The Best Mortgage Lenders in Gilmore, AR
Compare verified mortgage lenders serving Gilmore, Arkansas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Gilmore
Featured Mortgage Lenders
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Top-rated mortgage lender serving Gilmore, Arkansas.
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Mortgage Team
First Community Bank
First Community Bank is consistently rated as one of the top mortgage lenders in Northeast Arkansas, with deep roots in the region since 1996. They specialize in rural and agricultural communities like Gilmore and have particular expertise with USDA rural development loans, which are highly relevant for the Gilmore area. Their mortgage team receives exceptional reviews for personalized service, local decision-making, and competitive rates. As a community-focused bank with multiple locations throughout the region, they understand the specific needs of Northeast Arkansas homebuyers and offer both in-person and digital mortgage services.
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Mortgage Department
Southern Bank of Commerce
Southern Bank of Commerce has built an outstanding reputation throughout Northeast Arkansas for mortgage lending, particularly in rural communities surrounding Jonesboro. They are highly rated for their expertise in construction loans and rural property financing, making them an excellent choice for Gilmore residents. The bank maintains strong relationships with local real estate professionals and offers competitive rates with local underwriting. Their mortgage specialists are praised for responsiveness and guiding borrowers through the entire process, from pre-approval to closing. The bank's commitment to community banking principles ensures personalized service.
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Frequently Asked Questions
Common questions about mortgage lending in Gilmore, AR
What are the current average mortgage rates for homebuyers in Gilmore, AR?
Mortgage rates in Gilmore typically align with national averages but can vary based on local lenders. Currently, 30-year fixed rates in the area range from 6.5% to 7.2%, while FHA and VA loans may offer slightly lower rates. It's best to check with local banks like First National Bank of Eastern Arkansas or Southern Bancorp for the most competitive local rates.
Are there any first-time homebuyer programs specifically available in Gilmore?
Yes, the Arkansas Development Finance Authority (ADFA) offers several first-time homebuyer programs accessible to Gilmore residents, including down payment assistance and competitive mortgage rates. Additionally, some local lenders may offer special programs for teachers, healthcare workers, or other essential service employees working in Crittenden County.
How does Gilmore's rural location affect mortgage lending options?
Gilmore's rural designation makes buyers eligible for USDA loans, which offer 100% financing with no down payment required. This is particularly beneficial given the area's moderate home prices. Many local lenders are experienced with rural property appraisals and understand the unique considerations of purchasing in smaller Arkansas communities.
What should I know about property taxes and insurance when getting a mortgage in Gilmore?
Crittenden County property taxes are relatively low compared to national averages, typically ranging from 0.5% to 0.7% of assessed value. Homeowners insurance in Gilmore is generally affordable but may include flood insurance considerations given the area's proximity to the Mississippi River floodplain, which can affect your total monthly mortgage payment.
Are there any local mortgage lenders in Gilmore that understand the specific market conditions?
While Gilmore itself is small, several established local lenders in nearby cities like West Memphis and Blytheville have extensive experience with the Gilmore market. These include First National Bank of Eastern Arkansas and Southern Bancorp, who understand the local property values, appraisal processes, and seasonal factors that can affect lending in this agricultural community.
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Why Choose a Mortgage Lender in Gilmore?
Local Market Knowledge
Lenders who understand Gilmore's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Arkansas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Gilmore and get competitive rates on your home loan.