The Best Mortgage Lenders in Madison, MO
Compare verified mortgage lenders serving Madison, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Madison
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong presence in Missouri, serving Madison and surrounding areas through its St. Louis office. Known for competitive rates and a digital-friendly process, they excel in customer satisfaction with numerous awards for service excellence. Their extensive loan options and efficient closing times make them a preferred choice for homebuyers in rural and urban markets alike.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its community-focused approach and rapid loan processing, serving Madison, MO from its St. Louis branch. With an emphasis on personalized service and local outreach, they have built a reputation for reliability and transparency. Customers praise their responsive loan officers and ability to handle unique financing needs, making them a standout for both purchase and refinance loans.
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New American Funding
New American Funding, LLC
New American Funding offers a wide range of mortgage products with a commitment to diversity and inclusion, effectively serving the Madison area from their Chesterfield location. They are praised for competitive rates, educational resources, and dedicated support for first-time and low-income buyers. Their strong customer service record and adaptability to market changes make them a trusted lender in Missouri.
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Frequently Asked Questions
Common questions about mortgage lending in Madison, MO
What are typical mortgage rates for homebuyers in Madison, MO, and how do they compare to state averages?
Mortgage rates in Madison, MO, are generally aligned with national and state averages, but can be slightly influenced by the rural nature of the county. As a smaller market, working with a local lender who understands the area's property types (like older homes or acreages) is key to securing a competitive rate. It's common to see rates for a 30-year fixed mortgage within 0.125% to 0.25% of the Missouri average.
Are there any down payment assistance programs specifically for buyers in Madison, MO?
While Madison itself doesn't offer a city-specific program, homebuyers in Monroe County can access statewide Missouri Housing Development Commission (MHDC) programs. These include the First Place Loan and Next Step Loan, which offer competitive interest rates and down payment assistance for eligible first-time and repeat buyers, making homeownership more accessible in this affordable market.
How does appraising rural properties or acreages around Madison, MO, affect the mortgage process?
Appraising properties with land outside the town limits can be more complex in Madison. Lenders may require appraisers with specific expertise in valuing rural properties, which can sometimes lead to longer timelines or unique valuation challenges compared to a standard city lot. It's crucial to work with a lender experienced in rural Missouri to navigate this process smoothly.
What should I know about property taxes and insurance when budgeting for a mortgage in Madison, MO?
Property taxes in Monroe County are relatively low compared to urban areas, which can positively impact your total monthly payment. However, if your property includes a well, septic system, or is outside city fire protection zones, you may need to budget for additional insurance riders or specific inspections, which your lender will require.
As a first-time homebuyer in Madison, what local lenders are most familiar with the market?
For the most personalized service, consider local community banks or credit unions with branches in Monroe County, such as Exchange Bank of Missouri or Community State Bank. These institutions have deep knowledge of the local real estate market, understand the value of older homes common in Madison, and can often provide more flexible underwriting for properties that might not fit a large national bank's strict criteria.
Nearby Cities
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Why Choose a Mortgage Lender in Madison?
Local Market Knowledge
Lenders who understand Madison'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 Missouri.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Madison and get competitive rates on your home loan.