Cedar Falls, IA 50613
Mortgage Company and Lender List

As of March 2025, mortgage rates in Cedar Falls generally range between 5.25% and 6.75% for a 30-year fixed mortgage and between 4.5% to 5.75% for a 15-year fixed mortgage. Rates fluctuate based on market conditions, your credit score, down payment amount, and loan type. For the most accurate and current rates, reach out to local lenders such as Veridian Credit Union, Lincoln Savings Bank or Green Belt Bank & Trust.

FHA loans are likely the easiest to obtain in Cedar Falls. They require a minimum credit score of 580, a down payment as low as 3.5%, and allow for higher debt-to-income ratios than conventional loans. For veterans or service members, VA loans are a great option since they do not require a down payment and are more lenient with credit score requirements.

Avoid telling a mortgage lender you are unsure about your job stability, intentions of selling the house for a profit, plans for using credit cards to renovate the house, or that you have undisclosed debts. Don't provide contradictory information about your finances or ask them to manipulate figures to help you qualify. Always be honest about your financial situation.

In Cedar Falls, credit unions like Veridian usually have the lowest rates for mortgages. Online lenders such as Better Mortgage and Rocket Mortgage could have competitive offers too. However, the lender with the absolute lowest rate changes frequently, and the best rate for you depends on your specific financial profile and loan needs.

The best lender in Cedar Falls depends on your needs. Lincoln Savings Bank excels in customer service, Veridian Credit Union offers competitive rates, and Green Belt Bank & Trust provides specialized local loans. National lenders like Rocket Mortgage provide convenient online services. Consider rates, fees, service quality, and loan options when choosing.

Most lenders in Cedar Falls will lend up to 43-50% of your gross monthly income for all debt payments combined (your debt-to-income ratio). For conventional loans, lenders typically cap loan amounts at $726,200 for single-family homes. Jumbo loans exceed this limit but have stricter qualification requirements including higher credit scores and larger down payments.

A mortgage lender is a financial institution or individual that provides funds to purchase real estate. They evaluate your financial situation, determine how much you can borrow, set interest rates and terms, and distribute the loan funds. After closing, the lender either services your loan or sells it to another company while maintaining ownership of the debt.

The Three Main Types of Mortgage Lenders in Cedar Falls

• Banks and credit unions (like Lincoln Savings Bank and Veridian) that lend their own funds directly to borrowers.
• Mortgage companies (like Ruhl Mortgage) that originate loans but typically sell them to investors.
• Online lenders (such as Rocket Mortgage) that offer digital application processes and may provide competitive rates due to lower overhead costs.

Bank lenders offer various financial products including mortgages, using deposits to fund loans. They may offer relationship discounts if you maintain other accounts with them. Mortgage lenders specialize exclusively in home loans, often providing more flexible qualification criteria and specialized mortgage expertise with potentially faster closings.