The Best Mortgage Lenders in Ray, MI
Compare verified mortgage lenders serving Ray, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ray
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly regarded mortgage lender with a strong regional presence in Southeast Michigan, serving Ray and surrounding areas. Known for its competitive rates, innovative digital mortgage platform, and exceptional customer service, the company has built a reputation for efficiency and transparency. With over two decades of experience, they offer a wide range of loan products and have consistently high customer satisfaction ratings, making them a top choice for homebuyers in Macomb County.
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New American Funding
New American Funding, LLC
New American Funding is a top-rated mortgage lender with a dedicated local office in Troy, providing comprehensive services to Ray and the broader Detroit metropolitan area. They are praised for their diverse loan options, including specialized programs for first-time buyers and underserved communities, and have a strong track record of customer satisfaction. With over 20 years in business, they combine personalized service with competitive rates, backed by numerous positive reviews highlighting their responsiveness and expertise.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a well-established lender with a strong local presence in Southeast Michigan, serving clients in Ray and nearby communities. They are recognized for their personalized approach, extensive loan portfolio, and commitment to customer education, which helps borrowers make informed decisions. With decades of experience and a focus on building long-term relationships, they have earned high marks for reliability and service, making them a trusted option for mortgages in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Ray, MI
What are the current average mortgage rates for homebuyers in Ray, MI?
Mortgage rates in Ray typically align with national averages but can be influenced by local economic factors. As of late 2023, you might see 30-year fixed rates around 6.5-7% and 15-year fixed rates around 5.75-6.25%. It's best to check with local Ray lenders like Community Choice Credit Union or Independent Bank for the most current rates specific to Macomb County.
Are there any first-time homebuyer programs specifically available in Ray, MI?
Yes, Ray homebuyers can access Michigan State Housing Development Authority (MSHDA) programs which offer down payment assistance and favorable loan terms. Additionally, Macomb County offers the HOME Investment Partnership Program which provides up to $10,000 in down payment assistance for qualified buyers in Ray and surrounding areas.
How does Ray's rural location affect mortgage lending requirements?
Ray's semi-rural location in Macomb County may qualify some properties for USDA rural development loans, which offer 100% financing with no down payment required. However, properties must meet specific USDA eligibility criteria, so it's important to work with a lender experienced in Ray's unique mix of rural and suburban property types.
What special considerations should I know about property taxes when getting a mortgage in Ray?
Ray Township has a property tax rate of approximately 1.25% of the property's taxable value, which is relatively moderate for Southeast Michigan. Your lender will typically require you to escrow property taxes, and it's important to factor in potential tax increases since Macomb County reassesses property values annually.
Are there any local Ray programs that help with closing costs?
While Ray Township doesn't have its own municipal programs, Macomb County offers closing cost assistance through various housing initiatives. Some local credit unions serving the Ray area, such as T&C Federal Credit Union, also offer closing cost grants or reduced fees for members who live or work in the community.
Why Choose a Mortgage Lender in Ray?
Local Market Knowledge
Lenders who understand Ray'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 Ray and get competitive rates on your home loan.