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Find the Best Mortgage Lenders in Sioux City, IA

With the right mortgage, getting a new Sioux City home can be simple and affordable. The Sioux City Journal has partnered with ConsumerAffairs to create this guide by comparing the consumer reviews and loan availability of 60 businesses and choosing 10 favorites from the best mortgage companies in Sioux City.

Companies pay ConsumerAffairs to be authorized, and the Sioux City Journal 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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Different types of home loans in Sioux City

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With so many things to consider when buying a home, finding the right type of mortgage can seem daunting. However, the specifics of your mortgage, including interest rates, loan terms and down payments, significantly affect how much you pay in total, so it’s worth getting them right.

To help your search, here a few of the most common types of mortgages:

  • Conventional mortgages: A conventional home loan is a type of mortgage offered by private lenders that is not backed by the government. They are one of the most common types of home loans because they are flexible and more people are eligible to receive them.
  • Fixed-rate mortgages: A fixed-rate mortgage is a type of loan with a static interest rate throughout the loan term. A fixed-rate home loan is a good option if you’re buying your home when rates are relatively low and you want consistent budgeting in the future.
  • Adjustable-rate mortgages: Adjustable-rate mortgages have interest rates that increase or decrease over time, depending on the market. ARMs often come with a fixed introductory period where interest rates are low. After that period, rates usually go up, though. These loans are better for borrowers that want more flexibility and lower payments at the beginning of their loan periods, like new parents or young professionals.
  • Jumbo loans: Jumbo mortgages are needed for homes over the conforming loan limit. In Woodbury County, the jumbo loan limit is $510,400 at the time of publishing, according to the Federal Housing Finance Agency. However, with house prices so low here, it’s not common for residents to need a jumbo mortgage in Sioux City.
  • FHA loans: A Federal Housing Administration-backed home loan is a government-insured mortgage for low- to moderate-income borrowers with poor credit. These loans require a minimum down payment of 3.5%, but borrowers can be approved with credit scores as low as 580 at the time of publishing.
  • USDA loans: U.S. Department of Agriculture-backed loans can be a good option for low- to moderate-income borrowers who want to live in qualifying rural areas, like some places across the state line in North Sioux City.
  • VA loans: Department of Veterans Affairs-backed loans are designed to help military members, veterans and their families qualify for better loans. Two of the biggest benefits of VA home loans include no down payment or mortgage insurance requirements. With the Sioux City Air National Guard Base located in city limits, many families here may qualify for a VA home loan.

It’s worth mentioning that these loan types are not mutually exclusive. For example, you could have a conventional mortgage with either fixed or adjustable interest rates.

Average mortgage rates in Sioux City

Average mortgage rates in Sioux City fall between 2.76% and 3.37% at the time of publishing, according to S&P Global. Where your loan falls relative to this average depends on a number of factors.

Your credit score is one of the biggest determining factors for your interest rate. Other factors that can help you get a lower mortgage rate include putting more money down and finding the right type of mortgage for your needs. You may also consider mortgage points, which are fees you pay to your lender before you borrow in order to lower your interest rate.

Sioux City home loan FAQ

How much is a house in Sioux City?

The median house price in Sioux City is $121,323 at the time of publishing, according to Zillow. However, home prices in Sioux City can range from $46,000 to $850,000. Homes southeast of Sioux City are generally more expensive because the developments are newer and lots are larger.

Can you negotiate a lower mortgage rate?

Yes, you can negotiate a lower mortgage rate, especially if you have a good credit history. It might not be able to move a lot, but any improvement saves you money.

How do I get preapproved for a mortgage?

To get preapproved, you need to fill out an application with a lender. They should also pull your credit and ask for a lot of information, including your income and assets. Lenders are required by law to provide your loan estimate within three business days.

What is the average mortgage in Sioux City?

The median home price in Sioux City is around $120,000 at the time of publishing. Assuming you put 20% down and have an interest rate of 3.2%, you would borrow $96,000 and pay back a total amount of $149,461 after 30 years, not including fees.

