The Best Mortgage Lenders in Andover, IL
Compare verified mortgage lenders serving Andover, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andover
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong digital platform and competitive rates, founded in 2000. They have extensive experience serving Illinois, including rural areas like Andover, with a reputation for efficient processing and personalized service. Their high customer ratings and diverse loan options make them a reliable choice for homebuyers in the region.
Loan Types:
New American Funding
New American Funding, LLC
New American Funding is highly regarded for its customer-centric approach and wide range of mortgage products, founded in 2003. They actively serve Illinois communities, including Andover, with a focus on affordable lending and excellent support for first-time homebuyers. Their strong review scores and commitment to diversity in lending contribute to their top-tier reputation.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built a stellar reputation over 28 years for exceptional customer service and competitive loan options. They have a significant presence in the Midwest and serve Andover, IL, with local loan officers who understand the area's market. Their high ratings and extensive review count reflect consistent customer satisfaction and reliability in mortgage financing.
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Frequently Asked Questions
Common questions about mortgage lending in Andover, IL
What are the current average mortgage rates for homebuyers in Andover, IL?
Mortgage rates in Andover typically align with national averages but can vary based on local lender competition. Currently, 30-year fixed rates hover around 6.5-7% in the area, though rural property types common in Henry County may sometimes carry slightly different terms. It's best to compare offers from both local Andover banks and regional lenders serving western Illinois.
Are there any first-time homebuyer programs specifically available in Andover?
While Andover itself doesn't offer city-specific programs, Henry County homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois loan with down payment assistance. These programs are particularly valuable in Andover's affordable market where median home prices are below state averages, making homeownership more accessible with minimal upfront costs.
How does Andover's rural location affect mortgage lending requirements?
Andover's rural classification can impact lending through USDA loan eligibility, which offers 100% financing for qualified buyers in designated rural areas. However, some lenders may require additional property inspections for older farmhouses or rural properties common in the area. Appraisals might also consider comparable properties from surrounding towns rather than just Andover itself.
What special considerations should I know about when getting a mortgage for an older home in Andover?
Many homes in Andover's historic areas date back to the late 1800s or early 1900s, so lenders may require thorough inspections for structural integrity, electrical systems, and plumbing. You might need to budget for additional repair escrows or seek renovation loans like the FHA 203(k) if the property needs significant updates while maintaining its historic character.
How does Andover's property tax structure affect mortgage payments?
Henry County property taxes in Andover typically range from 1.8% to 2.2% of assessed value, which is moderate for Illinois. When calculating your monthly mortgage payment, expect property taxes to add significantly to your escrow payment, though Andover's lower home prices help offset this compared to more urban Illinois areas. Always verify the exact tax rate for your specific property location.
Why Choose a Mortgage Lender in Andover?
Local Market Knowledge
Lenders who understand Andover'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 Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Andover and get competitive rates on your home loan.