The Best Mortgage Lenders in Schofield, WI
Compare verified mortgage lenders serving Schofield, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Schofield
Featured Mortgage Lenders
River Valley Bank Mortgage Team
River Valley Bank
River Valley Bank is a highly-rated regional financial institution with deep roots in central Wisconsin. They have served the Schofield and Wausau metro area for decades with personalized mortgage solutions and local underwriting. Their mortgage team receives exceptional reviews for responsiveness, competitive rates, and guiding borrowers through the entire process. As a community-focused bank, they offer the advantage of local decision-making combined with comprehensive loan products.
Loan Types:
IncredibleBank Mortgage Division
IncredibleBank
While headquartered in Green Bay, IncredibleBank has a strong presence throughout Wisconsin and serves the Schofield area with excellent mortgage services. They consistently receive high marks for their digital mortgage experience, competitive rates, and knowledgeable loan officers. Their "IncredibleClose" process streamlines documentation and communication, making the mortgage experience efficient and transparent. Customers praise their responsiveness and ability to close loans quickly.
Loan Types:
Guild Mortgage Company - Wausau Branch
Guild Mortgage Company
Guild Mortgage has a local branch in nearby Weston that actively serves Schofield homebuyers. As a nationwide lender with local expertise, they offer the best of both worlds - extensive loan programs and local, personalized service. Their loan officers are praised for their expertise in first-time homebuyer programs and government loans. Guild's long-standing reputation and commitment to community lending make them a top choice for Schofield area residents seeking reliable mortgage services.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Schofield, WI
Are there any down payment assistance programs specifically for homebuyers in Schofield, WI?
Yes, homebuyers in Schofield can access statewide programs like WHEDA (Wisconsin Housing and Economic Development Authority) Advantage and Capital Access loans, which offer competitive rates and down payment assistance. These programs are particularly valuable in Schofield's market, where they can help bridge the gap for first-time buyers facing moderate home prices. It's also wise to check with local credit unions, like CoVantage Credit Union, which may offer additional community-specific incentives.
How do property taxes in Schofield, WI, impact my mortgage payments and affordability?
Schofield, located within Marathon County, has a combined property tax rate that is moderately high compared to national averages, which directly affects your monthly escrow payment. For accurate budgeting, you should factor in an effective tax rate of approximately 2.0% to 2.3% of the home's assessed value. Your lender will use the specific tax levy for the property's address to calculate your precise monthly obligation.
What is a typical down payment percentage for a conventional loan on a home in Schofield's current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Schofield successfully secure conventional loans with down payments as low as 3% to 5%, especially for first-time purchases. Given the area's median home price, a lower down payment can be a strategic way to enter the market while preserving savings. Local lenders are familiar with underwriting loans for Schofield's stable, mixed-value housing stock.
Are USDA Rural Development loans available for homes in Schofield, WI?
Yes, most of Schofield qualifies for USDA Rural Development loans, which offer 100% financing (no down payment) to eligible buyers. This is a significant advantage in this community, as it opens homeownership to more buyers despite the city's suburban feel. You must meet income eligibility limits for Marathon County and purchase a home in an eligible zone, which covers nearly the entire area outside the very densest core.
How does the presence of major employers like Kolbe & Kolbe or the nearby Wausau market influence mortgage lending in Schofield?
Lenders view Schofield's stable employment base, anchored by manufacturing and healthcare from the greater Wausau area, positively during the underwriting process. Consistent employment history with these major local employers can strengthen your loan application. Furthermore, the economic stability supports consistent property values, making lenders confident in appraisals for homes in well-maintained Schofield neighborhoods.
Why Choose a Mortgage Lender in Schofield?
Local Market Knowledge
Lenders who understand Schofield'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 Schofield and get competitive rates on your home loan.