The Best Mortgage Lenders in Milton, WI
Compare verified mortgage lenders serving Milton, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Milton
Featured Mortgage Lenders
Waterstone Mortgage
Waterstone Mortgage, Inc.
Waterstone Mortgage is a highly-rated lender known for its competitive rates, personalized service, and extensive experience in the Wisconsin market. Serving Milton and surrounding areas, it offers a wide range of loan products with a focus on customer satisfaction, backed by strong online reviews and a reputation for efficient processing and local expertise.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a nationally recognized lender with a strong local presence in southern Wisconsin, including Milton. It is praised for its exceptional customer service, competitive rates, and diverse loan options. With decades of experience and high customer satisfaction ratings, it provides reliable mortgage solutions and personalized support for homebuyers in the region.
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Summit Credit Union
Summit Credit Union
Summit Credit Union is a member-owned financial institution with excellent ratings for its mortgage services and deep roots in the community. Serving Milton and the broader Rock County area, it offers competitive rates, a variety of loan products, and a commitment to personalized, member-focused service. Its long-standing reputation and high review counts reflect reliability and customer trust.
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Frequently Asked Questions
Common questions about mortgage lending in Milton, WI
Are there any special mortgage programs for first-time homebuyers in Milton, WI?
Yes, the Wisconsin Housing and Economic Development Authority (WHEDA) offers several first-time homebuyer programs with competitive rates, down payment assistance, and flexible credit guidelines that are widely used in Milton. Additionally, local lenders often have knowledge of community-specific grants or programs, such as those from Forward Community Investments, that can assist with closing costs in Rock County.
How do property taxes in Milton impact my mortgage payments and affordability?
Milton, located in Rock County, has a combined property tax rate that is moderately higher than the national average but competitive within Wisconsin. When calculating your monthly mortgage payment, lenders will escrow for these taxes, which typically add a significant amount to your monthly payment. It's crucial to factor this into your budget, as a home's assessed value and the city's mill rate directly affect your long-term housing costs.
What is the typical down payment needed for a home in Milton's market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Milton successfully purchase homes with down payments as low as 3% (conventional) or 3.5% (FHA), especially with the use of WHEDA programs. Given Milton's relatively affordable median home price compared to larger Wisconsin cities, saving for a down payment is often more achievable here, but consulting with a local lender is key to exploring all options.
Does Milton's proximity to Janesville and the Illinois border affect mortgage rates or lending requirements?
Your mortgage rate is primarily based on national financial markets and your personal credit profile, not your city. However, Milton's stable, small-town economy within the broader Janesville-Beloit metro area is viewed favorably by lenders. One specific consideration is that if you work across the state line in Illinois, a lender will carefully underwrite your income stability and commute, but this does not typically disqualify you from favorable rates.
Are there specific considerations for getting a mortgage for a historic home in Milton?
Yes, Milton has several historic properties, particularly in its downtown area. Financing these homes may require a specialized appraisal to confirm value and a thorough home inspection, as lenders need to ensure the property meets minimum property standards. While a conventional loan can be used, some historic homes might benefit from a renovation loan like the FHA 203(k) if updates are needed, so working with a lender experienced in historic properties is advisable.
Why Choose a Mortgage Lender in Milton?
Local Market Knowledge
Lenders who understand Milton'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 Milton and get competitive rates on your home loan.