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.
April 7, 2020
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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Mentor. Understand how much you need to earn to afford a home in Mentor, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Mentor 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 Mentor is right for you.
The median home value for Mentor, OH (Lake County) is $179,530
Based on current mortgage rates and a 10% down payment, you need to make $32,311 per year to buy the median priced home in Mentor
With this income, you could qualify for a $161,577 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 Mentor is $748
The median household income for Mentor, OH (Lake County) is $64,478
Based on this income, you can afford a home valued at approximately $358,260
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 average. Mentor (Lake County) ranks 57 out of 88 counties in Ohio and 1,582 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 average
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