The Best Mortgage Lenders in Hazel Park, MI
Compare verified mortgage lenders serving Hazel Park, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hazel Park
Featured Mortgage Lenders
DFCU Financial Mortgage Services
DFCU Financial
DFCU Financial is one of Michigan's largest and most respected credit unions with deep roots in the metro Detroit area. Serving Hazel Park residents for decades, they offer highly competitive mortgage rates and exceptional member service. Their mortgage team provides personalized guidance through the entire homebuying process, with special expertise in first-time homebuyer programs and various loan options. Known for their community involvement and member-focused approach, DFCU consistently receives outstanding customer satisfaction ratings and maintains strong local relationships throughout Oakland County.
Loan Types:
Paramount Bank Mortgage Division
Paramount Bank
Paramount Bank has been serving the metro Detroit mortgage market for over three decades with multiple branches throughout Oakland County. They are particularly known for their competitive jumbo loan programs and construction lending expertise. The bank maintains a strong local presence with dedicated mortgage officers who provide personalized service to Hazel Park homebuyers. Their streamlined application process and local underwriting capabilities allow for faster closings, while their commitment to community banking ensures responsive customer service throughout the loan process.
Loan Types:
Quicken Loans/Rocket Mortgage
Rocket Mortgage by Quicken Loans
As America's largest mortgage lender headquartered in Detroit, Rocket Mortgage has revolutionized the home lending industry with their fully digital platform while maintaining strong ties to Michigan communities. They serve Hazel Park residents with cutting-edge technology that simplifies the mortgage process, combined with access to experienced local mortgage bankers. Known for competitive rates and exceptional customer service, they offer a wide range of loan products with fast approval times. Their extensive experience and massive volume allow them to offer some of the most competitive rates in the market while providing personalized support to southeast Michigan homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Hazel Park, MI
What are the current average mortgage rates for homebuyers in Hazel Park, MI?
Mortgage rates in Hazel Park typically align with national averages but can be slightly higher due to Michigan's property insurance costs and local market factors. As of late 2024, conventional 30-year fixed rates in Hazel Park generally range from 6.5% to 7.25%, though rates vary by lender, credit score, and loan type. It's best to compare offers from local credit unions and regional banks who understand the Hazel Park market.
Are there any special first-time homebuyer programs available specifically for Hazel Park residents?
Yes, Hazel Park homebuyers can access the Michigan State Housing Development Authority (MSHDA) loan program which offers down payment assistance and competitive rates. Additionally, Hazel Park's location in Oakland County may qualify buyers for county-specific programs like Oakland County Homeownership Assistance. These programs are particularly valuable given Hazel Park's affordable entry-level housing market.
How does Hazel Park's property tax rate affect my mortgage payments?
Hazel Park has a relatively high property tax rate compared to surrounding communities, currently around 54 mills for city and school taxes. This means your monthly mortgage payment will include a significant escrow portion for property taxes - typically adding $200-$400 more per month than nearby cities with lower millage rates. Lenders will factor this into your debt-to-income ratio during pre-approval.
What types of mortgage loans are most common for Hazel Park's housing market?
Given Hazel Park's median home prices ($150,000-$250,000 range), conventional loans and FHA loans are most prevalent. Many buyers use FHA loans for their lower down payment requirements (3.5%), which works well with Hazel Park's starter home inventory. VA loans are also popular due to the city's proximity to military facilities and veteran population in the Detroit metro area.
Are there any neighborhood-specific mortgage considerations I should know about in Hazel Park?
Yes, some Hazel Park neighborhoods may qualify for special lending programs, particularly areas targeted for revitalization. Lenders may have specific requirements for older homes (common in Hazel Park's 1940s-1950s housing stock) regarding inspections and repairs. Also, properties near the new entertainment district might have different appraisal considerations compared to residential-only areas.
Nearby Cities
Explore mortgage lenders in cities near Hazel Park, MI
Why Choose a Mortgage Lender in Hazel Park?
Local Market Knowledge
Lenders who understand Hazel Park'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 Hazel Park and get competitive rates on your home loan.