The Best Mortgage Lenders in Lonoke, AR
Compare verified mortgage lenders serving Lonoke, Arkansas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lonoke
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated mortgage lender with a strong presence in Arkansas, serving Lonoke and surrounding areas. Known for its exceptional customer service and competitive rates, the company has built a reputation for streamlining the mortgage process with a personal touch. They offer a wide range of loan products, including specialized programs for first-time homebuyers and veterans, and are praised for their responsive communication and efficient closings. With over two decades of experience, Fairway is consistently highly rated for reliability and customer satisfaction, making it a trusted choice for home loans in central Arkansas.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender that serves Lonoke and the broader Little Rock metropolitan area with a focus on speed and community engagement. Founded with a mission to empower borrowers through transparent processes, they are known for their "Movement Promise" which includes upfront underwriting and fast loan approvals. Customers frequently highlight their friendly, knowledgeable staff and ability to handle complex loan scenarios with ease. With a strong emphasis on local involvement and competitive rates, Movement Mortgage has earned high marks for customer service and is a popular choice for both purchase and refinance loans in the region.
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Centennial Bank
Centennial Bank (a division of Home BancShares, Inc.)
Centennial Bank is a locally rooted financial institution with a branch directly in Lonoke, offering personalized mortgage services to the community. As part of Home BancShares, they combine the stability of an established bank with a community-focused approach, providing tailored loan solutions and competitive rates. Their experienced loan officers are known for building long-term relationships and guiding borrowers through every step of the home financing process. With a strong track record in Arkansas, Centennial Bank is praised for its reliability, local expertise, and commitment to customer satisfaction, making it an excellent option for residents seeking trustworthy mortgage lending.
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Frequently Asked Questions
Common questions about mortgage lending in Lonoke, AR
What are the current average mortgage rates for homebuyers in Lonoke, AR?
Mortgage rates in Lonoke typically align with national averages but can vary slightly based on local lenders. Currently, 30-year fixed rates hover around 6.5-7%, while 15-year fixed rates are approximately 5.75-6.25%. It's best to check with local credit unions like Arkansas Federal Credit Union or community banks for the most competitive rates specific to Lonoke County.
Are there any first-time homebuyer programs specifically available in Lonoke?
Yes, Lonoke residents can access the Arkansas Development Finance Authority's (ADFA) First-Time Homebuyer Program, which offers competitive interest rates and down payment assistance. Additionally, the ADFA's Mortgage Credit Certificate program provides eligible buyers with a federal tax credit, making homeownership more affordable in Lonoke's housing market.
How does Lonoke's rural location affect mortgage lending options?
Lonoke's designation as a rural area makes many properties eligible for USDA loans, which offer 100% financing with no down payment required. This is particularly beneficial given Lonoke's agricultural surroundings and can be more accessible than conventional loans for buyers with moderate incomes looking at properties in the county.
What should I know about property taxes when getting a mortgage in Lonoke?
Lonoke County has relatively low property taxes compared to national averages, currently around 0.62% of assessed value. Your lender will typically establish an escrow account to include these taxes in your monthly payment. This tax advantage makes homeownership more affordable in Lonoke compared to many other areas.
Are there any local down payment assistance programs for Lonoke homebuyers?
Yes, the ADFA's Down Payment Assistance (DPA) program provides up to 4% of the loan amount to qualified Lonoke buyers. Some local employers, including those in the agriculture and manufacturing sectors, may also offer employer-assisted housing programs. These programs are particularly valuable given Lonoke's median home prices around $200,000.
Why Choose a Mortgage Lender in Lonoke?
Local Market Knowledge
Lenders who understand Lonoke's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Arkansas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Lonoke and get competitive rates on your home loan.