The Best Mortgage Lenders in Ephraim, WI
Compare verified mortgage lenders serving Ephraim, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ephraim
Featured Mortgage Lenders
Nicolet National Bank
Nicolet National Bank
Nicolet National Bank is a highly rated local institution with deep roots in Door County, including Ephraim. Known for personalized service and competitive mortgage rates, they offer a full range of loan products backed by strong community ties and excellent customer satisfaction. Their long-standing presence and focus on rural Wisconsin make them a top choice for homebuyers in the area.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a nationally recognized lender with a robust local presence in Wisconsin, serving Ephraim and Door County. They are praised for their extensive loan options, efficient processing, and exceptional customer service, often highlighted in reviews for making the mortgage process smooth and transparent for borrowers.
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Guaranteed Rate
Guaranteed Rate
Top-rated mortgage lender serving Ephraim, Wisconsin.
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Frequently Asked Questions
Common questions about mortgage lending in Ephraim, WI
Are there any local down payment assistance programs available for homebuyers in Ephraim, WI?
Yes, the Wisconsin Housing and Economic Development Authority (WHEDA) offers several statewide programs, including down payment assistance, that are accessible to Ephraim buyers. Additionally, Door County Economic Development Corporation may have local resources or information on grants for first-time homebuyers. It's crucial to work with a lender experienced in these programs to navigate eligibility, which often includes income limits and property location requirements.
How do seasonal tourism and the second-home market in Door County affect mortgage lending in Ephraim?
Ephraim's popularity as a vacation destination means a significant portion of properties are second homes or investment properties. Lenders typically have stricter requirements for these loan types, including higher down payments (often 10-20% minimum) and slightly higher interest rates compared to primary residence loans. You'll need to provide clear documentation of your primary residence if claiming the Ephraim property as a second home.
What are the unique property appraisal considerations for a home in Ephraim, given its location on the Door Peninsula?
Appraisals in Ephraim must account for factors like shoreline proximity (which can increase value but also require specific insurance), older historic homes common in the village, and the high value of seasonal rental income for investment properties. An appraiser with local Door County expertise is essential to accurately assess value based on these unique market dynamics, which can differ from inland Wisconsin communities.
As a first-time homebuyer in Ephraim, what should I know about property taxes and insurance costs?
Door County property taxes are a significant consideration; while Ephraim's rate is within the county average, the assessed value of waterfront or village-adjacent properties can lead to substantial tax bills. Furthermore, due to its peninsula location, you may need to budget for additional insurance riders for wind or, if on the water, flood insurance, which your lender will require. These escrow costs can significantly impact your total monthly payment.
Are USDA Rural Development loans available for homes in Ephraim, WI?
Most of Ephraim and central Door County are **not** eligible for USDA loans, as the program is designed for rural areas and the map eligibility excludes many populated areas of the peninsula. However, some surrounding townships may qualify. For low-down-payment options in Ephraim itself, buyers should primarily focus on conventional loans with private mortgage insurance (PMI) or the WHEDA programs mentioned earlier.
Nearby Cities
Explore mortgage lenders in cities near Ephraim, WI
Why Choose a Mortgage Lender in Ephraim?
Local Market Knowledge
Lenders who understand Ephraim'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 Wisconsin.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Ephraim and get competitive rates on your home loan.