The Best Mortgage Lenders in Cedarville, MI
Compare verified mortgage lenders serving Cedarville, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cedarville
Featured Mortgage Lenders
Chris Scholl
Superior National Mortgage
Superior National Mortgage is one of the most established and highly-rated mortgage lenders serving Michigan's Upper Peninsula, including Cedarville. With over 25 years of experience and headquartered just 45 minutes from Cedarville in Escanaba, they have deep local market knowledge of Eastern Upper Peninsula properties. They specialize in rural housing loans including USDA programs that are particularly relevant for Cedarville area homes. Their 4.8 rating reflects exceptional customer service and their local underwriters understand the unique aspects of Upper Peninsula property valuations.
Loan Types:
Mortgage Department
mBank
mBank has strong roots in the Upper Peninsula with multiple branches serving the Cedarville area. As a community-focused regional bank, they offer personalized mortgage services with local decision-making. Their construction and lot loan expertise is valuable in the Cedarville market where new construction and land purchases are common. With a 4.7 rating, customers praise their responsive service and competitive rates. They understand the local economy and property types unique to the Les Cheneaux Islands area surrounding Cedarville.
Loan Types:
Mortgage Center
Honor Credit Union
While headquartered in Southwest Michigan, Honor Credit Union has expanded to serve members across Michigan including the Cedarville area. They offer highly competitive mortgage rates to members and have specialized programs for first-time homebuyers that are popular in rural communities. Their 4.6 rating reflects strong member satisfaction with their mortgage process. As a credit union, they prioritize member service over profits and offer benefits like rate discounts for automatic payments. They have extensive experience with Upper Peninsula property financing.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Cedarville, MI
What are the current mortgage rates like in Cedarville, MI compared to the state average?
Mortgage rates in Cedarville typically align closely with Michigan's statewide averages, though they can be slightly higher due to the rural nature of the Upper Peninsula. As of late 2024, you can expect rates for a 30-year fixed mortgage to be in the mid-6% to low-7% range. It's always wise to compare offers from local credit unions, like Eastern Upper Peninsula Credit Union, as they sometimes offer competitive, localized rates.
Are there any special mortgage programs for buying a waterfront or recreational property in Cedarville?
Yes, purchasing a home on Les Cheneaux Islands or near the waterfront in Cedarville often involves specialized lending. While standard loans can be used, lenders may require additional appraisals or higher down payments (sometimes 20-30%) for properties deemed higher risk due to their unique location. It's crucial to work with a lender experienced in Michigan's recreational and waterfront properties to navigate these specific requirements.
What local down payment assistance programs are available for first-time homebuyers in Cedarville?
Cedarville homebuyers can access statewide programs like MSHDA's MI Home Loan, which offers down payment assistance of up to $10,000. Given Cedarville's lower median home prices compared to the state average, this assistance can be particularly impactful. You should also check with local institutions like the First National Bank of St. Ignace, as they may have specific programs or grants for buyers in the Eastern Upper Peninsula.
How does Cedarville's seasonal economy and tourism impact mortgage qualification?
If your income is seasonal (e.g., tied to tourism, fishing, or snowmobiling), lenders will typically require a two-year history of stable seasonal earnings to qualify for a mortgage. They will average your income over those 24 months. Providing thorough documentation, such as tax returns and profit/loss statements, is essential to demonstrate consistent earning potential despite the seasonal fluctuations common in the Cedarville area.
Are there any specific property considerations for getting a mortgage on an older home in Cedarville?
Yes, Cedarville has many charming, older homes, and lenders will often require a more rigorous home inspection and appraisal. They will be looking for issues common in aging properties, such as outdated electrical systems, plumbing, or foundations. An FHA 203(k) renovation loan can be a good option here, as it allows you to finance both the purchase and the cost of necessary repairs into one mortgage.
Why Choose a Mortgage Lender in Cedarville?
Local Market Knowledge
Lenders who understand Cedarville'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 Cedarville and get competitive rates on your home loan.