NMHL Mortgage Lending
Mortgage Lender in Royal Oak, MI
Local expertise and competitive rates for Royal Oak homebuyers.
Royal Oak Housing Market Overview
Royal Oak is a growing community in Michigan offering diverse mortgage options for homebuyers. Contact NMHL for personalized Royal Oak mortgage rates and programs.
See What You Qualify For
Takes about 5 minutes. No obligation. No credit check until you are ready.
Your Local Mortgage Partner
We understand the local market dynamics that affect your home purchase. Our team provides personalized loan options based on local property values and regulations.
Available Loan Programs in Royal Oak
Explore mortgage options tailored to Royal Oak homebuyers
First Time Home Buyer Mortgages
Special loan programs helping newcomers purchase their first home with favorable terms and support.
Learn MoreRefi-Shield
Learn MoreAdjustable-Rate Mortgage (ARM)
Financial flexibility and optimal rates with an Adjustable-Rate Mortgage – Your key to a dynamic homeownership journey
Learn MoreHigh-Value Appraisal Program
Learn MoreInterest Only Mortgages
Interest-only mortgages allow borrowers to pay only the interest for a set period, reducing initial monthly payments.
Learn MoreHome Equity Loans
Access the equity in your home with a fixed-rate home equity loan. Get a lump sum with predictable monthly payments for ...
Learn MoreFHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and th...
Learn MoreFixed-Rate Mortgage
Lock in your interest rate for the life of the loan with a fixed-rate mortgage. Predictable monthly payments make budget...
Learn MoreBridge Loans
Bridge the gap between buying your new home and selling your current one. Short-term financing that gives you the flexib...
Learn MoreVA Loans
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the De...
Learn MoreConventional Loans
Conventional loans are not backed by government agencies and typically offer the most flexibility for qualified borrower...
Learn MoreITIN Loans
Purchase a home using your Individual Taxpayer Identification Number (ITIN) without a Social Security Number. NMHL is co...
Learn MoreJumbo Loans
Jumbo loans exceed conforming loan limits and are designed for luxury properties and homes in high-cost areas. With comp...
Learn MoreDSCR Investment Loans
Debt Service Coverage Ratio (DSCR) loans qualify based on rental income rather than personal income. Perfect for real es...
Learn MoreBank Statement Loans
Bank statement loans are designed for self-employed borrowers and business owners who have difficulty documenting income...
Learn MoreReverse Mortgages
For homeowners 62 and older, reverse mortgages allow you to access your home equity without monthly payments. Stay in yo...
Learn MoreUSDA Mortgages
USDA Rural Development loans help moderate-income buyers purchase homes in eligible rural and suburban areas. With no do...
Learn MoreHeloc
Learn MoreWhat Our Clients Say
Real reviews from Google — no cherry-picking
Our Presence
Click on endorsed states to see our direct resources!
Royal Oak Housing Market Trends
Royal Oak's housing market is competitive, with a mix of new developments and historic homes. The median home price is around $310,000, with prices ranging from $200,000 to over $1 million depending on the neighborhood and property type. According to data from the Royal Oak Board of Realtors, the city's housing market has seen steady growth in recent years, with a 10% increase in home prices over the past year.
Some popular neighborhoods in Royal Oak include:
- Downtown Royal Oak: Known for its vibrant downtown area, with shops, restaurants, and entertainment options.
- Royal Oak Township: A more suburban area with a mix of single-family homes and apartments.
- The neighborhoods surrounding Royal Oak High School: Popular with families, these neighborhoods offer a range of housing options and easy access to schools and amenities.
Contact NMHL for more information on Royal Oak neighborhoods and to find the best fit for your lifestyle and budget.
NMHL offers a free homebuyer guide to help you navigate the Royal Oak housing market and find the best mortgage program for your needs.
Property Taxes in Royal Oak
Property taxes in Royal Oak are an important consideration for homebuyers. The city's property tax rate averages around 1.60% of assessed value, which translates to manageable monthly costs when factored into your mortgage payment. For example, on a $310,000 home, you can expect to pay around $4,960 per year in property taxes.
It's essential to consider property taxes when calculating your overall housing costs and determining how much home you can afford. NMHL's loan officers can help you understand how property taxes will impact your mortgage payment and find the best mortgage program for your situation.
