The Best Mortgage Lenders in Milwaukee, WI
Compare verified mortgage lenders serving Milwaukee, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Milwaukee
Featured Mortgage Lenders
Waterstone Mortgage
Waterstone Mortgage Corporation
Waterstone Mortgage is a highly-rated lender based in the Milwaukee metropolitan area, known for its strong local presence and personalized service. With over two decades of experience, they excel in offering competitive rates and a wide range of loan products, including specialized options for first-time homebuyers. Their high customer satisfaction ratings stem from efficient processing, transparent communication, and a commitment to guiding clients through the mortgage process, making them a top choice for Milwaukee residents seeking reliable financing.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally recognized mortgage lender with a strong local office in Milwaukee, praised for its innovative digital tools and exceptional customer service. They offer a seamless online application process combined with in-person support, ensuring competitive rates and fast closings. Their extensive experience and high review counts reflect a reputation for reliability, with loan officers dedicated to providing tailored solutions for homebuyers in the Milwaukee area, including various loan types to meet diverse needs.
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Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built a solid reputation in Milwaukee for its community-focused approach and extensive loan options. With nearly three decades in business, they are known for competitive rates, flexible terms, and a customer-centric process that includes dedicated support from application to closing. Their high ratings and substantial review count highlight consistent satisfaction among local homebuyers, thanks to their expertise in handling various mortgage scenarios and commitment to making homeownership accessible.
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Frequently Asked Questions
Common questions about mortgage lending in Milwaukee, WI
Are there any special first-time homebuyer programs available in Milwaukee?
Yes, Milwaukee homebuyers have access to several local programs. The City of Milwaukee offers the HOME GRANT/LOAN Program, which provides down payment and closing cost assistance. Additionally, WHEDA (Wisconsin Housing and Economic Development Authority) offers below-market-rate loans and grants specifically for Wisconsin residents, which are very popular among first-time buyers in the city.
How does Milwaukee's property tax rate affect my mortgage payment and affordability?
Milwaukee County has some of the highest property tax rates in Wisconsin, which significantly impacts your total monthly payment. When calculating affordability, lenders will include these taxes in your debt-to-income ratio. It's crucial to budget for this, as the annual tax on a median-priced home can add several hundred dollars to your monthly escrow payment compared to surrounding suburbs.
What is the typical down payment required for a mortgage on a Milwaukee duplex, given the city's many two-family homes?
For an owner-occupied duplex in Milwaukee, you can typically secure a conventional loan with a 15% down payment, or an FHA loan with just 3.5% down. Lenders in Milwaukee are very familiar with financing these properties, as they are a staple of the local housing stock. The rental income from the second unit can often be used to help you qualify for a larger loan amount.
Are there specific loan programs or considerations for buying a home in one of Milwaukee's historic neighborhoods, like the East Side or Washington Heights?
Yes, special considerations apply. If the home is designated as historic or is in a local historic district, you may be eligible for a Milwaukee Historic Homeowner Loan Program, which offers favorable terms for rehabilitation. Furthermore, appraisals for these older homes must carefully account for the unique architecture and potential maintenance costs, which can affect the loan process.
How competitive is the mortgage market in Milwaukee, and what are current interest rates typically like here?
Milwaukee's mortgage market is competitive with many local and national lenders vying for business, which can work to a borrower's advantage. While rates are primarily set by national markets, local credit unions like Landmark Credit Union often offer very competitive terms. As of late 2023, rates in Milwaukee generally align with the national average, but your specific rate will depend heavily on your credit profile and loan type.
Nearby Cities
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Why Choose a Mortgage Lender in Milwaukee?
Local Market Knowledge
Lenders who understand Milwaukee'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 Milwaukee and get competitive rates on your home loan.