The Best Mortgage Lenders in Union, IA
Compare verified mortgage lenders serving Union, Iowa. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Union
Featured Mortgage Lenders
UBI Mortgage
UBI Mortgage
UBI Mortgage is one of Iowa's highest-rated mortgage lenders with exceptional customer satisfaction ratings. As a locally-owned Iowa company, they specialize in serving communities throughout Iowa including Union and surrounding areas. They offer highly competitive rates and personalized service with a team of experienced loan officers who understand the unique needs of Iowa homebuyers. Their extensive loan portfolio includes specialized programs for rural properties and agricultural areas, making them an excellent choice for Union residents.
Loan Types:
Hills Bank
Hills Bank and Trust Company
Hills Bank is a highly respected Iowa-based financial institution with a strong presence throughout central and eastern Iowa. With nearly a century of service to Iowa communities, they have deep roots in rural and small-town mortgage lending. They offer competitive mortgage rates and exceptional local decision-making, with loan officers who understand the Union area market. Their construction lending expertise is particularly valuable in communities like Union where new home construction and property improvements are common.
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Veridian Credit Union
Veridian Credit Union
Veridian Credit Union is one of Iowa's largest and most trusted mortgage lenders with a strong commitment to serving communities across Iowa, including the Union area. As a member-owned cooperative, they consistently offer competitive rates and exceptional customer service. They have specialized mortgage programs for rural properties and provide personalized guidance throughout the home buying process. With physical branches throughout Iowa and robust digital services, they combine local expertise with modern convenience for Union area homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Union, IA
What are the current mortgage rates like for homes in Union, Iowa?
Mortgage rates in Union typically align with national averages but can be slightly lower due to the area's rural designation and stable housing market. As of recent trends, Union homebuyers can expect conventional 30-year fixed rates ranging from 6.5% to 7.25%, though these vary by lender, credit score, and loan type. Local credit unions like Greater Iowa Credit Union often offer competitive rates specifically for Union County residents.
Are there any first-time homebuyer programs specifically available in Union?
Yes, Union homebuyers can access Iowa Finance Authority programs like the FirstHome program, which offers competitive interest rates and down payment assistance. Additionally, the City of Union may qualify for USDA Rural Development loans, which provide 100% financing options for low-to-moderate income buyers in designated rural areas. These programs are particularly valuable given Union's median home prices being below state averages.
How does Union's rural location affect mortgage lending options?
Union's rural designation opens access to USDA loans, which require no down payment and offer competitive rates for qualified buyers in non-urban areas. Many lenders also consider Union's stable, though limited, housing market as lower risk for certain loan products. However, buyers should note that some national lenders may have limited local presence, making regional banks and credit unions often better equipped to understand Union's specific market conditions.
What unique closing costs should I expect when buying a home in Union?
Union homebuyers should budget for typical Iowa closing costs including title insurance, recording fees, and transfer taxes, which typically range from 2-5% of the home's price. Specific to Union, you may encounter lower property taxes compared to larger Iowa cities, but should verify any special assessments with the Union city clerk. Working with a local lender familiar with Union County can help accurately estimate these costs upfront.
How does the appraisal process work for Union's older housing inventory?
Given Union's mix of historic homes and newer constructions, appraisers pay particular attention to foundation integrity, electrical updates, and plumbing systems common in older Iowa homes. Lenders often require additional inspections for properties over 50 years old, which is common in Union's housing stock. Using an appraiser familiar with Union County's specific market conditions ensures accurate valuation of these unique property characteristics.
Why Choose a Mortgage Lender in Union?
Local Market Knowledge
Lenders who understand Union'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 Union and get competitive rates on your home loan.