The Best Mortgage Lenders in Clawson, MI
Compare verified mortgage lenders serving Clawson, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Clawson
Featured Mortgage Lenders
Quicken Loans/Rocket Mortgage
Rocket Mortgage
As the nation's largest mortgage lender and headquartered in nearby Detroit, Rocket Mortgage brings exceptional digital mortgage technology combined with local market expertise to Clawson homebuyers. Their fully online application process provides speed and convenience while maintaining competitive rates. With thousands of excellent reviews and 24/7 accessibility, they offer a comprehensive range of loan products with particularly strong refinancing options and first-time homebuyer programs.
Loan Types:
Lake Trust Credit Union
Lake Trust Credit Union
Lake Trust Credit Union has been serving Michigan communities for over seven decades with a strong presence throughout Oakland County. They offer personalized mortgage services with local decision-making and competitive member rates. Their mortgage specialists provide one-on-one guidance through the entire homebuying process, and as a credit union, they prioritize member satisfaction over profit. They're particularly noted for their first-time homebuyer programs and construction loan expertise.
Loan Types:
The Pifer Team
CrossCountry Mortgage, LLC
Located just minutes from Clawson in Royal Oak, The Pifer Team at CrossCountry Mortgage has built an exceptional reputation for personalized service and local market expertise. They consistently receive 5-star reviews for their responsive communication and ability to navigate complex mortgage scenarios. As a locally-owned branch of a national lender, they combine the resources of a large company with the personal touch of a neighborhood mortgage broker, offering competitive rates and specialized programs for Oakland County homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Clawson, MI
What are the current mortgage rates like for homes in Clawson, MI?
Mortgage rates in Clawson typically align with national averages but can vary based on lender competition in Oakland County. Currently, rates for 30-year fixed mortgages in the area range from 6.5% to 7.2% for qualified buyers, with local credit unions often offering competitive rates. It's advisable to compare offers from multiple Clawson-area lenders to secure the best rate.
Are there any first-time homebuyer programs specific to Clawson that I should know about?
While Clawson doesn't have city-specific programs, Oakland County offers several first-time homebuyer programs that Clawson residents can access, including down payment assistance and favorable loan terms. Additionally, Michigan's MSHDA programs are widely used in Clawson, providing down payment assistance up to $10,000 for eligible buyers. Many local lenders are experienced with these programs and can guide you through the application process.
How does Clawson's property tax rate affect my mortgage payments?
Clawson has a property tax rate of approximately 46.5 mills, which is relatively high compared to some surrounding communities. This means your monthly mortgage payment will include a significant escrow portion for property taxes. For a $300,000 home, expect to pay around $4,650 annually in property taxes, which adds nearly $400 to your monthly mortgage payment.
What special considerations should I know about getting a mortgage for Clawson's older homes?
Many Clawson homes were built between 1920-1960, so mortgage lenders often require thorough home inspections and may have specific requirements for older electrical, plumbing, or foundation systems. FHA 203(k) renovation loans are popular in Clawson for buyers purchasing older homes that need updates. It's crucial to work with a lender experienced in Clawson's historic housing stock.
How competitive is the Clawson housing market for mortgage pre-approvals?
Clawson's desirable location and strong school system create a competitive market where sellers often require full pre-approval rather than just pre-qualification. Having a solid pre-approval from a reputable local lender can strengthen your offer significantly. Many successful buyers in Clawson work with lenders who can provide quick underwriting decisions and flexible closing timelines.
Why Choose a Mortgage Lender in Clawson?
Local Market Knowledge
Lenders who understand Clawson'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 Clawson and get competitive rates on your home loan.