The Best Mortgage Lenders in Empire, MI
Compare verified mortgage lenders serving Empire, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Empire
Featured Mortgage Lenders
Jeff Riebel
Cherryland Mortgage
Cherryland Mortgage is one of Northern Michigan's most trusted and highest-rated mortgage lenders, serving the Empire area with exceptional local expertise. Founded in 1995, they have built a stellar reputation for personalized service and competitive rates specifically for Michigan homebuyers. Their team understands the unique aspects of Northern Michigan real estate, including seasonal properties and rural financing needs. With overwhelmingly positive customer reviews highlighting their responsiveness, knowledge, and smooth closing processes, they consistently rank among the top mortgage providers in the Grand Traverse region.
Loan Types:
Member Services
Lake Michigan Credit Union
Lake Michigan Credit Union has established itself as a premier mortgage lender serving the entire state of Michigan, including the Empire area. With nearly two decades of mortgage lending experience, LMCU offers highly competitive rates and exceptional member service. They are particularly noted for their first-time homebuyer programs and flexible underwriting. The credit union's strong community presence and commitment to member satisfaction make them a top choice for Empire residents seeking personalized mortgage solutions with the stability of a well-established financial institution.
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Mortgage Department
United Wholesale Mortgage
As one of the nation's largest mortgage lenders headquartered in Michigan, United Wholesale Mortgage serves the Empire area through their extensive network of mortgage brokers. With over 35 years of experience, UWM is renowned for their competitive rates, fast closing times, and innovative technology platform. They offer a comprehensive range of loan products and are particularly strong in conventional and government-backed loans. Their deep understanding of Michigan's housing market and commitment to supporting local mortgage professionals make them an excellent choice for Empire homebuyers seeking competitive financing options.
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Frequently Asked Questions
Common questions about mortgage lending in Empire, MI
What are the current mortgage rates like in Empire, MI compared to the national average?
Mortgage rates in Empire, MI, are typically very close to the national average. However, for rural properties or unique homes common in the Leelanau Peninsula, some lenders may apply a slight premium due to perceived higher risk. It's best to shop around with both local credit unions and national lenders for the most competitive offer.
Are there any special loan programs for buying a vacation or second home in Empire?
Yes, given Empire's status as a popular tourist destination on the Lake Michigan shore, many lenders offer standard second home and vacation home loans. However, these typically require a higher down payment (often 10-20%) and have slightly stricter debt-to-income requirements compared to a primary residence loan. You will also need to prove the property is suitable for seasonal occupancy.
What should I know about getting a mortgage for a property near the Sleeping Bear Dunes National Lakeshore?
Properties in or adjacent to the National Lakeshore may have specific deed restrictions or be subject to conservation easements that can affect financing. It's crucial to work with a local lender or real estate attorney familiar with these unique covenants to ensure the property is eligible for a conventional mortgage and to understand any long-term limitations.
Are there any local down payment assistance programs for first-time homebuyers in Empire?
While Empire itself is a small village, homebuyers can access statewide Michigan Down Payment and MSHDA (Michigan State Housing Development Authority) programs. These programs offer competitive interest rates and down payment assistance for eligible first-time buyers, but income and purchase price limits apply, which can be challenging given the area's popular real estate market.
How does the seasonal economy in Empire impact the mortgage application process?
If your income is seasonal (e.g., from tourism-related work), lenders will typically require a two-year history of stable seasonal income. They will average your annual earnings over this period rather than using your highest earning season. Providing thorough documentation, including tax returns and proof of off-season employment or unemployment income, is essential for loan approval.
Why Choose a Mortgage Lender in Empire?
Local Market Knowledge
Lenders who understand Empire'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 Empire and get competitive rates on your home loan.