The Best Mortgage Lenders in Madrid, IA
Compare verified mortgage lenders serving Madrid, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Madrid
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly rated for its exceptional customer service, competitive rates, and wide range of loan options. With a strong local presence in Des Moines, they serve Madrid and surrounding areas, offering personalized support and fast processing times. Customers consistently praise their responsiveness, transparency, and expertise, making them a top choice for homebuyers in central Iowa.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is renowned for its fast closings, efficient processes, and excellent customer service. With a local office in West Des Moines, they actively serve Madrid and the broader Iowa area. Their loan officers are praised for being knowledgeable and accessible, and they offer competitive rates on a variety of mortgage products, backed by strong online tools and a commitment to community engagement.
Loan Types:
Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans offers a comprehensive suite of mortgage products with a focus on customer satisfaction and competitive rates. Though headquartered in Texas, they have a strong national presence and serve Madrid through local loan officers and digital platforms. They are well-regarded for their flexible loan options, streamlined application process, and high customer retention rates, making them a reliable choice for Iowa homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Madrid, IA
What are the current average mortgage rates for homebuyers in Madrid, Iowa?
Mortgage rates in Madrid typically align with national averages but can vary slightly based on local lenders like First American Bank or Peoples Bank. As of recent trends, 30-year fixed rates in the area often range between 6.5% and 7%, but it's best to check with local institutions for personalized quotes, as they may offer competitive deals for Madrid residents.
Are there any first-time homebuyer programs specific to Madrid, IA?
Yes, Madrid homebuyers can access the Iowa Finance Authority's FirstHome and FirstHome Plus programs, which offer competitive interest rates and down payment assistance. These programs are particularly beneficial in Madrid's affordable housing market, helping buyers cover upfront costs with forgivable loans or low-interest options tailored to Iowa residents.
How does Madrid's proximity to Des Moines affect mortgage lending and housing demand?
Madrid's location just north of Des Moines makes it attractive for commuters, which can increase housing demand and influence loan requirements. Lenders may view properties here as lower risk due to the stable job market in the metro area, but buyers should be prepared for competitive offers, especially on move-in-ready homes near Highway 17.
What should I know about property taxes in Madrid when applying for a mortgage?
Madrid property taxes in Boone County are relatively moderate compared to larger Iowa cities, currently around 1.3% to 1.5% of assessed value. Lenders will factor this into your debt-to-income ratio, so when applying for a mortgage, ensure you account for these taxes in your monthly escrow payments to avoid surprises at closing.
Are USDA loans a viable option for homebuyers in Madrid, Iowa?
Yes, Madrid qualifies for USDA Rural Development loans due to its population and location, making it an excellent option for eligible buyers. These loans offer 100% financing with no down payment, which is ideal for Madrid's rural setting and can make homeownership more accessible for low-to-moderate-income families in the area.
Why Choose a Mortgage Lender in Madrid?
Local Market Knowledge
Lenders who understand Madrid'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 Madrid and get competitive rates on your home loan.