The Best Mortgage Lenders in Benton, IL
Compare verified mortgage lenders serving Benton, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Benton
Featured Mortgage Lenders
First National Bank of Benton
First National Bank of Benton
First National Bank of Benton is a highly-rated local community bank with over a century of service, offering personalized mortgage solutions and local decision-making. Known for competitive rates, low fees, and exceptional customer service, it has built a strong reputation in Benton and surrounding areas through its commitment to the community and high customer satisfaction ratings.
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Scott Credit Union
Scott Credit Union
Scott Credit Union is a member-owned financial institution serving Southern Illinois, including Benton, with excellent mortgage products and competitive rates. It is praised for its low fees, personalized service, and strong community involvement, resulting in high customer ratings and trust among local homeowners.
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Guaranteed Rate
Guaranteed Rate
Guaranteed Rate is a nationally recognized mortgage lender with a strong presence in Illinois, known for its innovative digital mortgage process and
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Frequently Asked Questions
Common questions about mortgage lending in Benton, IL
What are the current average mortgage rates for homebuyers in Benton, IL?
Mortgage rates in Benton typically align with national averages but can be slightly lower due to the area's lower cost of living. As of late 2024, 30-year fixed rates in Franklin County generally range from 6.5% to 7.25%, depending on credit score and loan type. Local lenders often offer competitive rates specifically for Benton residents purchasing primary residences.
Are there any first-time homebuyer programs specifically available in Benton?
Yes, Benton homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders in Benton partner with IHDA to provide special first-time buyer incentives with as little as 3% down payment and no first-time homebuyer requirement for certain programs.
How does Benton's property tax structure affect mortgage payments?
Benton's property taxes in Franklin County are relatively moderate compared to other Illinois areas, typically ranging from 1.5% to 2.0% of assessed value. This means your monthly mortgage payment will include escrow payments for taxes that are generally affordable, but it's important to get a precise tax estimate for any specific property since rates can vary slightly within the city limits.
What types of properties in Benton typically qualify for USDA rural housing loans?
Most residential properties within Benton city limits and throughout Franklin County qualify for USDA loans, which offer 100% financing with no down payment. This makes Benton particularly attractive for eligible buyers since the entire area is designated rural by USDA standards, allowing buyers to purchase homes with no money down while enjoying below-market interest rates.
How does Benton's stable but slow-growing housing market impact mortgage approval and appraisals?
Benton's steady housing market means appraisals rarely encounter significant issues with comparable properties, making mortgage approvals more predictable. However, lenders may be slightly more conservative with older homes common in Benton, often requiring thorough inspections. The market's stability generally works in buyers' favor with consistent property values that satisfy lender requirements.
Why Choose a Mortgage Lender in Benton?
Local Market Knowledge
Lenders who understand Benton'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 Benton and get competitive rates on your home loan.