The Best Mortgage Lenders in Racine, WI
Compare verified mortgage lenders serving Racine, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Racine
Featured Mortgage Lenders
Johnson Bank Mortgage Team
Johnson Bank
Johnson Bank has been serving Racine and southeastern Wisconsin for over 50 years with deep community roots. As a regional bank headquartered in Racine, they offer personalized mortgage services with local decision-making. Their mortgage team provides competitive rates and extensive experience with first-time homebuyer programs, construction loans, and various government-backed loans. Customers consistently praise their responsive service, local expertise, and smooth closing process.
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Landmark Credit Union Mortgage Services
Landmark Credit Union
Landmark Credit Union has been serving Racine County members since 1933 with multiple branches in the area. They offer highly competitive mortgage rates for members and exceptional customer service. Their mortgage specialists provide personalized guidance through the entire homebuying process, with particular strength in first-time homebuyer programs and VA loans. Members consistently rate them highly for their transparent process, local expertise, and community-focused approach.
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Waterstone Mortgage
Waterstone Mortgage Corporation
While headquartered in Pewaukee, Waterstone Mortgage has extensive experience serving Racine homebuyers and is one of Wisconsin's top mortgage lenders. They offer a wide range of loan products with competitive rates and have built a strong reputation for excellent customer service. Their loan officers are praised for their responsiveness, expertise in complex loan scenarios, and efficient closing processes. They maintain high customer satisfaction ratings across multiple review platforms and specialize in both purchase and refinance transactions.
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Frequently Asked Questions
Common questions about mortgage lending in Racine, WI
Are there any special down payment assistance programs for first-time homebuyers in Racine, WI?
Yes, the Wisconsin Housing and Economic Development Authority (WHEDA) offers several programs, including the WHEDA Advantage and WHEDA Conventional loans, which provide competitive rates and low down payment options. Additionally, the City of Racine itself may offer local grant programs through its Community Development Department for income-eligible buyers purchasing within specific neighborhoods to promote revitalization.
How do property taxes in Racine County impact my monthly mortgage payment?
Racine County has a relatively high effective property tax rate, which can significantly increase your total monthly payment. When calculating your mortgage budget, it's crucial to factor in these taxes, as lenders will include them in your escrow account. It's wise to get a precise tax estimate for any property you're considering, as rates can vary between the city, village, and town jurisdictions within the county.
What is the typical down payment needed for a home in Racine's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Racine utilize conventional loans with 3-5% down or FHA loans with 3.5% down, especially given the area's relatively affordable home prices compared to national averages. Local lenders are familiar with these low-down-payment options, which are common for first-time buyers targeting Racine's starter homes.
Are there specific mortgage considerations for buying a historic home in Racine's downtown districts?
Yes, purchasing a historic home in areas like West Racine or the Washington Avenue Historic District may require a specialized inspection and could affect insurance costs and loan eligibility. Some renovation loans, like the FHA 203(k), can be particularly useful for these properties, but you must ensure any renovations comply with local historic preservation guidelines, which can add time and complexity to the process.
How do Racine's economic factors, like manufacturing employment trends, influence mortgage lending?
Lenders closely consider job stability, and in a manufacturing-heavy city like Racine, they may scrutinize employment history and industry trends during underwriting. Having a stable job history with a local employer like CNH Industrial or Foxconn can be favorable. However, buyers in more volatile sectors should be prepared to provide extensive documentation of consistent income to secure the best mortgage terms.
Why Choose a Mortgage Lender in Racine?
Local Market Knowledge
Lenders who understand Racine'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 Racine and get competitive rates on your home loan.