The Best Mortgage Lenders in Saint Marys, IA
Compare verified mortgage lenders serving Saint Marys, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Saint Marys
Featured Mortgage Lenders
Iowa State Bank & Trust Company
Iowa State Bank & Trust Company
Iowa State Bank & Trust Company is a highly-rated regional bank serving southeastern Iowa communities including Saint Marys. With over two decades of experience, they specialize in personalized mortgage solutions for rural and small-town homebuyers. Their local loan officers have deep knowledge of the area's real estate market and offer competitive rates on various loan programs. The bank is known for its exceptional customer service, quick response times, and community-focused approach to lending, making them a top choice for Saint Marys residents seeking reliable mortgage financing.
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Great Western Bank
Great Western Bank
Great Western Bank maintains a strong presence in southeastern Iowa with their Ottumwa branch conveniently serving Saint Marys residents. As an established regional bank with decades of mortgage lending experience, they offer comprehensive home loan programs including specialized options for rural properties common in the Saint Marys area. Their local mortgage team provides personalized service with digital convenience, competitive rates, and expertise in USDA loans which are particularly relevant for this rural community. Customers consistently praise their efficient processing and knowledgeable guidance throughout the homebuying journey.
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First Federal Mortgage
First Federal Mortgage
First Federal Mortgage is a highly-regarded Iowa-based mortgage lender that serves communities throughout the state, including Saint Marys. While based in West Des Moines, they have extensive experience working with borrowers across rural Iowa and understand the unique aspects of smaller community real estate. They excel at providing competitive rates, flexible loan options, and exceptional customer service with a reputation for smooth closings. Their digital mortgage platform combined with personalized support from experienced loan officers makes them a popular choice for Saint Marys residents seeking reliable mortgage financing with modern convenience.
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Frequently Asked Questions
Common questions about mortgage lending in Saint Marys, IA
What are the current mortgage rates like for homes in Saint Marys, IA?
Mortgage rates in Saint Marys are generally competitive with national averages, but local lenders may offer slightly different terms based on the rural nature of the area. As of late 2024, 30-year fixed rates typically range from 6.5% to 7.25% for qualified buyers. It's wise to compare offers from both local credit unions like Peoples Savings Bank and larger regional lenders for the best terms.
Are there any first-time homebuyer programs specifically available in Saint Marys?
Yes, Saint Marys homebuyers can access Iowa Finance Authority programs like the FirstHome Loan program, which offers competitive interest rates and down payment assistance. Additionally, local lenders may have special programs for Mahaska County residents. These programs are particularly valuable given Saint Marys' affordable housing market where median home prices are below state averages.
How does Saint Marys' rural location affect the mortgage process?
Saint Marys' rural setting can impact appraisals since comparable properties may be limited, potentially requiring appraisers to look at nearby communities like Oskaloosa. Some lenders might have specific requirements for rural properties, particularly if you're considering acreage or agricultural land. However, USDA loans are an excellent option here since most of Mahaska County qualifies for these zero-down-payment rural development loans.
What should I know about property taxes when getting a mortgage in Saint Marys?
Mahaska County property taxes are relatively moderate compared to urban areas in Iowa, currently averaging about 1.3-1.5% of assessed value. Your mortgage lender will factor these taxes into your monthly escrow payments. It's important to note that Saint Marys has stable tax rates, but you should verify the specific tax history of any property you're considering.
Are there any local mortgage considerations for buying older homes in Saint Marys?
Yes, many homes in Saint Marys have historic character and were built before 1950, which may require specialized inspections for foundations, wiring, and plumbing. Some lenders might require additional repairs for older properties before approving conventional loans. FHA 203(k) renovation loans can be particularly useful for updating these charming older homes while keeping them affordable.
Nearby Cities
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Why Choose a Mortgage Lender in Saint Marys?
Local Market Knowledge
Lenders who understand Saint Marys'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 Saint Marys and get competitive rates on your home loan.