The Best Mortgage Lenders in Bath, IL
Compare verified mortgage lenders serving Bath, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Bath
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong presence in Illinois, known for its competitive rates, innovative digital platform, and exceptional customer service. They offer a wide range of loan products and have consistently high satisfaction ratings, making them a reliable choice for homebuyers in Bath and surrounding areas. Their extensive experience and commitment to transparency ensure a smooth mortgage process.
Loan Types:
loanDepot
loanDepot, LLC
loanDepot is a highly regarded national lender praised for its efficient online application process and competitive pricing. They serve Illinois comprehensively, including rural areas like Bath, with a focus on quick closings and responsive support. Their diverse loan options and strong customer feedback make them a popular choice for both purchase and refinance mortgages.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is renowned for its personalized service and extensive loan portfolio, with local branches in Illinois ensuring dedicated support for Bath residents. They excel in customer satisfaction, offering competitive rates and a streamlined mortgage experience. Their long track record and community involvement make them a trusted lender in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Bath, IL
What are the current average mortgage rates for homebuyers in Bath, IL?
Mortgage rates in Bath typically align with national averages but can vary based on local lenders and property types. As of recent data, 30-year fixed rates in this area generally range from 6.5% to 7.25%, though rural properties may see slightly higher rates. It's best to check with local community banks and credit unions like Bath State Bank for the most competitive rates.
Are there any first-time homebuyer programs specifically available in Bath, IL?
Yes, first-time homebuyers in Bath can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeILLINOIS loan, which offers competitive rates and down payment assistance. Additionally, some local lenders may offer special programs for Mason County residents. These programs are particularly valuable given Bath's affordable housing market where median prices are below state averages.
How does Bath's rural location affect the mortgage process and property requirements?
Bath's rural setting means lenders often require additional property inspections, particularly for well and septic systems, which are common in this area. Some national lenders may have stricter requirements for rural properties, so working with local lenders familiar with Mason County's specific needs is advantageous. USDA loans are also popular here since Bath qualifies for rural development programs.
What types of properties are most common in Bath's mortgage market?
Bath's mortgage market primarily consists of single-family homes, many of which are older properties with historic character, along with agricultural and rural residential properties. You'll find many homes built before 1950, which may require specialized inspections. Manufactured homes on owned land are also common, though financing options for these can vary significantly between lenders.
Are property taxes in Bath, IL typically included in mortgage escrow accounts?
Yes, most lenders in Bath include property taxes in escrow accounts since Mason County property taxes are relatively stable and predictable. Bath's property tax rates are generally lower than urban areas in Illinois, typically ranging from 1.5% to 2% of assessed value. Your lender will calculate these payments based on the specific property's tax assessment.
Why Choose a Mortgage Lender in Bath?
Local Market Knowledge
Lenders who understand Bath'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 Bath and get competitive rates on your home loan.