first federal lakewood mortgage rates review

First Federal Lakewood Mortgage Rates Review

Founded in 1935, First Federal of Lakewood is the largest independent depositor-owned bank with a headquarters in Ohio.

Today, First Federal has 18 branches to serve Ohio residents in the Lakewood area. First Federal mortgage options include fixed and adjustable-rate mortgages, Federal Housing Administration (FHA), Veterans Affairs (VA), United States Department of Agriculture (USDA), jumbo, construction, bridge, and many other options.

First Federal of Lakewood Mortgage Facts

  • Offers mortgages in Ohio
  • Largest independent depositor-owned bank with a headquarters in Ohio state
  • A large variety of alternative loan options for borrowers
  • Fixed and adjustable-rate, jumbo, Freddie Mac Home Possible, Fannie Mae HomeReady, and other mortgage options
  • Online application available
  • Request information online, find current rates, and connect with a quote

Overview

First Federal was founded in 1935 in Lakewood, Ohio and continues to serve the Lakewood area today. As the largest independent depositor-owned bank with a headquarters in Ohio, the bank offers a wide range of loan options, with a special emphasis on local grants and state-supported lending programs.

Borrowers can apply online or speak with a mortgage specialist at a local branch. Educational information about mortgages and guidance on the many programs offered by First Federal is available on their website.

The bank’s reputation appears to be positive, although very little news could be found online.

Currently, First Federal is not on Trustpilot. The bank has an A- rating from the Better Business Bureau (BBB), with a one-star average based on two customer reviews.

Current First Federal of Lakewood Mortgage Rates

First Federal of Lakewood Loan Specifics

First Federal of Lakewood offers a wide variety of loan options, that can benefit many different home buyers. They help those looking to purchase for the first time to doctors, service members, those looking to buy land and build, and more.

Fixed-Rate Loans

With a fixed-rate mortgage loan from First Federal of Lakewood, borrowers can get a consistent rate and monthly mortgage cost that will stay consistent throughout the lifetime of the loan, even if market rates change later. This is a household budget item that can consistently be accounted for every month.

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For homeowners who plan to stay in their homes or own their property for several years, having a fixed-rate mortgage may make the most sense. It’s also true, however, that fixed-rate payments stay the same later even if market rates decrease. This means buyers could also end up paying more overall than they have to if rates go down. First Federal of Lakewood offers 10, 15, 20 and 30-year loans.

Adjustable-Rate Loans

An adjustable-rate mortgage (ARM) from First Federal of Lakewood can go up or down based on market conditions. This means that borrowers planning to sell their homes soon may benefit from what they save with an ARM loan. ARM rates usually start low and are fixed for a specific period. For example, a 5/1 ARM stays at a single rate for the first five years of the loan and becomes subject to change every year after.

Jumbo Loans

For financing more than $484,350 in a mortgage, a jumbo loan from First Federal of Lakewood provides special terms and can make the purchase more affordable. These loans are structured for high-value homes and can have higher balances than what conventional loans usually cover. Borrowers must be able to qualify. A lower minimum down payment option may be available through First Federal.

Construction Loans

Interest-only loans for financing the cost of new construction. This makes it less challenging for buyers to cover their mortgage costs while also paying for their current housing expenses.

Doctor and Resident Loans

Special financing is available to make purchasing a home more affordable for healthcare professionals such as medical doctors, residents, podiatrists, veterinarians, ophthalmologists, and residents training to enter a medical profession.

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Due to the realities of financing professional training, many healthcare professionals have student loans, but a doctor and resident loan from First Federal can provide up to 100 percent financing and special rates for qualifying applicants. Borrowers may be able to apply without student loan amounts counting against them during the loan qualification process.

Bridge Loans

Designed for home buyers who are also selling their current residence, bridge loans make it possible to transition from one mortgage into another, so buyers don’t have to worry as much about coordinating closing dates.

Community Programs and Grant Loans

First Federal has several community programs and local grants available for applicants who are looking to make their mortgages more affordable. These programs may ask borrowers to meet specific requirements. Ohio Financing Housing Agency (OHFA) loans, for instance, are generally for first-time home buyers, recent grads, and others who meet the qualifications.

Family Loans

Special financing programs for family members to assist with mortgages.

Fannie Mae HomeReady Loans

With this program through First Federal, buyers with low incomes can qualify for more affordable mortgages.

Fannie Mae HomeStyle Loans

A HomeStyle loan includes additional funding to cover repairs and updates to a home during the purchase process.

FHA Loans

With insurance backing FHA loans, more affordable options are available for buyers, bringing down payments as low as 3.5 percent.

USDA Rural Housing Loans

Backed by the USDA, these loans offer affordable home financing for buyers purchasing homes in rural areas of the United States. Low and no down payment options are available for those who meet the qualifications.

VA Loans

With backing by the VA, these loans for veterans, service members, and spouses provide an affordable mortgage option for applicants connected to the military.

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Lot Loans

To help with the land purchase before construction, lot loans can provide flexible financing. Construction can begin later, enabling future homeowners to determine construction plans and design their dream homes after buying the perfect lot.

First Federal of Lakewood Mortgage Customer Experience

First Federal has a wide variety of mortgage options for borrowers. This bank has a particularly great selection of loans for first-time home buyers, low-income buyers, and others who may benefit from affordable and flexible lending options. Those applicants with credit challenges may find more favorable options through First Federal, also.

To get started, borrowers should request a free consultation with a First Federal loan specialist or start an online application. The bank provides a decent amount of information and mortgage education through their website for buyers hoping to learn more about the process and how to make the most of the experience of shopping around for a loan.

To get the most accurate estimate and information, buyers should prepare to provide detailed information about assets, income, and personal credit profiles. Self-employed applicants and others may be asked to provide additional documentation, depending on their finances and situation.

Borrowers may be required to pay private mortgage insurance (PMI) if they do not have enough of a down payment, which is traditionally 25 percent down at closing. First Federal of Lakewood seems to have a positive reputation with customers. Very little information or news is available. The bank is currently not listed on Trustpilot, although it has an A- rating with the BBB.

First Federal does not have a Trustpilot score and has an A- rating from the BBB.

  • Information collected February 25th, 2019