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Find the Best Mortgage Lenders in Billings, MT

Finding the right mortgage can save you money and make the homebuying process simple. The Billings Gazette has partnered with ConsumerAffairs to create this guide by comparing the customer reviews and loan options of 49 businesses and choosing eight favorites from the best mortgage companies in Billings.

Companies pay ConsumerAffairs to be accredited, and the Billings Gazette 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 Billings Mortgage Brokers and Lenders

Different types of home loans in Billings

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Because lenders set their own terms and rates, it’s important to compare your options with multiple lenders before committing to one in order to find the right loan. This is especially important because lenders might offer different types of mortgages, which can make a big difference in your total cost over the course of the loan term.

Here are some of the most popular mortgage types:

  • Conventional mortgages: A conventional home loan is a type of mortgage offered by a private lender that is not backed by a government entity. Because of this, conventional loans often come with a bit more flexibility in offerings and terms, but they are more difficult to get than government loans.
  • VA loans: A VA mortgage is backed by the Department of Veterans Affairs so that military members, veterans and their families can have access to better loans. VA loans come with no down payment requirement and fair rates. With a few military bases near Billings, including the Malmstrom Air Force Base, there are many families nearby that could make good use of this type of loan.
  • FHA loans: The Federal Housing Administration designed these loans for low- to moderate-income families and first-time homebuyers. FHA loans come with lower rates and down payment requirements.
  • USDA loans: The U.S. Department of Agriculture designed USDA home loans to encourage people to move to rural areas by offering good loan terms for homes in qualifying rural areas. That means there are many opportunities for Montana residents to take advantage of this loan, especially near Billings.
  • Jumbo loans: A jumbo mortgage is necessary to buy homes over a certain price. For example, the jumbo loan minimum is $510,400 in Yellowstone County at the time of publishing, according to the Federal Housing Finance Agency. That means any home sale over this price in Yellowstone County requires a jumbo mortgage.
  • Fixed-rate mortgages: A fixed-rate home loan is a type of loan that maintains the same interest rate throughout the loan terms. When rates are low, these are a good option because you can get consistently affordable payments over the course of your mortgage.
  • Adjustable-rate mortgages: An adjustable-rate home loan offers a low introductory interest rate that eventually begins to adjust with market conditions. For example, a 5/1 ARM offers a fixed interest rate for the first five years, with changing rates after that. While rates can move in either direction, going up is more common. These are a good option for people who want low rates now but are willing to pay more when they are more financially stable, like young families or new professionals.

Not all of these types are mutually exclusive. That means you could have a jumbo loan with a fixed or adjustable rate, for example.

House prices in Billings

The median home price in Billings is $261,173 at the time of publishing, according to Zillow. However, property costs in Billings can range from $69,000 in the West End to several million in Lockwood. Median home values in various Billings neighborhoods include:

  • Laurel: $259,100
  • North Park: $162,160
  • Highlands: $238,877
  • North Elevation: $253,606
  • Lockwood: $256,276

Homes on the west side of Billings are usually more expensive, given their frequently larger lots and expansive views.

Billings home loan FAQ

How long does it take to get approved for a mortgage in Billings?

On average, it takes 30 to 60 days to get approved for a mortgage, but it can take longer or shorter depending on your situation. For example, if you have a complicated financial history and are struggling to get good rates, it may take longer to receive approval. If you have all your paperwork and files in order at the beginning of the process, it can take less than 30 days, though.

Will shopping for a mortgage hurt my credit?

Not significantly. Credit reporting bureaus understand that you’re probably only going to buy one home, so they allow you to get rates from multiple companies within 45 days and only count them as one pull on your credit.

What is the average mortgage rate in Billings?

According to S&P Global, mortgage rates in Montana at the time of publishing fall between 3.05% and 3.48%, making them fairly competitive compared to other states. Your interest rate depends on:

  • Your credit score
  • Your financial history
  • Your down payment

Shopping around is a great way to find a low interest rate on a mortgage. However, you can also put more money down or shorten your loan to avoid paying too much interest.

What is a mortgage lender?

A mortgage lender is a financial institution that offers and underwrites home loans. That means these organizations give you money to buy a home in exchange for repayment plus fees and interest.

Billings mortgage company information

Accredited Partner

First Internet Bank

As an online lender, First Internet Bank offers digital access to conventional loans, fixed-rate loans, adjustable-rate loans, FHA loans, VA loans and jumbo loans. You are also eligible to apply for home equity loans, lines of credit and refinancing. This lender pairs you with one of its loan officers to help guide you through the process. Typical rates with First Internet Bank 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.

Vanderbilt Mortgage and Finance specializes in its Land Mortgage loan, which offers you the ability to purchase land, home and renovations all under one payment. Conventional mortgages and FHA loans are also available, and you have the opportunity to choose either a biweekly or monthly payment schedule. Vanderbilt Mortgage and Finance offers financing for energy-efficient home improvement projects, too.

Vanderbilt Mortgage and Finance Inc.
Accredited Partner

ClearPath Lending

ClearPath Lending provides conventional loans, VA loans and FHA loans for Billings residents. You can also refinance with this company and receive expert advice through its Loyalty Program, which offers up-to-date rates and insights throughout the process. ClearPath Lending offers 15- or 30-year conventional loans between $453,100 and $679,650 at the time of publishing.

ClearPath Lending

Mann Mortgage

Mann Mortgage is a national direct lender offering FHA, VA, conventional, USDA, investor and first-time homebuyer loans. FHA 203(k) financing and reverse mortgages are also available, in addition to a wide variety of other specialty products. Complete your application online in as little as 10 minutes. Mann Mortgage is located at 2511 Montana Ave., Billings, MT 59101.

Mann Mortgage

Universal Lending Home Loans

Universal Lending Home Loans is a local lender providing conventional mortgages, FHA loans, VA loans, USDA loans and jumbo loans. Specialty products are also available, including first-time homebuyer programs and MoFi down payment programs. The company offers referral discounts and free mortgage and credit counseling, too. Universal Lending Home Loans operates at 2646 Grand Ave., Ste. 2, Billings, MT 59102.

Universal Lending Home Loans

Billings Federal Credit Union

Billings Federal Credit Union offers home loans with fixed or variable rates and flexible repayment terms. Construction loans, mortgages for second homes, mobile home financing and refinancing are available, too. Billings Federal Credit Union has several locations in the area, including one at 2522 Fourth Ave. N., Billings, MT 59103.

Billings Federal Credit Union

Kimball Home Mortgage

As a mortgage broker, Kimball Home Mortgage is able to offer a wide variety of loan programs, including conventional loans, VA loans, FHA loans and USDA loans in Billings. Borrowers can apply online or in-person and work side by side with mortgage specialists to find a program that makes the most sense. Kimball Home Mortgage accepts credit scores as low as 530 and offers 100% financing programs.

Kimball Home Mortgage

Valley Credit Union

Valley Credit Union is a local financial institution offering first-time homebuyer programs, conventional loans, FHA loans, VA loans and USDA loans. Home equity loans with flexible repayment terms and low closing costs are also available. You can receive access to advisors with experience in the local market for a better experience from start to finish. Valley Credit Union is located at 2955 Grand Ave., Billings, MT 59102.

Valley Credit Union