NMHL offers a property tax calculator to help you estimate your property taxes and understand how they will impact your mortgage payment.
School Districts in Royal Oak
Royal Oak is served by the highly rated Royal Oak School District, which includes Royal Oak High School, Royal Oak Middle School, and several elementary schools. The district is known for its strong academic programs and extracurricular activities.
When buying a home in Royal Oak, it's essential to consider the local school district and its impact on home values and resale potential. Contact NMHL for more information on Royal Oak schools and to discuss your homebuying options.
NMHL offers a guide to Royal Oak schools to help you make an informed decision when buying a home in the area.
First-Time Homebuyer Programs in Royal Oak
NMHL offers several first-time homebuyer programs in Royal Oak, Michigan, including:
- FHA loans with down payments as low as 3.5%
- VA loans with zero-down financing options for eligible veterans
- Down payment assistance programs, such as the Michigan Housing Finance Agency's (MHFA) Down Payment Assistance Program, which provides up to $7,500 in assistance
Contact NMHL to learn more about these programs and to discuss your eligibility.
NMHL offers a free pre-approval to help you understand your mortgage options and find the best program for your needs.
NMHL Programs for Underserved Borrowers
At NMHL, we understand that not all borrowers have the same needs or financial situations. That's why we offer a range of programs to serve underserved borrowers, including:
- Bad credit mortgage programs: We offer mortgage programs for borrowers with credit scores as low as 580.
- Self-employed mortgage programs: We offer mortgage programs for self-employed borrowers, including bank statement loans and asset-based loans.
- Veteran mortgage programs: We offer VA loans with zero-down financing options for eligible veterans.
Contact NMHL to learn more about these programs and to discuss your eligibility.
NMHL offers a dedicated team to help underserved borrowers find the best mortgage program for their needs.
Frequently Asked Questions
The median home price in Royal Oak, Michigan is approximately $310,000. Prices vary by neighborhood and property type. For example, homes in the Downtown Royal Oak neighborhood tend to be more expensive, with a median price of around $400,000, while homes in the Royal Oak Township area are more affordable, with a median price of around $250,000. Contact NMHL for current market data and to discuss your homebuying options.
NMHL offers a range of mortgage programs in Royal Oak, Michigan, including FHA, VA, conventional, jumbo, and specialty loans. Our loan officers can help you find the best program for your situation, whether you're a first-time homebuyer, self-employed, or have bad credit. For example, our FHA loan program requires a minimum credit score of 580 and a down payment as low as 3.5%, while our VA loan program offers zero-down financing options for eligible veterans.
Property taxes in Royal Oak average approximately 1.60% of assessed value. This translates to manageable monthly costs when factored into your mortgage payment. For example, on a $310,000 home, you can expect to pay around $4,960 per year in property taxes. It's essential to consider property taxes when calculating your overall housing costs and determining how much home you can afford.
Royal Oak has several popular neighborhoods to choose from, each with its own unique character and amenities. Some of the most sought-after neighborhoods include Downtown Royal Oak, Royal Oak Township, and the neighborhoods surrounding Royal Oak High School. These areas offer a range of housing options, from apartments and condos to single-family homes and luxury estates. Contact NMHL for more information on Royal Oak neighborhoods and to find the best fit for your lifestyle and budget.
Royal Oak is served by the Royal Oak School District, which includes Royal Oak High School, Royal Oak Middle School, and several elementary schools. The district is highly rated, with several schools earning top marks from the Michigan Department of Education. When buying a home in Royal Oak, it's essential to consider the local school district and its impact on home values and resale potential. Contact NMHL for more information on Royal Oak schools and to discuss your homebuying options.
NMHL offers several first-time homebuyer programs in Royal Oak, Michigan, including FHA loans with down payments as low as 3.5% and VA loans with zero-down financing options for eligible veterans. We also offer down payment assistance programs, such as the Michigan Housing Finance Agency's (MHFA) Down Payment Assistance Program, which provides up to $7,500 in assistance. Contact NMHL to learn more about these programs and to discuss your eligibility.
Related Resources
Ready to Buy in Royal Oak?
Let NMHL help you navigate the Royal Oak housing market with expert guidance and competitive rates.