Compare mortgage rates and fees for leading lenders in Mentor, 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 Mentor.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Mentor. Plus, shopping lenders is free and there is no obligation.
December 16, 2019
The current average rate for a 30 year fixed rate mortgage in Mentor 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%
The median home value for Mentor, OH (Lake County) is $169,528
The median household income for Mentor, OH (Lake County) is $63,006
Based on current mortgage rates and a 10% down payment, you need to make $31,453 per year to buy the median priced home in Mentor
The home price you can afford to buy based on household income in Mentor is 200% of the median home value which means housing prices are affordable
Mentor (Lake County) ranks 57 out of 88 counties in Ohio and 1,584 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Mentor, OH is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Mentor (Lake County) below.
Conforming loan limits for Mentor, OH
FHA loan limits for Mentor, OH
VA loan limits for Mentor, OH
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index