The Best Mortgage Lenders in Erie, MI
Compare verified mortgage lenders serving Erie, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Erie
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong regional presence in Michigan, serving Erie and surrounding areas. Known for its competitive rates and innovative digital platform, the company has consistently high customer satisfaction ratings. They offer a wide range of loan products and are praised for their efficient processing and personalized service, making them a reliable choice for homebuyers in Monroe County.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly regarded lender with multiple offices in Michigan, including service to Erie. They excel in providing tailored mortgage solutions with a focus on customer education and support. With extensive experience and positive reviews for their responsive loan officers and smooth closing processes, they are a trusted option for both first-time and experienced homebuyers in the region.
Loan Types:
New American Funding
New American Funding
New American Funding is a direct lender with a strong commitment to community lending and diversity, serving Erie and broader Michigan areas. They are recognized for their competitive rates and flexibility in working with borrowers of all backgrounds, including those with less-than-perfect credit. Their dedication to customer service and extensive loan options make them a popular choice for home financing in the area.
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Frequently Asked Questions
Common questions about mortgage lending in Erie, MI
What are the current average mortgage rates for homebuyers in Erie, MI?
Mortgage rates in Erie, MI, typically align with national averages but can be influenced by local economic factors. As of recent data, 30-year fixed rates generally range from the mid-6% to low-7% area, but it's essential to shop around with local lenders like Monroe County credit unions or regional banks for the most competitive, personalized rates based on your credit profile and loan type.
Are there any first-time homebuyer programs available specifically for Erie residents?
Yes, Erie homebuyers may qualify for Michigan State Housing Development Authority (MSHDA) programs, which offer down payment assistance and favorable loan terms for first-time buyers. Additionally, Monroe County may have local grants or programs; we recommend consulting with a mortgage advisor familiar with Erie and Monroe County to explore all available options, including MSHDA's MI Home Loan.
How does Erie's rural setting affect the mortgage process and property eligibility?
Erie's location in a rural part of Monroe County can make some properties eligible for USDA loans, which offer 100% financing—a significant advantage for eligible buyers. However, not all areas qualify, so it's important to verify a property's USDA eligibility with your lender. Also, well and septic inspections may be required, which can add steps to the appraisal process.
What should I know about property taxes in Erie when applying for a mortgage?
Erie property taxes are a key component of your monthly mortgage payment, as they are escrowed by the lender. Monroe County's effective tax rate is around 1.4% of assessed value, which is moderately high for Michigan. Your lender will calculate these into your debt-to-income ratio, so factor in this cost when determining how much house you can afford in Erie.
Are there local lenders in or near Erie that specialize in mortgages for this market?
Yes, working with local lenders such as Monroe County Community Credit Union or banks with branches in Monroe can be beneficial, as they understand Erie's specific market dynamics, including property values in subdivisions versus rural lots. These lenders often provide more personalized service and may have special programs or more flexibility with appraisals and underwriting for local buyers.
Why Choose a Mortgage Lender in Erie?
Local Market Knowledge
Lenders who understand Erie'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 Erie and get competitive rates on your home loan.