a 30 year fixed rate mortgage in Lancaster is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Lancaster. Understand how much you need to earn to afford a home in Lancaster, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lancaster fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Lancaster is right for you.
The median home value for Lancaster, OH (Fairfield County) is $211,975
Based on current mortgage rates and a 10% down payment, you need to make $38,150 per year to buy the median priced home in Lancaster
With this income, you could qualify for a $190,777 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Lancaster is $883
The median household income for Lancaster, OH (Fairfield County) is $66,890
Based on this income, you can afford a home valued at approximately $371,662
The home price you can afford to buy based on household income in Lancaster is 175% of the median home value which means housing prices are average. Lancaster (Fairfield County) ranks 80 out of 88 counties in Ohio and 2,054 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lancaster, OH is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lancaster (Fairfield County) below.
Conforming loan limits for Lancaster, OH
FHA loan limits for Lancaster, OH
VA loan limits for Lancaster, OH