The Best Mortgage Lenders in Somerset, WI
Compare verified mortgage lenders serving Somerset, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Somerset
Featured Mortgage Lenders
Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union stands out as a top-rated mortgage lender serving the Somerset area with exceptional customer satisfaction ratings. As a member-owned financial cooperative, they offer highly competitive rates and personalized service that larger national banks often can't match. Their mortgage advisors provide comprehensive guidance through the entire home buying process, with special expertise in first-time homebuyer programs and various government-backed loans. With deep roots in the Wisconsin-Minnesota region and multiple nearby branches, they understand the local real estate market dynamics and offer flexible financing solutions tailored to Somerset residents' needs.
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Bremer Bank Mortgage
Bremer Bank
Bremer Bank has established itself as a premier mortgage lender in western Wisconsin with strong local presence in communities surrounding Somerset. Their mortgage team combines decades of collective experience with deep knowledge of the St. Croix Valley housing market. Customers consistently praise their responsive communication, streamlined application process, and competitive rate offerings. As a regional bank with community-focused values, Bremer provides personalized mortgage solutions with local underwriting and decision-making, ensuring Somerset homebuyers receive attentive service from application through closing and beyond.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation consistently ranks among the highest-rated mortgage lenders nationwide and maintains a strong local presence serving the Somerset area through their Hudson branch. Their team of experienced loan officers specializes in creating customized mortgage solutions with exceptionally competitive rates and flexible terms. Customers frequently highlight their efficient processing, transparent communication, and ability to close loans quickly. With extensive experience in both Wisconsin and Minnesota mortgage markets, they offer comprehensive loan options including specialized programs for rural properties common in the Somerset region, making them an excellent choice for local homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Somerset, WI
What are the current mortgage rates like in Somerset, WI, and how do they compare to the national average?
Mortgage rates in Somerset are generally aligned with national averages, but local lenders may offer competitive terms. As a growing community in St. Croix County, rates can be influenced by local market demand and the property's proximity to rural vs. developed areas. It's advisable to compare offers from both local credit unions, like Royal Credit Union, and national lenders for the best deal.
Are there any down payment assistance or first-time homebuyer programs specifically for Somerset residents?
Yes, the Wisconsin Housing and Economic Development Authority (WHEDA) offers statewide programs accessible to Somerset buyers, including low down payment options and competitive rates. Additionally, St. Croix County or the City of Somerset may occasionally have local grants or programs; checking with the Somerset Community Development office is recommended for any hyper-local initiatives.
How does the appraisal process work for a home in Somerset, especially given its mix of rural and suburban properties?
Appraisals in Somerset must account for its unique character, where a property might have rural acreage yet be near suburban amenities. Appraisers will use comparable sales ("comps") from Somerset and similar nearby communities like New Richmond or Hudson. Unique features like river access, larger lots, or outbuildings common in the area are carefully evaluated, which can impact the final valuation.
What should I know about property taxes and insurance when calculating my mortgage payment in Somerset?
St. Croix County property taxes are a key component; Somerset's 2023 mill rate was approximately 22.87, which is competitive within the region. For insurance, due to Somerset's location along the Apple River and in a region with seasonal storms, lenders may require specific flood zone determinations or wind/hail coverage, which can affect your overall monthly escrow payment.
Are USDA Rural Development loans a viable option for homebuyers in Somerset, WI?
Absolutely. Much of Somerset qualifies for USDA Rural Development loans, which offer 100% financing with no down payment. This is a popular and advantageous option for the area, as Somerset maintains a rural designation despite its growth. A local lender can confirm specific property eligibility using the USDA's online eligibility map.
Nearby Cities
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Why Choose a Mortgage Lender in Somerset?
Local Market Knowledge
Lenders who understand Somerset'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 Somerset and get competitive rates on your home loan.