The Best Mortgage Lenders in Lexington, MI
Compare verified mortgage lenders serving Lexington, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lexington
Featured Mortgage Lenders
Blue Water Mortgage Center
Blue Water Credit Union
Blue Water Credit Union's mortgage center is one of the most highly-rated lending institutions serving the Lexington area, with exceptional customer satisfaction ratings. As a community-focused credit union with deep roots in Michigan's Thumb region, they offer personalized service and competitive rates. Their mortgage specialists have extensive experience with rural and waterfront properties common in the Lexington area, and they're known for their responsive communication throughout the loan process. Members consistently praise their local decision-making and flexible lending options.
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First State Bank Mortgage Department
First State Bank
First State Bank has been serving St. Clair County communities for over a century and is a trusted mortgage lender for Lexington residents. Their local mortgage team provides in-person service with deep knowledge of the local real estate market. They excel at construction and lot loans, which are particularly valuable in the Lexington area where new construction and vacant land purchases are common. Customers consistently highlight their straightforward process, local underwriting, and the bank's commitment to the community through competitive rates and flexible terms.
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Michigan Mutual Mortgage Team
Michigan Mutual, Inc.
Michigan Mutual is a well-established mortgage banker that serves the entire state of Michigan, including the Lexington area. They combine the resources of a large lender with personalized service through local loan officers who understand the unique aspects of Michigan's Thumb region. Their portfolio lending program allows for more flexible qualification standards, which benefits self-employed borrowers and those with unique financial situations. The company receives high marks for their efficient processing, competitive rates, and expertise with Michigan-specific property types including rural and seasonal homes.
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Frequently Asked Questions
Common questions about mortgage lending in Lexington, MI
What are the current mortgage rates like in Lexington, MI, and how do they compare to state averages?
Mortgage rates in Lexington typically align closely with Michigan state averages, but can be slightly influenced by the local market's seasonal demand. As a popular waterfront community, rates may be competitive, especially for primary residences. It's best to consult with a local lender who understands the North Thumb region's specific lending landscape for the most accurate, real-time rates.
Are there any special mortgage programs for buying a waterfront property in Lexington?
Yes, purchasing a home on or near Lake Huron in Lexington may involve specific loan considerations. While standard loan programs apply, lenders often require additional appraisals or inspections for flood zones or seawalls. You may need a jumbo loan for higher-value waterfront properties, so it's crucial to work with a lender experienced in coastal Michigan real estate.
What should I know about property taxes when getting a mortgage in Lexington?
Lexington has property tax rates that are generally competitive within St. Clair County. When calculating your mortgage payment, lenders will escrow for taxes based on the home's taxable value, which can be significantly impacted by its proximity to Lake Huron. It's wise to review the most recent tax assessment for any property you're considering, as waterfront homes often carry a higher tax burden.
Are there down payment assistance programs available for first-time homebuyers in Lexington?
First-time homebuyers in Lexington may qualify for Michigan State Housing Development Authority (MSHDA) programs, which offer down payment assistance and favorable loan terms. These programs have income and purchase price limits, which are feasible for many Lexington properties, especially those not directly on the waterfront. A local mortgage broker can help determine your eligibility for these valuable resources.
How does Lexington's seasonal economy affect mortgage approval for a second home?
Lexington's economy is seasonal, with tourism peaking in summer, which can impact income verification for second-home buyers. Lenders may scrutinize your primary income and debt-to-income ratio more closely if you plan to rent the property. It's important to provide thorough financial documentation and potentially work with a lender familiar with vacation home markets in the Great Lakes region.
Why Choose a Mortgage Lender in Lexington?
Local Market Knowledge
Lenders who understand Lexington'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 Lexington and get competitive rates on your home loan.