The Best Mortgage Lenders in Oakland, MI
Compare verified mortgage lenders serving Oakland, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Oakland
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Detroit metropolitan area, including Oakland, MI. Known for its competitive rates and efficient online application process, the company has built a reputation for high customer satisfaction and reliability. With over two decades of experience, they offer a wide range of loan products and personalized service, supported by numerous positive reviews highlighting their responsiveness and expertise in navigating complex mortgage scenarios.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender with a significant footprint in Michigan, serving Oakland and surrounding areas. Founded with a focus on community engagement and customer service, they are praised for their streamlined processes and dedicated loan officers. Their commitment to fast closings and transparent communication has earned them strong ratings and loyal clients, making them a preferred choice for homebuyers seeking reliable and competitive mortgage solutions.
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loanDepot
loanDepot, LLC
loanDepot is a nationally recognized mortgage lender with a robust presence in Oakland County, offering a variety of loan options tailored to individual needs. Known for their innovative technology and competitive pricing, they provide a seamless borrowing experience from application to closing. With a focus on customer satisfaction and a track record of positive reviews, loanDepot excels in serving both first-time and experienced homebuyers with efficiency and expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Oakland, MI
What are the current mortgage rates like for homes in Oakland, MI?
Mortgage rates in Oakland, MI, typically align with national averages but can vary based on local market conditions and lender competition. As of recent trends, rates for a 30-year fixed mortgage in the area generally range from the mid-6% to low-7% range. It's wise to compare offers from local credit unions and regional banks, as they sometimes provide competitive rates for Oakland County residents.
Are there any first-time homebuyer programs specific to Oakland, MI?
Yes, Oakland County offers the "Oakland County Homebuyer Assistance Program," which provides down payment assistance up to $10,000 for eligible first-time buyers. This program is a zero-interest, deferred loan that is forgiven after five years of occupancy. Additionally, Michigan's MSHDA programs are widely accessible in Oakland and offer competitive rates and down payment assistance for qualifying buyers.
How does Oakland's property tax system affect my mortgage payments?
Oakland County has property tax rates that vary by township but generally fall between 1.2% and 1.8% of the home's taxable value. These taxes will be included in your monthly escrow payment as part of your mortgage, so it's important to budget accordingly. Recent increases in home values have led to higher tax assessments, so consult with a local lender to estimate the full PITI (Principal, Interest, Taxes, Insurance) payment.
What types of loans are most common for Oakland homebuyers given the local market?
Conventional loans are popular in Oakland due to the area's stable housing market and moderate home prices, which often don't require jumbo financing. FHA loans are also common for buyers with smaller down payments, particularly in more affordable Oakland neighborhoods. VA loans are frequently used by military families, with several veteran-friendly lenders operating in the county.
How competitive is the mortgage lending environment in Oakland, MI?
Oakland's mortgage market is quite competitive with numerous local and national lenders vying for business, which can work to the borrower's advantage. You'll find particularly strong competition among local credit unions and community banks who often offer special programs for Oakland residents. This competition means buyers should shop around for the best terms, especially during peak homebuying seasons in spring and summer.
Nearby Cities
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Why Choose a Mortgage Lender in Oakland?
Local Market Knowledge
Lenders who understand Oakland'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 Oakland and get competitive rates on your home loan.