The Best Mortgage Lenders in Covington, MI
Compare verified mortgage lenders serving Covington, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Covington
Featured Mortgage Lenders
Kristi Giachino
Superior National Bank
Superior National Bank is a highly-rated regional bank serving Michigan's Upper Peninsula with deep roots in the community since 1889. They maintain exceptional 4.8-star ratings across multiple platforms for their personalized mortgage services and local underwriting expertise. As a community bank with multiple branches throughout the Upper Peninsula, they understand the unique property needs in rural areas like Covington. Their mortgage team offers competitive rates and flexible terms with local decision-making, making them particularly strong for first-time homebuyers and construction loans in the region.
Loan Types:
Nate Helman
mBank
mBank has been serving Upper Peninsula communities for over a century and maintains excellent 4.7-star ratings for their mortgage lending services. They have a strong presence throughout the Upper Peninsula with multiple branches and specialize in rural property financing, which makes them ideal for Covington area homebuyers. Their mortgage team is praised for responsive communication and competitive rate options. mBank offers specialized programs for rural properties and has extensive experience with the unique appraisal and lending requirements in Michigan's Upper Peninsula communities.
Loan Types:
Sarah Johnson
Range Bank
Range Bank is another well-established Upper Peninsula financial institution with over 135 years of service to the region. They maintain strong 4.6-star ratings for their mortgage lending services and have multiple convenient locations throughout the Upper Peninsula. Range Bank is particularly noted for their expertise in USDA rural development loans, which are highly relevant for Covington area borrowers. Their local mortgage specialists provide personalized service with quick turnaround times and competitive rate options. Customers consistently praise their knowledgeable staff and smooth closing processes.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Covington, MI
What are the current average mortgage rates for homebuyers in Covington, MI?
Mortgage rates in Covington typically align with national averages but can vary based on local lender competition and property types. As of recent data, 30-year fixed rates in Michigan's Upper Peninsula generally range from 6.5% to 7.25%, though rural properties common in Covington may see slightly higher rates. It's best to check with local Upper Peninsula lenders like mBank or River Valley Bank for current Covington-specific rates.
Are there any special mortgage programs for first-time homebuyers in Covington?
Yes, Michigan State Housing Development Authority (MSHDA) programs are available to Covington homebuyers, offering down payment assistance and competitive rates. Additionally, some local lenders may offer special programs for rural properties common in Baraga County. USDA loans are particularly relevant for Covington given its rural designation, offering 100% financing options for eligible buyers.
How does Covington's rural location affect the mortgage process?
Covington's rural setting means appraisals may take longer and require specialized appraisers familiar with rural Baraga County properties. Lenders may also require additional documentation for properties with wells and septic systems, which are common in the area. Some national lenders may have stricter requirements for rural homes, so working with local Upper Peninsula lenders familiar with Covington can streamline the process.
What types of properties typically qualify for USDA loans in Covington?
Most of Covington and surrounding Baraga County qualifies for USDA Rural Development loans due to the area's population density. These loans work well for single-family homes, including many of the older farmhouses and cabins common in the area. The property must meet USDA safety standards and be in an eligible zone, which covers nearly all of Covington except possibly some areas very close to town centers.
Are property taxes in Covington typically included in mortgage escrow accounts?
Yes, most Covington mortgages include Baraga County property taxes in escrow accounts, with annual taxes typically ranging from $800-$2,000 depending on property value and location. Baraga County's relatively stable tax rates make monthly escrow payments predictable. Lenders will calculate these based on the specific township within Covington where the property is located.
Why Choose a Mortgage Lender in Covington?
Local Market Knowledge
Lenders who understand Covington'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 Covington and get competitive rates on your home loan.