The Best Mortgage Lenders in Ely, IA
Compare verified mortgage lenders serving Ely, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ely
Featured Mortgage Lenders
Linn Area Credit Union Mortgage Team
Linn Area Credit Union
As one of Eastern Iowa's most established financial institutions, Linn Area Credit Union has been serving the Cedar Rapids metro area including Ely for over eight decades. They consistently earn top ratings for their personalized mortgage services, competitive rates, and exceptional member satisfaction. Their local loan officers understand the unique housing market in Linn County and surrounding areas, offering comprehensive guidance through the entire mortgage process with a community-focused approach that larger national lenders can't match.
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Hills Bank Mortgage Department
Hills Bank and Trust Company
With deep roots in Eastern Iowa spanning over a century, Hills Bank has built an outstanding reputation for mortgage lending in the Cedar Rapids/Iowa City corridor including Ely. They combine the stability of a long-established community bank with modern mortgage technology and highly competitive rates. Customers consistently praise their responsive service, local decision-making capabilities, and the expertise of their mortgage specialists who have extensive knowledge of the local real estate market and property values throughout Linn County.
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GreenState Credit Union Mortgage Center
GreenState Credit Union
As Iowa's largest credit union, GreenState serves members throughout Eastern Iowa including Ely residents with a comprehensive range of mortgage products. They've received numerous awards for mortgage lending excellence and customer satisfaction, offering competitive rates with the personalized service of a local institution. Their digital mortgage application process is highly rated while maintaining access to local mortgage experts who understand the specific needs of Iowa homebuyers. Their strong community presence and member-focused approach make them a top choice for Ely area borrowers.
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Frequently Asked Questions
Common questions about mortgage lending in Ely, IA
What are current mortgage rates like for homebuyers in Ely, Iowa?
Mortgage rates in Ely typically align with national averages but can vary based on local lenders and property types. As of late 2024, 30-year fixed rates in the Cedar Rapids/Iowa City corridor (which includes Ely) generally range from 6.5% to 7.25%. It's best to compare rates from local credit unions like Collins Community Credit Union alongside regional banks for the most competitive terms.
Are there any first-time homebuyer programs specifically available in Ely?
Yes, Ely homebuyers can access Iowa Finance Authority programs like the FirstHome program which offers competitive interest rates and down payment assistance. Additionally, the City of Cedar Rapids (which serves the Ely area) occasionally offers down payment assistance programs for Linn County residents. These programs are particularly valuable given Ely's median home prices being slightly below the Cedar Rapids metro average.
How does Ely's rural location affect mortgage lending requirements?
While Ely is considered part of the Cedar Rapids metropolitan area, some lenders may apply slightly different underwriting standards for properties with more land or rural characteristics. USDA loans are not typically available in Ely due to its metro designation, but conventional and FHA loans work well here. Properties with acreage may require additional appraisal considerations.
What special considerations should I know about property taxes when getting a mortgage in Ely?
Ely homeowners benefit from Linn County's property tax system, with current rates around 1.4-1.6% of assessed value. When calculating your mortgage payment, remember that Ely's property taxes are generally lower than neighboring Cedar Rapids but higher than fully rural areas. Your lender will help escrow for taxes based on the specific property's assessment.
How competitive is the mortgage pre-approval process in Ely's housing market?
With Ely's desirable location between Cedar Rapids and Iowa City, pre-approval is essential in this competitive market. Local lenders familiar with Ely's specific market conditions can provide stronger pre-approval letters that carry more weight with sellers. Given the limited housing inventory, having your financing fully prepared before making offers is crucial for success.
Why Choose a Mortgage Lender in Ely?
Local Market Knowledge
Lenders who understand Ely'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 Ely and get competitive rates on your home loan.