The Best Mortgage Lenders in Lamar, CO
Compare verified mortgage lenders serving Lamar, Colorado. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lamar
Featured Mortgage Lenders
Colorado East Bank & Trust
Colorado East Bank & Trust
As Lamar's hometown bank with over a century of service, Colorado East Bank & Trust offers deeply personalized mortgage solutions with exceptional local knowledge. Their experienced loan officers understand the unique needs of Southeast Colorado residents and provide competitive rates with the convenience of in-person service. The bank has maintained outstanding customer satisfaction ratings due to their commitment to community banking principles and streamlined loan processes.
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Academy Bank
Academy Bank, N.A.
Serving Southeast Colorado communities including Lamar, Academy Bank brings six decades of mortgage lending expertise with a strong regional presence. They offer competitive rates and a comprehensive range of loan products tailored to both urban and rural properties. Their dedicated mortgage team provides personalized service with the backing of a stable financial institution, earning high marks for responsiveness and local market knowledge.
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Cherry Creek Mortgage
Cherry Creek Mortgage Co., LLC
With extensive experience serving Colorado's rural communities including Lamar, Cherry Creek Mortgage combines national lending power with local expertise. Their specialized knowledge of USDA and rural housing loans makes them particularly valuable for Lamar area borrowers. The company maintains exceptional customer satisfaction ratings through their transparent processes, competitive rates, and dedicated support throughout the loan lifecycle.
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Frequently Asked Questions
Common questions about mortgage lending in Lamar, CO
What are the current mortgage rates like in Lamar, CO compared to the national average?
Mortgage rates in Lamar typically run very close to the national average. However, as a more rural area, some lenders may have slightly different rate offerings, so it's wise to compare local credit unions like High Plains Bank or Southeast Colorado Power with national lenders to ensure you get the most competitive rate for your situation.
Are there any down payment assistance programs available for homebuyers in Lamar?
Yes, the Colorado Housing and Finance Authority (CHFA) offers down payment assistance and first-time homebuyer loans that are accessible to Lamar residents. These programs can be particularly helpful given the area's moderate income levels, providing grants or second loans to cover down payment and closing costs.
How does the appraisal process work for Lamar's unique mix of older homes and newer construction?
Appraisals in Lamar require expertise with both the historic homes in the downtown area and newer developments. Lenders will work with appraisers familiar with Prowers County who can accurately compare properties, which is crucial since comparable sales can be limited in this smaller market, potentially affecting the appraised value.
What should I know about property taxes and insurance when getting a mortgage in Lamar?
Prowers County property taxes are generally lower than the Colorado state average, which can help with affordability. For insurance, you'll want to account for standard homeowners coverage, and depending on the property location, consider additional coverage for wind or hail, which are common in this region of the plains.
Are USDA loans a good option for buying a home in Lamar, CO?
Absolutely. Since Lamar is designated as a rural area by the USDA, many homes in and around the city qualify for USDA loans, which offer 100% financing (no down payment). This can be an excellent option for eligible borrowers looking to purchase in this market, making homeownership more accessible.
Why Choose a Mortgage Lender in Lamar?
Local Market Knowledge
Lenders who understand Lamar'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 Colorado.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Lamar and get competitive rates on your home loan.