The Best Mortgage Lenders in Aurora, IL
Compare verified mortgage lenders serving Aurora, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Aurora
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is one of the nation's largest retail mortgage lenders with a strong presence throughout Illinois, including serving Aurora clients. Founded in Chicago, they've built an exceptional reputation for competitive rates, digital mortgage technology, and streamlined application processes. They consistently receive top ratings for customer satisfaction and offer a comprehensive range of loan products with local loan officers who understand the Aurora housing market dynamics.
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First American Bank
First American Bank Corporation
First American Bank is a well-established Illinois-based community bank with multiple branches serving the Aurora area. They offer personalized mortgage services with local decision-making and competitive rates. Their mortgage team has deep knowledge of the Fox Valley region and provides customized lending solutions for first-time homebuyers, move-up buyers, and investors. The bank is known for its exceptional customer service and community involvement in the Aurora region.
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Wintrust Mortgage
Wintrust Mortgage Corporation
Wintrust Mortgage is part of Wintrust Financial Corporation, one of the largest banking organizations in the Chicago metropolitan area that actively serves Aurora homebuyers. They combine the resources of a large lender with local market expertise, offering competitive rates and a wide variety of loan programs. Their mortgage professionals are known for providing personalized guidance throughout the home financing process, with particular strength in conventional and government-backed loans for Aurora residents.
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Frequently Asked Questions
Common questions about mortgage lending in Aurora, IL
What are the current mortgage rates like in Aurora, IL compared to national averages?
Aurora mortgage rates typically align closely with national averages, but local competition among lenders can sometimes create slightly better rates. Currently, rates in Aurora range from 6.5% to 7.2% for 30-year fixed mortgages, depending on credit score and loan type. It's wise to compare offers from both local credit unions and national lenders operating in the area.
Are there any first-time homebuyer programs specific to Aurora that can help with down payments?
Yes, Aurora homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois loan, which offers up to $7,500 in down payment assistance. Additionally, the City of Aurora occasionally offers local grants for qualified buyers in targeted neighborhoods. These programs are particularly valuable given Aurora's median home price of approximately $300,000.
How does Aurora's property tax rate affect my mortgage payments?
Aurora's property tax rates are relatively high compared to national averages, typically ranging from 2.2% to 2.8% of home value. This means your monthly mortgage payment will include significant escrow amounts for taxes. For a $300,000 home, expect to pay $550-$700 monthly just for property taxes, which lenders must factor into your debt-to-income ratio.
What special mortgage considerations should I know about buying in Aurora's historic districts?
If purchasing in Aurora's historic districts like the Near East Side, you may need specialized renovation loans like the FHA 203(k) if the home requires updates. Historic preservation guidelines can restrict exterior modifications, which might affect appraisal values. Lenders familiar with Aurora's historic properties can help navigate these unique requirements.
Are there any local mortgage programs for teachers, healthcare workers, or other essential workers in Aurora?
Yes, several Aurora-area lenders offer "Heroes" programs with reduced fees or rate discounts for teachers, healthcare workers, first responders, and military personnel. The IHDA also has specific programs for educators, and local credit unions like Alliant Credit Union often provide special terms for essential workers serving the Aurora community.
Why Choose a Mortgage Lender in Aurora?
Local Market Knowledge
Lenders who understand Aurora'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 Aurora and get competitive rates on your home loan.