The Best Mortgage Lenders in Benton, KY
Compare verified mortgage lenders serving Benton, Kentucky. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Benton
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender with a strong local presence in Western Kentucky, including service to Benton. Founded in 1996, they have built a reputation for exceptional customer service, competitive rates, and a wide range of loan options. Their Paducah office is highly accessible, and they are known for personalized service, quick processing times, and high customer satisfaction, with numerous positive reviews highlighting their reliability and expertise in the region.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded national lender with a significant footprint in Kentucky, serving areas like Benton through their regional offices. Founded in 2008, they emphasize fast closings, transparent processes, and community involvement. With a 4.9 rating from hundreds of reviews, they are praised for their responsive loan officers, competitive rates, and expertise in various loan types, making them a trusted choice for homebuyers in the area.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a leading mortgage lender with a strong national presence and dedicated service in Kentucky, including Benton. Established in 2000, they offer innovative digital tools, competitive rates, and a wide array of loan products. Their high customer rating and substantial review count reflect a commitment to efficiency and customer satisfaction, with local loan officers providing personalized support for home purchases and refinances in the region.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Benton, KY
What are the current average mortgage rates for homebuyers in Benton, KY?
Mortgage rates in Benton typically align with national averages but can be slightly lower due to the area's lower cost of living. As of late 2024, conventional 30-year fixed rates in Marshall County generally range from 6.5% to 7.25%, though this varies by lender and borrower qualifications. Local credit unions like Heritage Bank often offer competitive rates that may be more favorable than larger national lenders.
Are there any first-time homebuyer programs specifically available in Benton?
Yes, Benton homebuyers can access Kentucky Housing Corporation (KHC) programs offering down payment assistance and competitive interest rates. The "Hometown Heroes" program provides special benefits for teachers, healthcare workers, and other essential service employees in Marshall County. Additionally, some local lenders offer portfolio loans with flexible terms for Benton residents with unique financial situations.
How does Benton's location near Kentucky Lake affect mortgage lending considerations?
Properties near Kentucky Lake may require additional considerations like flood insurance, which can affect your overall housing payment. Lenders will typically require a separate flood elevation certificate for waterfront properties, adding to closing costs. However, the strong vacation rental market in this area can sometimes help justify higher loan amounts for investment properties.
What unique closing costs should Benton homebuyers expect compared to other Kentucky cities?
Benton homebuyers should budget for Marshall County-specific fees including a 0.5% county property transfer tax and typical recording fees of $36 per document. Title insurance rates in Western Kentucky are generally lower than urban areas, but you may encounter additional costs for well and septic inspections common in rural parts of the county. Local attorneys typically handle closings rather than title companies.
How do local employment patterns at the Kentucky Tempered Glass plant and other major employers affect mortgage approval in Benton?
Lenders are familiar with the stable employment history common among workers at Benton's major employers like Kentucky Tempered Glass and Tyson Foods. Consistent employment at these established companies is viewed favorably during underwriting. However, seasonal workers or those in the tourism industry around Kentucky Lake may need to provide additional income documentation to qualify.
Why Choose a Mortgage Lender in Benton?
Local Market Knowledge
Lenders who understand Benton'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 Kentucky.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Benton and get competitive rates on your home loan.