The Best Mortgage Lenders in Canton, MI
Compare verified mortgage lenders serving Canton, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Canton
Featured Mortgage Lenders
Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans is a highly-rated national lender with a strong regional presence in Southeast Michigan, including Canton. Known for competitive rates and a streamlined online application process, they excel in customer satisfaction with a wide array of loan options. Their local Novi office ensures personalized service and quick turnaround times, making them a top choice for homebuyers in the area.
Loan Types:
New American Funding
New American Funding
New American Funding stands out for its commitment to diversity and exceptional customer service, with a robust presence in the Detroit metropolitan area serving Canton. They offer innovative loan products and have a reputation for handling complex cases efficiently. Their Troy branch provides local expertise, backed by high ratings for transparency and support throughout the mortgage process.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with deep roots in Michigan, known for its competitive rates and personalized approach. Serving Canton from their Brighton office, they have a track record of high customer satisfaction and community involvement. Their extensive experience and wide range of loan options make them a reliable choice for both first-time and repeat homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Canton, MI
What are the current mortgage rates like in Canton, MI?
Mortgage rates in Canton typically align with national averages but can be influenced by local market competition. As of late 2023, rates for 30-year fixed mortgages in the Canton area generally range from 6.5% to 7.5%, though this varies by lender and borrower qualifications. Canton's competitive housing market means shopping multiple local lenders can yield better rate options.
Are there any first-time homebuyer programs specific to Canton?
Yes, Canton homebuyers can access Michigan's MI First Home program and MSHDA loans, which offer down payment assistance and competitive rates. Additionally, Wayne County offers the HOME Investment Partnership Program providing up to $10,000 in down payment assistance for Canton residents. These programs are particularly valuable given Canton's median home prices around $350,000.
How does Canton's property tax rate affect my mortgage payments?
Canton's property tax rate of approximately 47.5 mills significantly impacts monthly mortgage payments, as lenders include taxes in escrow calculations. For a $350,000 home, expect annual taxes around $8,300-$9,000, adding $700-$750 to your monthly mortgage payment. This is higher than many Michigan communities but reflects Canton's excellent schools and services.
What special considerations should I know about condominium financing in Canton?
Canton's numerous condominium communities require careful mortgage planning, as many lenders have specific requirements for condo approvals. Look for FHA-approved condo developments, which are plentiful in Canton, or be prepared for conventional loans that may require higher down payments (15-25%) for non-warrantable condos, particularly in older complexes.
How competitive is Canton's mortgage market for jumbo loans?
Canton's higher-priced homes (above $726,200 conforming limit) make jumbo loans common, with strong competition among local and national lenders. Jumbo rates in Canton typically run 0.25-0.5% higher than conforming loans, but lenders often offer competitive terms given the area's affluent demographics and stable housing market in western Wayne County.
Why Choose a Mortgage Lender in Canton?
Local Market Knowledge
Lenders who understand Canton'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 Michigan.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Canton and get competitive rates on your home loan.