The Best Mortgage Lenders in Frankfort, MI
Compare verified mortgage lenders serving Frankfort, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Frankfort
Featured Mortgage Lenders
Cherryland Mortgage
Cherryland Mortgage
Cherryland Mortgage is a premier Northern Michigan lender with deep roots in the region, serving Frankfort and surrounding communities for over 25 years. They consistently earn exceptional ratings for their personalized service, local market expertise, and competitive rates. As a locally-owned mortgage company, they specialize in waterfront properties, vacation homes, and primary residences throughout the Benzie County area. Their team of experienced loan officers provides customized solutions with exceptional attention to detail and deep understanding of Northern Michigan's unique real estate market.
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Honor Bank
Honor Bank Mortgage
Honor Bank has been serving the Frankfort and Benzie County community for over a century, offering deeply rooted local expertise and personalized mortgage services. Their mortgage team provides comprehensive lending solutions with the advantage of local decision-making and community-focused service. They excel at understanding the unique needs of Northern Michigan homeowners, including seasonal properties and primary residences. With multiple branches throughout the region, they offer convenient local service combined with competitive rates and flexible loan options tailored to the local market.
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Michigan Mortgage Solutions
Michigan Mortgage Solutions, LLC
Michigan Mortgage Solutions is a highly-rated mortgage broker serving Frankfort and the entire Northwest Michigan region with exceptional customer service and competitive loan options. They leverage relationships with multiple lenders to secure the best rates and terms for their clients. Specializing in both primary residences and vacation properties, they have extensive experience with the unique aspects of Benzie County real estate. Their team is praised for responsive communication, thorough guidance through the mortgage process, and creative problem-solving for complex financing situations common in the Northern Michigan market.
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Frequently Asked Questions
Common questions about mortgage lending in Frankfort, MI
What are current mortgage rates like in Frankfort, MI compared to state averages?
Frankfort mortgage rates typically align closely with Michigan state averages, though they can be slightly higher than national averages due to the seasonal nature of the local economy. As of 2024, rates for 30-year fixed mortgages in the Frankfort area generally range between 6.5-7.25%, but can vary based on property type and location within the coastal community.
Are there any special mortgage considerations for buying waterfront property in Frankfort?
Yes, waterfront properties in Frankfort often require additional considerations including higher down payments (sometimes 20-25%), specialized insurance for coastal properties, and potentially stricter appraisal requirements. Lenders may also consider factors like shoreline erosion and flood zone designations when underwriting loans for Lake Michigan properties.
What local down payment assistance programs are available for Frankfort homebuyers?
While Frankfort itself doesn't offer city-specific programs, Benzie County residents can access Michigan State Housing Development Authority (MSHDA) programs, including down payment assistance up to $10,000. Additionally, some local lenders partner with MSHDA to offer special terms for first-time homebuyers in the Frankfort area.
How does Frankfort's seasonal economy affect mortgage qualification?
Frankfort's tourism-driven seasonal economy can impact mortgage qualification for those with seasonal employment. Lenders typically require a two-year history of seasonal work and may average your income across those years. Self-employed individuals in seasonal businesses should have thorough documentation of their income history when applying.
What should I know about property taxes when getting a mortgage in Frankfort?
Frankfort property taxes are relatively moderate for Michigan, typically ranging from 1.2-1.6% of taxable value. However, properties within the city limits may have slightly higher millage rates than surrounding townships. Your lender will factor these taxes into your debt-to-income ratio and may require establishing an escrow account.
Why Choose a Mortgage Lender in Frankfort?
Local Market Knowledge
Lenders who understand Frankfort'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 Frankfort and get competitive rates on your home loan.