The Best Mortgage Lenders in Marion, NY
Compare verified mortgage lenders serving Marion, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Marion
Featured Mortgage Lenders
ESL Federal Credit Union
ESL Federal Credit Union
ESL Federal Credit Union is a highly-rated lender serving the Marion, NY area through its Rochester-based operations, with over a century of experience in the mortgage industry. Known for exceptional customer service, competitive rates, and a strong community focus, ESL offers a wide range of loan products and personalized guidance. Their reputation for reliability and high customer satisfaction makes them a top choice for homebuyers in Wayne County and surrounding regions.
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M&T Bank
M&T Bank Corporation
M&T Bank is a well-established regional bank with a significant presence in upstate New York, including service to Marion, NY. With decades of experience and numerous local branches, they provide comprehensive mortgage solutions, competitive rates, and dedicated customer support. Their extensive network and commitment to the community ensure reliable service for home financing needs in the Rochester metropolitan area.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a local Rochester office that serves Marion, NY, offering a wide array of mortgage products and renowned for fast processing, competitive rates, and high customer satisfaction. Founded in 1996, they have built a strong reputation for personalized service and expertise, making them a preferred choice for homebuyers seeking reliable and efficient financing in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Marion, NY
What are the current mortgage rates like in Marion, NY, and how do they compare to the national average?
Mortgage rates in Marion and the broader Wayne County area typically align closely with national averages, as they are driven by broader economic factors. However, local credit unions like Lyons National Bank or Pathfinder Bank may occasionally offer very competitive rates or promotions for residents. It's always wise to get quotes from both local institutions and national lenders to secure the best deal for your specific financial situation.
Are there any down payment assistance programs specifically for first-time homebuyers in Marion?
Yes, the New York State Homes and Community Renewal (HCR) offers the "Achieving the Dream" program, which provides down payment assistance of up to $15,000 for eligible first-time homebuyers in Wayne County, including Marion. This is a forgivable grant that becomes a zero-interest, deferred loan, forgiven after 10 years of occupancy. You must work with a participating lender and meet income and purchase price limits, which are favorable for the Marion market.
How does the appraisal process work in Marion, given its mix of rural properties and village homes?
Appraisals in Marion require an appraiser familiar with the local nuances, as property types range from older village homes to larger agricultural or rural lots. Comparable sales ("comps") can be less frequent than in urban areas, so the appraiser may need to look at recent sales in nearby towns like Newark or Williamson. This can sometimes lead to valuation challenges, so working with a local lender who uses experienced appraisers is crucial.
What should I know about property taxes and how they affect my mortgage in Marion?
Property taxes in the Town of Marion and the Marion Central School District are a significant component of your monthly mortgage payment, as they are escrowed by the lender. Wayne County has relatively moderate tax rates compared to other parts of New York, but it's essential to get a clear estimate of the annual tax bill for any property you're considering, as it can vary. Your lender will use the current tax bill to calculate your debt-to-income ratio and required escrow payments.
Are USDA Rural Development loans a viable option for homes in Marion, NY?
Absolutely. Much of the area surrounding the village of Marion is eligible for USDA Rural Development loans, which offer 100% financing (no down payment) for qualified buyers. This is a major advantage for purchasing homes on larger lots or in the more rural parts of the town. Eligibility is based on the property location and household income, which for Wayne County is quite generous, making it a popular program for Marion homebuyers.
Why Choose a Mortgage Lender in Marion?
Local Market Knowledge
Lenders who understand Marion'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 New York.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Marion and get competitive rates on your home loan.