The Best Mortgage Lenders in Lakeland, MI
Compare verified mortgage lenders serving Lakeland, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lakeland
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender renowned for its exceptional customer service, competitive rates, and extensive loan options. With nearly three decades of experience, they have built a strong reputation for reliability and transparency, serving Lakeland and all of Southeastern Michigan. Their local presence in Novi ensures personalized attention and efficient processing, backed by high customer satisfaction scores and numerous industry awards.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its innovative digital tools and dedicated customer support, streamlining the mortgage process for homebuyers in Lakeland. Founded in 2008, they emphasize community engagement and offer flexible loan products with competitive terms. Their strong regional presence in Michigan, including offices in Livonia, ensures accessible service and a track record of positive reviews for responsiveness and reliability.
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Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans provides a wide range of mortgage solutions with a focus on customer-centric service and adaptable lending options. Established in 2008, they have grown into a trusted lender in Michigan, known for their knowledgeable staff and efficient loan processing. Serving Lakeland from their Troy office, they offer competitive rates and have consistently high ratings for customer satisfaction and professional guidance.
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Frequently Asked Questions
Common questions about mortgage lending in Lakeland, MI
What are the current average mortgage rates for homebuyers in Lakeland, MI?
Mortgage rates in Lakeland typically align with national averages but can vary based on local lenders and property types. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rural properties common in Lakeland might see slightly higher rates. It's best to compare offers from local credit unions like Lake-Osceola State Bank along with national lenders for the most competitive rates.
Are there any special mortgage programs for first-time homebuyers in Lakeland?
Yes, Michigan State Housing Development Authority (MSHDA) programs are available to Lakeland homebuyers, offering down payment assistance and competitive rates. Additionally, some local lenders provide special programs for properties in rural Oakland County areas like Lakeland. These programs can be particularly valuable given Lakeland's mix of waterfront and rural properties that might otherwise require larger down payments.
How does Lakeland's rural location and lakefront properties affect mortgage requirements?
Lakeland's numerous lakes and rural character can impact lending requirements, as lenders often consider waterfront properties higher risk and may require additional inspections or higher down payments. Properties on all-sports lakes like Cass Lake might need flood insurance, which affects overall mortgage qualification. Lenders familiar with the area understand these local considerations better than national banks without local presence.
What should I know about property taxes when getting a mortgage in Lakeland?
Lakeland properties fall under Waterford Township taxation, with current millage rates around 45-50 mills, resulting in typical annual taxes of $3,000-$6,000 depending on property value. Your mortgage lender will escrow these taxes, and it's important to factor in that lakefront properties often have higher assessments. Recent property value increases around the Chain of Lakes have led to rising tax burdens for new buyers.
Are USDA loans available for Lakeland homebuyers given its rural character?
Yes, most of Lakeland qualifies for USDA rural development loans due to its location in Oakland County's rural northwest sector. These zero-down-payment loans are particularly valuable in Lakeland where median home prices are around $350,000. However, income limits apply, and properties must meet USDA eligibility requirements, which most single-family homes in the area do qualify for.
Why Choose a Mortgage Lender in Lakeland?
Local Market Knowledge
Lenders who understand Lakeland'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 Lakeland and get competitive rates on your home loan.