Sioux City mortgage company information

Quicken Loans

Quicken Loans is a nationwide mortgage lender that has helped over 2 million borrowers finance homes. It offers 30- and 15-year fixed mortgages, adjustable-rate mortgages, FHA loans, VA loans, jumbo loans up to $2 million and fixed-rate loans with custom terms. You can also refinance with Quicken Loans to take cash out, set up a lower payment or shorten your term. Sioux City residents can apply online or over the phone.

Quicken Loans Learn More

Rocket Mortgage

Rocket Mortgage makes it simple to apply for a mortgage or refinancing online, see customized loan options and real interest rates, and get instant approval. Its Home Loan Experts are available seven days a week by phone and chat. Sioux City applicants can get approved with a credit score as low as 580. Check out the online learning center for educational resources and mortgage calculators.

Rocket Mortgage Learn More (800) 762-5471

First Internet Bank

For borrowers who want a simple online experience, First Internet Bank offers conventional loans, fixed-rate loans, adjustable loans, FHA loans, VA loans and jumbo loans. Refinancing options and home equity loans and lines of credit are also available. Its state-of-the-art application technology makes it convenient to apply, especially with the help of loan officers. First Internet Bank offers interest rates that range from 2.2% to 3.5% at the time of publishing.

First Internet Bank

Vanderbilt Mortgage and Finance Inc.

Vanderbilt Mortgage and Finance provides conventional mortgages and FHA loans plus specialty products like a Land Home mortgage for borrowers who want to buy a house, land and perform renovations all under one loan. Vanderbilt Mortgage and Finance also offers customized payment schedules and financing for energy-efficient home improvements.

Vanderbilt Mortgage and Finance Inc.

21st Mortgage Corporation

21st Mortgage Corporation specializes in fixed-rate mortgages for mobile and manufactured homes. Its financing options can also help cover additional costs like closing fees, and some borrowers may be eligible for a down payment as low as 5%. 21st Mortgage Corporation’s minimum loan amounts are $21,980 for person-to-person sales and $13,737 for purchases from a retailer at the time of publishing.

21st Mortgage Corporation

Midwest Family Lending

Midwest Family Lending is a local lender providing conventional, FHA, VA and USDA home loan programs for Sioux City residents. It also offers a 5% down program with no monthly mortgage insurance, which is available for all buyers. Midwest Family Lending is an Iowa-based company with two locations in Iowa, including an agent in Sioux City, so you can receive hands-on guidance and support.

Midwest Family Lending

Telco Triad Community Credit Union

Telco Triad Community Credit Union offers home loans through Premier Lending Alliance, an Iowa Credit Union Service Organization. With free preapprovals and mortgage reviews, the company makes it convenient to help Sioux City residents find more affordable solutions. You can complete loan applications online, too. Telco Triad Community Credit Union has three locations in Sioux City, including one at 1420 Tri View Ave., Sioux City, IA 51103.

Telco Triad Community Credit Union

Security National Bank

Security National Bank provides Sioux City residents with conventional fixed- and adjustable-rate mortgages, jumbo mortgages, FHA mortgages, VA mortgages and first-time homebuyers mortgages. Construction loans and bridge loans are also available. If you can’t find the right loan for your needs, it can work to meet your unique request. For more information, visit Security National Bank at 601 Pierce St., Sioux City, IA 51101.

Security National Bank

US Bank

US Bank is a mortgage lender in Sioux City helping residents find the right mortgage for their unique situations. Mortgage options include fixed-rate loans, adjustable-rate loans, jumbo loans, FHA loans, VA loans and investment property loans. It also offers financing for new construction and refinancing for existing loans. At the time of publishing, its rate for 30-year fixed mortgages is 2.99%. US Bank’s area location is at 501 Pierce St., Sioux City, IA 51101.

US Bank

Coldwell Banker

Coldwell Banker is a real estate company that offers buying and selling support throughout the Sioux City area. This company helps connect you to the right lender for your needs through its long list of local and national contacts. You can get preapproved for adjustable- and fixed-rate mortgages, with rates starting at 2.83% at the time of publishing. Coldwell Banker’s local office is at 1222 Pierce St., Sioux City, IA 51105.

Coldwell Banker