The Best Mortgage Lenders in Preston, KY
Compare verified mortgage lenders serving Preston, Kentucky. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Preston
Featured Mortgage Lenders
Community Trust Bank Mortgage Team
Community Trust Bank
Community Trust Bank is a highly-rated regional financial institution with deep roots in Eastern Kentucky, serving Preston and surrounding communities for over a century. They maintain exceptional customer satisfaction ratings with personalized mortgage services, competitive local rates, and extensive knowledge of rural property financing. Their mortgage team specializes in first-time homebuyer programs and offers comprehensive guidance through the entire loan process, making them a trusted local choice for Preston residents.
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PrimeLending Lexington Team
PrimeLending
PrimeLending maintains a strong presence throughout Kentucky with a highly-rated Lexington office that actively serves Preston and Eastern Kentucky clients. They consistently receive top marks for customer service, competitive rate offerings, and efficient loan processing. Their experienced mortgage advisors specialize in both urban and rural property financing, with particular expertise in USDA loans that benefit many Preston area homebuyers. The company's digital mortgage platform combined with local expertise makes them a popular choice.
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Commonwealth Credit Union Mortgage Department
Commonwealth Credit Union
Commonwealth Credit Union serves members across Central and Eastern Kentucky, including Preston residents, with highly competitive mortgage rates and exceptional member service. They consistently earn high satisfaction ratings for their personalized approach to mortgage lending and comprehensive first-time homebuyer education programs. As a not-for-profit financial cooperative, they often offer lower fees and more flexible underwriting than traditional banks, while maintaining strong local knowledge of Kentucky's rural housing markets.
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Frequently Asked Questions
Common questions about mortgage lending in Preston, KY
What are the current average mortgage rates for homebuyers in Preston, KY?
Mortgage rates in Preston typically align with national averages but can be slightly influenced by local market conditions and lender competition. As of recent data, 30-year fixed rates in rural Kentucky areas like Preston often range from 6.5% to 7.5%, though individual rates depend on credit score, loan type, and down payment. Working with local lenders who understand Preston's market can sometimes secure more competitive rates.
Are there any first-time homebuyer programs specifically available in Preston?
Yes, Preston homebuyers can access Kentucky Housing Corporation (KHC) programs, which offer down payment assistance and competitive interest rates for first-time buyers. Additionally, some local lenders may offer special programs for Preston residents, particularly given the area's rural designation which can qualify buyers for USDA loans with zero down payment requirements.
How does Preston's rural location affect mortgage options and requirements?
Preston's rural designation opens up USDA loan opportunities, which require no down payment and offer competitive rates for eligible borrowers. However, the limited number of local appraisers and lenders might extend closing timelines slightly compared to urban areas. Many national lenders may be less familiar with Preston's property values, so working with regional lenders experienced in rural Kentucky markets is beneficial.
What special considerations should I know about property taxes and insurance when getting a mortgage in Preston?
Preston homeowners benefit from relatively low property tax rates compared to national averages, with Webster County rates typically around 0.75% of assessed value. However, you'll need to factor in potentially higher homeowners insurance costs due to the area's exposure to weather risks and the rural location affecting emergency response times. Your lender will help estimate these costs for your mortgage payment calculation.
Are there any local down payment assistance programs available specifically for Preston homebuyers?
While Preston itself doesn't offer city-specific programs, buyers can utilize Kentucky's statewide down payment assistance through KHC, which provides up to $10,000 in assistance. Some regional community development organizations also serve Preston area residents, and the USDA Section 502 Direct Loan Program offers additional support for low-income buyers in this rural community, including subsidized payment assistance.
Why Choose a Mortgage Lender in Preston?
Local Market Knowledge
Lenders who understand Preston'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 Preston and get competitive rates on your home loan.