The Best Mortgage Lenders in Cedar, IA
Compare verified mortgage lenders serving Cedar, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cedar
Featured Mortgage Lenders
Hills Bank Mortgage Team
Hills Bank and Trust Company
Hills Bank is one of Eastern Iowa's most trusted financial institutions with over a century of service. Their mortgage team consistently receives exceptional ratings for personalized service, competitive rates, and deep local market knowledge. As a community-focused bank with strong presence throughout Linn County, they understand the unique needs of Cedar area homebuyers and offer comprehensive mortgage solutions with local underwriting and decision-making.
Loan Types:
Midwest One Mortgage Department
Midwest One Bank
Midwest One Bank has been serving Eastern Iowa communities for generations with a reputation for exceptional customer service and competitive mortgage products. Their experienced mortgage lenders provide personalized guidance through the entire home financing process, offering various loan programs tailored to individual needs. With multiple branches throughout the region and deep roots in local communities, they're well-positioned to serve Cedar residents with reliable, locally-processed mortgages.
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Guild Mortgage - Cedar Rapids Branch
Guild Mortgage Company
Guild Mortgage's Cedar Rapids branch serves the greater Cedar area with nationally-recognized expertise and local market knowledge. As a dedicated mortgage lender with over 60 years in business, they offer a comprehensive range of loan programs and are particularly noted for their exceptional customer service and educational approach to home financing. Their local team understands Iowa's unique housing market and provides personalized guidance from application through closing.
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Frequently Asked Questions
Common questions about mortgage lending in Cedar, IA
What are the current average mortgage rates for homebuyers in Cedar, Iowa?
Mortgage rates in Cedar typically align with national averages but can vary based on local lender competition. As of recent data, 30-year fixed rates in the Cedar area generally range from 6.5% to 7.2%, while 15-year fixed rates range from 5.8% to 6.5%. It's recommended to check with local Cedar lenders like Cedar Falls Community Credit Union or First Security Bank for the most current personalized rates.
Are there any first-time homebuyer programs specifically available in Cedar, Iowa?
Yes, Cedar homebuyers can access the Iowa Finance Authority's FirstHome program, which offers competitive interest rates and down payment assistance. Additionally, some local Cedar employers like John Deere and the University of Northern Iowa may offer employer-assisted housing programs. The Cedar Valley Housing Fund also provides down payment assistance for qualified buyers in the Cedar area.
How does Cedar's property tax system affect my mortgage payments?
Cedar County property taxes average approximately 1.4% of assessed value, which is slightly below the national average. These taxes are typically included in your monthly mortgage escrow payment. For a $250,000 home in Cedar, you can expect to pay around $3,500 annually in property taxes, adding approximately $290 to your monthly mortgage payment.
What unique closing costs should I expect when buying a home in Cedar, Iowa?
In addition to standard closing costs, Cedar homebuyers should budget for Iowa-specific fees including mortgage registration tax (varies by county), title insurance rates set by the state, and local recording fees. Typical closing costs in Cedar range from 2-4% of the home's purchase price, with the mortgage registration tax being a notable Iowa-specific expense that varies based on loan amount.
How competitive is the Cedar housing market for mortgage approval?
Cedar's housing market is moderately competitive, with median home prices around $220,000 making it more accessible than many markets. Mortgage approval typically requires credit scores of 620+ for conventional loans, though some local lenders may offer more flexible terms. The stable local economy with major employers like Tyson Foods and Viking Pump helps support mortgage approvals for qualified buyers.
Why Choose a Mortgage Lender in Cedar?
Local Market Knowledge
Lenders who understand Cedar'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 Iowa.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cedar and get competitive rates on your home loan.