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Find the Best Mortgage Lenders in Beaver Dam, WI

A good mortgage rate can make a big difference in your long-term return on investment when purchasing a home in Beaver Dam. WiscNews has partnered with ConsumerAffairs to create this guide by comparing the local popularity and loan availability of 42 businesses and choosing seven favorites from the best mortgage companies in Beaver Dam.

Companies pay ConsumerAffairs to be accredited, and WiscNews and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Compare Beaver Dam Mortgage Brokers and Lenders

Different types of home loans in Beaver Dam

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When choosing a mortgage, it’s important to keep in mind that this will be one of the longest commitments of your life. Mortgage terms typically run up to 30 years, not including any possible refinancing, so you might have to live with your choice for a long time.

Finding a good mortgage can make a big difference in how affordable your new home is, and this starts with choosing the right type of loan. We’ve compiled the main options below to help you compare:

  • Conventional mortgages: A conventional home loan is a type of loan that doesn’t come backed by a government entity. These loans are offered through private lenders or banks and typically come with higher rates and fees, making them a better option for borrowers with stronger financial situations.
  • Jumbo loans: A jumbo mortgage is a type of loan needed for homes over a certain price. In Dodge County, that number is $510,400 at the time of publishing, according to the Federal Housing Finance Agency. However, jumbo loans are not common in Beaver Dam because house prices here are fairly affordable.
  • FHA loans: Also called Federal Housing Administration loans, FHA loans are a type of financing designed for low- to moderate-income borrowers who may have trouble getting approved through traditional lenders. The government backs a portion of each loan to make borrowers more attractive to lenders. Common FHA loan benefits include smaller down payments and better rates.
  • USDA loans: A USDA home loan is a type of government loan backed by the U.S. Department of Agriculture that can be used to purchase a home in a rural or suburban area in Dodge County. These come with no down payment requirement and more competitive terms than some other options.
  • VA loans: VA home loans are insured by the Department of Veterans Affairs for military members, veterans and their families. These loans come with no down payments and no mortgage insurance.
  • Fixed-rate mortgages: A fixed-rate home loan offers a single interest rate for the entirety of your loan. When rates are very low, this is a great type of loan to take advantage of because it can help keep costs low over the course of your whole loan term.
  • Adjustable-rate mortgages: An adjustable-rate mortgage offers an interest rate that changes over the course of the loan term. ARMs are better for when rates are not as good or when you need to have a lower rate at the beginning of a loan even if it may raise eventually.

Average mortgage rates in Beaver Dam

In Wisconsin, mortgage rates at the time of publishing average between 3.08% and 3.5%, according to S&P Global. Your interest rate can depend on a variety of factors, including:

  • How much the home costs
  • Your credit score
  • Your down payment

Some lenders may offer lower interest rates in return for a larger down payment or an upfront payment through mortgage points. If you still can’t find favorable rates, consider working on your credit score or finding a co-signer for the loan.

Beaver Dam home loan FAQ

How much is a house in Beaver Dam?

The cost of a home in Beaver Dam usually range anywhere from $85,000 to $850,000, with the median house price falling at $158,333 at the time of publishing, according to Zillow. Homes along Beaver Dam Lake are usually more expensive, but most borrowers can find a property in their price range here. With close access to Madison, Fond du Lac and other Wisconsin cities, Beaver Dam is growing in popularity with families who want to experience a rural, hometown feel. As the town continues to grow and more individuals move here, prices are expected to continue to rise.

What is a mortgage broker?

A mortgage broker acts as the middleman between borrowers and banks. They gather all of your financial history and preferences to match you with a lender. A mortgage broker can shop multiple rates and options on your behalf, so it’s often easier to work with a reputable broker than shop around for yourself.

What's a good interest rate in Wisconsin?

In Wisconsin, 3.5% or lower is a good interest rate at the time of publishing.

When should you refinance?

It depends. Some say that the right time to refinance is when interest rates are at least 1% lower than your current rate and you plan to stay in your home for another five years. However, you also need to make sure you have enough money in the bank to cover the upfront costs, including application fees and an appraisal.

Beaver Dam mortgage company information

Accredited Partner

First Internet Bank

First Internet Bank offers conventional, fixed-rate, adjustable-rate, FHA, VA and jumbo loans. If you need extra cash on the side, First Internet Bank also offers home equity loans and lines of credit. Its loan officers help guide you through the online application process, too. First Internet Bank’s rates range from 2.2% to 3.5% at the time of publishing.

First Internet Bank Learn More (855) 767-2424
Accredited Partner

Vanderbilt Mortgage and Finance Inc.

With only conventional and FHA loans available, Vanderbilt Mortgage and Finance provides a smaller amount of loan options. However, its Land Home Mortgage makes it possible for you to finance the total cost of a new home, land and improvements under one payment. You have the option to pay monthly or biweekly, and Vanderbilt Mortgage and Finance also offers financing for eScore energy-efficient home improvement projects.

Vanderbilt Mortgage and Finance Inc.
Accredited Partner

ClearPath Lending

ClearPath Lending provides VA, FHA and conventional home loan products. For homeowners who already have a home, refinancing is also available. Each customer receives added support from its Loyalty Program, which keeps them up-to-date on low rates even after closing for added benefits. ClearPath Lending’s conventional mortgages are available for terms of 15 or 30 years and amounts between $453,100 and $679,650 at the time of publishing.

ClearPath Lending

Summit Credit Union

Summit Credit Union is a not-for-profit financial cooperative offering fixed- and adjustable-rate mortgages. Its other products include construction loans, second-home loans, vacation-home loans and investment property loans. Because it services loans locally, you are able to ask questions and seek support throughout the lifetime of your loan. At the time of publishing, the company’s rates range from 2.5% to 3.250%. Summit Credit Union’s area location is at 104 Frances Lane, Beaver Dam, WI 53916.

Summit Credit Union

PNC Bank

PNC Bank offers fixed- and adjustable-rate loans, jumbo mortgages, FHA loans and VA loans. For more unique situations, the bank also provides specialty loans, like a mortgage program specifically designed for medical interns, residents, fellows or doctors who completed their residencies in the last five years. Its digital preapproval process and in-person support helps streamline the homebuying process. PNC Bank is a national lender with a branch at 1801 S. Main St., West Bend, WI 53095.

PNC Bank

Guild Mortgage

With Guild Mortgage, you can select from hundreds of loan products, including conventional, government and down-payment assistance loans. Guild also offers reverse mortgages and financing for customized manufactured homes. Each loan is tailored to your situation and backed by years of experience and support. Guild has a track record of on-time closings, too. Guild Mortgage’s area branch is located at 17 Applegate Court, Ste. 100 & 10, Madison, WI 53713.

Guild Mortgage

Guaranteed Rate

Guaranteed Rate offers digital mortgage options, including fixed-rate mortgages, adjustable-rate loans, jumbo mortgages, FHA loans and VA loans. Interest-only mortgages are also available for borrowers who want to free up their cash flow. With a location in Appleton, you have the option to receive in-person help if you prefer. Visit that Guaranteed Rate branch at 4321 W. College Ave., Ste. 200, Office 247, Appleton, WI 54914.

Guaranteed Rate