The Best Mortgage Lenders in Higgins Lake, MI
Compare verified mortgage lenders serving Higgins Lake, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Higgins Lake
Featured Mortgage Lenders
Mortgage Department
Michigan State University Federal Credit Union
MSUFCU is one of Michigan's largest and highest-rated credit unions, serving members throughout Michigan including the Higgins Lake area. With over 70 years of experience, they offer competitive rates and personalized service. Their mortgage team specializes in both primary residences and vacation properties, making them ideal for the Higgins Lake market. They consistently receive top ratings for customer satisfaction and offer a comprehensive range of loan products with local underwriting expertise.
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Chris Ketchum
Northwood Lending
Northwood Lending is a highly-rated northern Michigan mortgage broker with extensive experience serving the Higgins Lake region. Specializing in waterfront and vacation properties, they offer personalized service and access to multiple lenders for competitive rates. Their team has deep knowledge of the unique requirements for properties in the Higgins Lake area, including seasonal homes and rural properties. They're known for exceptional communication and navigating complex loan scenarios with expertise.
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Robby Gough
Bay Capital Mortgage
Bay Capital Mortgage is a premier mortgage brokerage serving northern Michigan communities including Higgins Lake. They specialize in both primary residences and vacation properties, with particular expertise in the unique needs of lakeside homes. Their team offers personalized service and access to a wide network of lenders to secure competitive rates. They're highly regarded for their responsive communication and ability to handle complex property transactions common in the Higgins Lake area.
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Frequently Asked Questions
Common questions about mortgage lending in Higgins Lake, MI
What are the current mortgage rates like for a home in Higgins Lake, MI?
Mortgage rates in Higgins Lake are generally competitive with national averages, but can be slightly influenced by the seasonal nature of the local market. For waterfront properties, which are common here, you may find that lenders require slightly larger down payments or have specific appraisal requirements, which can indirectly affect the final loan terms. It's best to get quotes from local lenders familiar with Roscommon County.
Are there any special loan programs for buying a seasonal or second home in Higgins Lake?
Yes, given that Higgins Lake is a popular destination for vacation and second homes, many lenders offer specific second home mortgage programs. These typically require a higher down payment (often 10-20%) and may have slightly higher interest rates than primary residence loans. It's crucial to work with a lender experienced in Michigan's recreational property market to navigate these specific requirements.
How does the appraisal process work for a waterfront property on Higgins Lake?
Appraising waterfront properties in Higgins Lake requires specialized expertise, as value is heavily influenced by frontage, water quality, depth, and location on the lake. Lenders will require an appraiser with specific experience in valuing Michigan lakefront properties. The appraisal will compare your property to recent sales of similar waterfront homes, focusing on lake access and quality rather than just square footage.
What should I know about property taxes when getting a mortgage for a Higgins Lake home?
Higgins Lake properties span both Roscommon County and Crawford County, with tax rates varying slightly between them. Waterfront properties typically have higher assessments and taxes due to their premium value. Your lender will estimate property taxes for escrow calculations based on the current taxable value, but it's wise to verify with the local assessor's office, as taxes can significantly impact your overall monthly payment.
Are there any Michigan-specific first-time homebuyer programs available for purchasing in Higgins Lake?
Yes, the Michigan State Housing Development Authority (MSHDA) offers several programs that are available in Higgins Lake, including down payment assistance and favorable loan terms for first-time buyers. However, note that income limits and purchase price caps apply, which might be challenging given Higgins Lake's typically higher property values, especially for waterfront homes. A local mortgage lender can help determine your eligibility.
Nearby Cities
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Why Choose a Mortgage Lender in Higgins Lake?
Local Market Knowledge
Lenders who understand Higgins Lake'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 Higgins Lake and get competitive rates on your home loan.