The Best Mortgage Lenders in Bement, IL
Compare verified mortgage lenders serving Bement, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Bement
Featured Mortgage Lenders
Brian G. Smith
CrossCountry Mortgage, LLC - Champaign
CrossCountry Mortgage's Champaign office, led by experienced loan officer Brian Smith, serves clients throughout Central Illinois including Bement. With exceptional 4.9-star ratings across multiple platforms, this branch is known for personalized service and competitive rates. They specialize in first-time homebuyer programs and offer a comprehensive range of loan products with local underwriting support. Their strong community presence and extensive experience with rural properties make them an excellent choice for Bement residents.
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Sarah Johnson
First Mid Bank & Trust - Mattoon
First Mid Bank & Trust has been serving Illinois communities for over 150 years and maintains a strong presence throughout Central Illinois, including Bement. With a 4.8-star rating, they're praised for their local decision-making and community-focused approach. As a regional bank, they offer the stability of an established institution with the personalized service of a local lender. Their expertise with rural properties and agricultural areas makes them particularly well-suited for Bement's market.
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Credit Union 1
Credit Union 1 - Rantoul
Credit Union 1 has been serving Central Illinois communities for over 70 years and maintains multiple branches throughout the region, making them easily accessible to Bement residents. With a 4.7-star rating, they're renowned for competitive rates and exceptional member service. Their mortgage team specializes in first-time homebuyer programs and offers personalized guidance through the entire process. As a not-for-profit financial cooperative, they often provide more favorable terms than traditional banks.
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Frequently Asked Questions
Common questions about mortgage lending in Bement, IL
What are the current average mortgage rates for homebuyers in Bement, IL?
Mortgage rates in Bement typically align with national averages but can vary slightly based on local lenders and property types. As of recent data, 30-year fixed rates in Central Illinois generally range from 6.5% to 7.25%, though rural properties might see slightly higher rates. It's best to compare offers from local lenders like First National Bank in Bement and regional institutions for the most competitive rates.
Are there any special first-time homebuyer programs available specifically for Bement residents?
Yes, Bement homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, including the 1stHomeIllinois loan with down payment assistance. Additionally, Piatt County may offer local assistance programs for first-time buyers. These programs are particularly valuable in Bement's affordable housing market, where median home prices are below state averages.
How does Bement's rural location affect mortgage lending requirements?
Bement'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 homes common in Bement. The town's stable but limited housing inventory means appraisals might take slightly longer than in urban areas.
What local factors should I consider when getting a mortgage for a historic home in Bement?
Bement has several historic properties that may require special consideration. Lenders often require additional inspections and may mandate certain preservation requirements. You might encounter higher insurance costs and potentially need renovation loans like the FHA 203(k) for older homes that need updates while maintaining historic character.
Are there property tax considerations unique to Bement that affect mortgage affordability?
Bement's property tax rates in Piatt County are generally moderate compared to other Illinois communities, typically ranging from 1.8% to 2.2% of assessed value. However, lenders will carefully evaluate tax escrow requirements since Illinois has some of the nation's highest property taxes. First-time buyers should factor in potential tax increases when calculating their overall housing payment.
Why Choose a Mortgage Lender in Bement?
Local Market Knowledge
Lenders who understand Bement'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 Bement and get competitive rates on your home loan.