The Best Mortgage Lenders in Farmington, MI
Compare verified mortgage lenders serving Farmington, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Farmington
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Detroit metropolitan area, including Farmington. Known for its competitive rates and digital mortgage process, the company has earned high customer satisfaction for its efficient service, transparency, and wide range of loan options. With over two decades of experience, they are praised for their responsive loan officers and streamlined application process, making them a reliable choice for homebuyers in Oakland County.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a highly reputable lender with a local branch in Farmington Hills, serving the Farmington area extensively. They are celebrated for their personalized customer service, competitive rates, and expertise in various loan programs, including first-time homebuyer assistance. With nearly three decades in business, Fairway has built a strong track record for reliability, community involvement, and helping clients navigate the mortgage process smoothly, backed by numerous positive reviews highlighting their dedication and efficiency.
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New American Funding
New American Funding
New American Funding is a well-established mortgage lender with a significant presence in Southeast Michigan, including service to Farmington. They are recognized for their diverse loan offerings, focus on underserved communities, and competitive pricing. With over 20 years of experience, the company has garnered high marks for customer service, flexibility, and efforts to simplify the mortgage journey. Their local team in Livonia provides accessible support, and they are known for their innovative tools and commitment to helping borrowers achieve homeownership with confidence.
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Frequently Asked Questions
Common questions about mortgage lending in Farmington, MI
What are the current mortgage rates like in Farmington, MI?
Mortgage rates in Farmington typically align with national averages but can be influenced by local market conditions. Currently, rates for 30-year fixed mortgages in the Farmington area range from 6.5% to 7.25%, depending on credit score, loan type, and down payment amount. It's best to compare rates from multiple local lenders as Farmington's competitive real estate market can sometimes result in slightly better terms for well-qualified buyers.
Are there any first-time homebuyer programs specific to Farmington?
Yes, Farmington homebuyers can access Michigan's statewide programs like MSHDA (Michigan State Housing Development Authority) which offers down payment assistance and favorable loan terms. Additionally, Oakland County, where Farmington is located, provides its own homebuyer assistance programs. These programs are particularly valuable in Farmington's market where median home prices are around $300,000-$350,000.
How does Farmington's property tax rate affect my mortgage payments?
Farmington has a property tax rate of approximately 45-50 mills, which translates to about 4.5-5.0% of your home's taxable value. This means your monthly mortgage payment will include a significant escrow portion for property taxes - typically adding $400-$700 per month to your payment for a median-priced home. Lenders will factor this into your debt-to-income ratio when qualifying you for a loan.
What special considerations should I know about getting a mortgage for Farmington's historic homes?
Financing historic homes in Farmington's designated historic districts requires special attention. You may need a specialized renovation loan like the FHA 203(k) if the home needs updates, and insurance costs can be higher. Lenders often require additional inspections and may have stricter appraisal requirements for these unique properties, which are common in Farmington's charming older neighborhoods.
How competitive is the mortgage pre-approval process in Farmington's housing market?
Farmington's real estate market is quite competitive, making a strong pre-approval essential. Local lenders familiar with Farmington's market trends can provide pre-approval letters that carry more weight with sellers. Given the limited inventory and multiple offer situations common in Farmington, having a fully documented pre-approval (not just pre-qualification) from a reputable local lender significantly strengthens your buying position.
Nearby Cities
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Why Choose a Mortgage Lender in Farmington?
Local Market Knowledge
Lenders who understand Farmington'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 Farmington and get competitive rates on your home loan.