The Best Mortgage Lenders in Milford, MI
Compare verified mortgage lenders serving Milford, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Milford
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service and competitive rates, serving the Milford area through its Novi branch. With over 27 years in business, they specialize in a wide range of loan products, including first-time homebuyer programs, and have built a strong reputation for reliability and personalized service. Their high ratings and numerous positive reviews highlight their commitment to customer satisfaction and community involvement in Oakland County.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly reputable lender with a strong presence in the Detroit metropolitan area, including Milford. Founded in 2003, they offer a comprehensive suite of mortgage products and are praised for their competitive rates, efficient processing, and dedicated customer support. With 20 years of experience, they have consistently high ratings and a track record of helping borrowers navigate the home loan process smoothly, making them a trusted choice for Oakland County residents.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally recognized mortgage lender with a robust local office in Southfield that serves the Milford area. Since 2000, they have been known for their innovative digital tools, competitive rates, and extensive loan options. Their high customer ratings reflect a focus on transparency and efficiency, with many reviews highlighting quick closings and excellent communication. As an established lender with over two decades of experience, they are a reliable option for homebuyers in Southeast Michigan.
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Frequently Asked Questions
Common questions about mortgage lending in Milford, MI
What are the current mortgage rates like for homebuyers in Milford, MI?
Mortgage rates in Milford typically align with national averages but can be influenced by local market competition. Currently, rates for 30-year fixed mortgages in the Milford area range from the mid-6% to low-7% range, though this varies by lender, loan type, and borrower qualifications. It's wise to compare rates from both local Michigan lenders and national institutions to secure the best terms.
Are there any first-time homebuyer programs specifically available in Milford?
Yes, Milford homebuyers can access Michigan State Housing Development Authority (MSHDA) programs, which offer down payment assistance and competitive interest rates for first-time buyers. Additionally, some Oakland County initiatives may provide additional support. These programs are particularly valuable in Milford's competitive market where saving for a down payment can be challenging.
How does Milford's housing market competition affect the mortgage pre-approval process?
Given Milford's desirable location and competitive housing market, having a strong pre-approval is crucial. Sellers often prioritize buyers with solid pre-approvals from reputable lenders, and you may need to act quickly when making offers. Working with a local lender who understands Milford's market dynamics can give you an advantage in multiple-offer situations.
What unique property considerations should I discuss with my mortgage lender when buying in Milford?
Milford's mix of historic downtown properties and newer subdivisions means you should discuss specific considerations with your lender, including older home inspections, well and septic requirements for rural properties, and potential HOAs in newer developments. These factors can influence loan eligibility, appraisal requirements, and insurance costs in the Milford area.
Are there any local property tax considerations that affect mortgage payments in Milford?
Yes, Milford property taxes are relatively moderate for Oakland County but still impact your overall mortgage payment. Current rates are approximately 40-45 mills, meaning you'll pay about $40-$45 per $1,000 of taxable value annually. Your lender will factor these taxes into your escrow calculations, and it's important to understand how Milford's assessment practices might affect your monthly payment.
Why Choose a Mortgage Lender in Milford?
Local Market Knowledge
Lenders who understand Milford'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 Milford and get competitive rates on your home loan.