The Best Mortgage Lenders in Commerce Township, MI
Compare verified mortgage lenders serving Commerce Township, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Commerce Township
Featured Mortgage Lenders
Lake Trust Credit Union
Lake Trust Credit Union
Lake Trust Credit Union is a highly-rated local lender known for its exceptional customer service and deep community roots in Oakland County. With a focus on member satisfaction, they offer competitive rates and a wide range of mortgage products, including specialized loans for first-time homebuyers. Their Novi branch provides convenient access for Commerce Township residents, and they are praised for transparent processes and personalized guidance throughout the home financing journey. As a not-for-profit credit union, they prioritize customer needs over profits, contributing to their strong reputation and high customer loyalty.
Loan Types:
New American Funding
New American Funding
New American Funding stands out for its innovative lending solutions and exceptional customer satisfaction ratings. With a strong local presence in Troy, they serve Commerce Township effectively, offering tailored mortgage options and a commitment to diversity and inclusion, including special programs for minority homebuyers. Their team of experienced loan officers provides personalized service, competitive rates, and efficient processing, making them a top choice for borrowers seeking reliability and expertise. They are consistently recognized for their responsive support and ability to handle complex loan scenarios with ease.
Loan Types:
Nations Lending Corporation
Nations Lending Corporation
Nations Lending Corporation is a reputable mortgage lender with a robust local office in Bingham Farms, providing comprehensive services to Commerce Township homebuyers. They are acclaimed for their competitive rates, flexible loan programs, and dedicated customer care, with many reviews highlighting their efficiency and transparency. Their experienced team offers guidance on a variety of loan types, including construction and jumbo loans, and they pride themselves on building long-term relationships with clients. Their strong track record and commitment to community involvement make them a trusted partner in the mortgage process.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Commerce Township, MI
What are current mortgage rates like for homes in Commerce Township, MI?
Mortgage rates in Commerce Township typically align with national averages but can vary based on lender competition in Oakland County. As of late 2023, 30-year fixed rates generally range from 6.5% to 7.5%, though local credit unions like Lake Trust Credit Union often offer competitive rates to township residents. Your specific rate will depend on credit score, loan amount, and property type in Commerce Township.
Are there any first-time homebuyer programs specific to Commerce Township?
While Commerce Township doesn't offer its own programs, Oakland County's Homebuyer Assistance Program provides down payment assistance up to $10,000 for eligible buyers throughout the county, including Commerce Township. Additionally, Michigan's MSHDA programs are widely available here, offering down payment assistance and favorable terms for first-time buyers purchasing in the township's various neighborhoods.
How does Commerce Township's property tax rate affect my mortgage payments?
Commerce Township's property tax rate of approximately 39.5 mills significantly impacts monthly mortgage payments, as lenders include property taxes in escrow calculations. For a $400,000 home, expect to pay around $7,900 annually in property taxes, adding roughly $660 to your monthly mortgage payment. The township's rates are somewhat higher than some surrounding areas but support excellent local services and schools.
What special considerations should I know about getting a mortgage for Commerce Township's lakefront properties?
Financing lakefront homes in Commerce Township (particularly around Commerce Lake or Sylvan Lake) often requires additional steps, including specialized appraisals that account for waterfront value and potential flood insurance requirements. Lenders may require larger down payments (20% or more) for these premium properties and often order more detailed property inspections due to the unique maintenance considerations of waterfront homes.
How competitive is the mortgage pre-approval process in Commerce Township's housing market?
Given Commerce Township's desirable location and competitive housing market, having a strong pre-approval is crucial. Local lenders familiar with Oakland County's market can provide pre-approval letters that carry more weight with sellers. Many successful buyers work with lenders who can offer quick underwriting turnarounds, as homes in popular Commerce Township neighborhoods often receive multiple offers within days of listing.
Nearby Cities
Explore mortgage lenders in cities near Commerce Township, MI
Why Choose a Mortgage Lender in Commerce Township?
Local Market Knowledge
Lenders who understand Commerce Township'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 Commerce Township and get competitive rates on your home loan.