The Best Mortgage Lenders in Franklin, MI
Compare verified mortgage lenders serving Franklin, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
Guild Mortgage - Birmingham Branch
Guild Mortgage Company
Guild Mortgage's Birmingham branch serves the Franklin area with exceptional local expertise and consistently earns top ratings for customer service. As an established mortgage lender with deep roots in Oakland County, they offer personalized service with a wide range of loan products. Their team specializes in both purchase and refinance transactions, with particular strength in guiding first-time homebuyers through the process. The local office maintains strong relationships with real estate professionals throughout the Franklin and greater Detroit metro area, ensuring smooth transactions from application to closing.
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First State Bank Mortgage
First State Bank of Michigan
First State Bank of Michigan provides exceptional mortgage services to Franklin residents through their Birmingham location. As a community-focused bank with strong ties to Oakland County, they offer competitive rates and personalized service. Their mortgage team has extensive experience with the unique real estate markets in affluent communities like Franklin, specializing in jumbo loans and construction financing for custom homes. Customers consistently praise their responsive communication and ability to handle complex mortgage scenarios with expertise and local market knowledge.
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Rocket Mortgage
Rocket Mortgage by Quicken Loans
While headquartered in Detroit, Rocket Mortgage serves Franklin and all of Michigan with their industry-leading digital mortgage platform. As the nation's largest mortgage lender, they bring tremendous resources and competitive pricing to Franklin homebuyers and homeowners. Their fully online application process is complemented by local mortgage bankers who understand the Oakland County market. Rocket Mortgage excels in providing quick pre-approvals, competitive rates, and a streamlined digital experience while maintaining the personal touch needed for complex real estate transactions in premium markets like Franklin.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin, MI
What are the current average mortgage rates for homebuyers in Franklin, MI?
Mortgage rates in Franklin typically align with national averages but can be influenced by local market competition. As of late 2023, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rates vary by lender, credit score, and loan type. Working with a local mortgage broker who understands Franklin's specific lender landscape can help secure competitive rates.
Are there any special loan programs available for first-time homebuyers in Franklin?
Yes, Franklin homebuyers can access Michigan State Housing Development Authority (MSHDA) programs offering down payment assistance and favorable terms. Additionally, some Oakland County initiatives may provide supplemental support. These programs are particularly valuable in Franklin's competitive market where median home prices exceed state averages.
How does Franklin's historic district designation affect mortgage lending?
Properties in Franklin's historic district may require specialized lending considerations. Lenders might order additional inspections or appraisals to ensure the home meets preservation standards. Some renovation loans like the FHA 203(k) can be particularly useful for updating historic homes while maintaining their character, though interest rates may be slightly higher.
What unique closing costs should I expect when buying a home in Franklin?
Beyond standard Michigan closing costs, Franklin homebuyers should budget for specific local expenses including village transfer taxes, potentially higher title insurance costs due to older property histories, and comprehensive inspections for mature landscaping and older home systems. These typically add 1-2% to standard closing cost estimates.
How do Franklin's high property values impact jumbo loan requirements?
With median home prices around $800,000, many Franklin purchases require jumbo loans. These typically demand higher credit scores (700+), larger down payments (often 20-30%), and more extensive reserve requirements than conventional loans. Local lenders familiar with Franklin's luxury market can help navigate these stringent requirements effectively.
Nearby Cities
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Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin'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 Franklin and get competitive rates on your home loan.