The Best Mortgage Lenders in Franklin, VT
Compare verified mortgage lenders serving Franklin, Vermont. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
Vermont Federal Credit Union Mortgage Team
Vermont Federal Credit Union
Vermont Federal Credit Union stands out as one of Vermont's most trusted mortgage lenders with deep community roots and extensive experience serving the entire state, including Franklin. As a member-owned financial cooperative, they prioritize competitive rates and personalized service over profits. Their mortgage team receives consistently excellent reviews for guiding borrowers through the entire process with transparency and local expertise. They offer specialized programs for first-time homebuyers and have strong relationships with local real estate professionals throughout Franklin County.
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Union Bank Mortgage Department
Union Bank
Union Bank has been serving Vermont communities for over 130 years with a strong physical presence in Lamoille County, which directly serves the Franklin area. Their mortgage department is praised for local decision-making and understanding Vermont's unique housing market. Customers consistently highlight their responsive service, competitive rates, and the advantage of working with lenders who understand rural property financing. They maintain multiple branches throughout the region and have built long-standing relationships with Franklin County homebuyers and builders.
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Vermont Mortgage Company
Vermont Mortgage Company
Vermont Mortgage Company specializes exclusively in mortgage lending and has built an outstanding reputation across Vermont, including consistent service to Franklin area homebuyers. As a dedicated mortgage brokerage, they work with multiple lenders to find the best possible terms for each borrower's situation. Their team receives exceptional reviews for expertise with rural development loans, creative financing solutions, and navigating complex property situations common in Franklin County. They're particularly noted for their educational approach and commitment to finding the right mortgage product for each client's needs.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin, VT
Are there any special mortgage programs for first-time homebuyers in Franklin, VT?
Yes, the Vermont Housing Finance Agency (VHFA) offers several programs, including MOVE and ASSIST, which provide competitive interest rates and down payment assistance. These programs are particularly valuable in Franklin, where median incomes may be lower than in Chittenden County, helping local buyers overcome the initial cost barrier to homeownership.
How does the rural nature of Franklin, VT, affect the mortgage appraisal process?
Appraisals in Franklin can be more complex due to the scarcity of recent, comparable home sales in a rural market. Lenders may need to use comparables from a wider geographic area, which can sometimes impact the appraised value. It's wise to work with a lender experienced in rural Vermont properties to navigate this process smoothly.
What are typical property taxes like in Franklin, VT, and how do they impact my mortgage payment?
Franklin has a municipal property tax rate, which is combined with the Franklin County and local school district rates. While generally lower than in more urban parts of Vermont, these taxes are a significant part of your monthly escrow payment. Your lender will calculate this into your Debt-to-Income ratio, so it's crucial to get an accurate estimate early in the process.
Are USDA Rural Development loans a common option for mortgages in Franklin, VT?
Absolutely. Given Franklin's designation as a rural area, many buyers here qualify for USDA loans, which offer 100% financing with no down payment. This is a highly attractive program for eligible buyers in Franklin, as it directly addresses the challenge of saving for a down payment in a lower-wage rural economy.
How competitive is the mortgage market in Franklin, and should I use a local lender?
While you can use national lenders, working with a local Vermont bank or credit union is often advantageous. They have a better understanding of the local Franklin County market conditions, appraisal challenges, and can provide more personalized service. Local lenders may also have more flexibility with portfolio loans for unique properties common in the area.
Nearby Cities
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Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin'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 Vermont.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Franklin and get competitive rates on your home loan.