The Best Mortgage Lenders in Washington Island, WI
Compare verified mortgage lenders serving Washington Island, Wisconsin. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Washington Island
Featured Mortgage Lenders
Baylake Bank Mortgage Team
Baylake Bank
As the premier community bank serving Door County for over 125 years, Baylake Bank has deep roots throughout the peninsula including Washington Island. Their mortgage team specializes in waterfront and rural properties common to the island, with local underwriters who understand the unique character of island real estate. They consistently receive top marks for personalized service, competitive rates for second homes and vacation properties, and their ability to navigate the specific challenges of island property financing.
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North Shore Bank Mortgage Division
North Shore Bank
With a strong presence throughout Northeast Wisconsin, North Shore Bank has been serving Door County communities including Washington Island for decades. Their mortgage specialists are particularly skilled with vacation home financing and properties in seasonal communities. They offer local decision-making and understand the unique appraisal considerations for island properties. Customers praise their responsive communication and expertise with both primary residences and investment properties common to the Washington Island market.
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Associated Bank Mortgage Services
Associated Bank
As one of the largest banks operating in Wisconsin, Associated Bank maintains a significant presence in Door County with dedicated mortgage experts who regularly serve Washington Island residents. They offer comprehensive mortgage solutions including specialized programs for rural properties and vacation homes. Their extensive experience with island properties includes understanding ferry access considerations, seasonal occupancy patterns, and the unique insurance requirements for waterfront homes. They receive consistent praise for competitive rates and efficient closing processes.
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Frequently Asked Questions
Common questions about mortgage lending in Washington Island, WI
Are there any special mortgage considerations for buying a property on Washington Island, given its remote island location?
Yes, lenders may have specific requirements due to the island's unique geography. Appraisals can be more complex and costly, as comparable sales are limited and appraisers may need to travel from the mainland. Some lenders may also consider the seasonal economy and ferry-dependent access when evaluating income stability and property value.
What types of properties are most common for mortgages on Washington Island, and does this affect loan options?
Mortgages on Washington Island often involve older homes, cabins, and properties with unique characteristics or acreage. This can affect loan options, as some government-backed loans (like FHA) have strict property condition requirements. For more rustic or non-winterized properties, a renovation loan or a portfolio loan from a local lender familiar with the market may be necessary.
Are there local or state first-time homebuyer programs accessible to Washington Island residents?
Yes, Wisconsin's WHEDA (Wisconsin Housing and Economic Development Authority) programs are available to eligible buyers on Washington Island. These can offer competitive interest rates, down payment assistance, and favorable terms. It's important to work with a lender approved by WHEDA, as not all are, and to account for the program's income and purchase price limits, which are county-based.
How does the seasonal tourism economy of Washington Island impact mortgage approval for local workers?
Lenders will closely scrutinize income for those in tourism, hospitality, or other seasonal trades. You'll typically need to provide a two-year history of seasonal income, and lenders may average your annual earnings rather than using your peak season income. Demonstrating consistent year-over-year employment, even if seasonal, and having strong reserves can significantly help in the approval process.
Do mortgage rates differ for Washington Island compared to mainland Door County or Green Bay?
Rates themselves are generally set by national markets, but the specific loan product and lender you use can create differences. Because Washington Island is a smaller, more specialized market, you may find fewer local lending offices, potentially limiting some options. Working with a regional lender or credit union with experience in Door County can often provide the most relevant products and understanding of local values.
Nearby Cities
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Why Choose a Mortgage Lender in Washington Island?
Local Market Knowledge
Lenders who understand Washington Island'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 Washington Island and get competitive rates on your home loan.