The Best Mortgage Lenders in Bloomington, IL
Compare verified mortgage lenders serving Bloomington, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Bloomington
Featured Mortgage Lenders
State Farm Bank
State Farm Bank, F.S.B.
State Farm Bank is headquartered directly in Bloomington and has built a strong reputation for reliability and exceptional customer service over 25 years. As a full-service lender deeply embedded in the local community, they offer competitive rates on a wide range of mortgage products with the convenience of integrated insurance and banking services. Their high customer satisfaction ratings stem from personalized attention, local decision-making, and a commitment to making the home financing process straightforward for Bloomington residents.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally recognized mortgage lender with a strong Illinois presence that actively serves the Bloomington market. Known for their innovative digital mortgage experience and highly competitive rates, they combine technology with personal service to streamline the lending process. With over two decades of experience, they consistently receive top ratings for their efficient processing, transparent communication, and wide variety of loan options tailored to both first-time and experienced homebuyers in the Central Illinois region.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established itself as a top-rated regional lender serving Bloomington and throughout Illinois with personalized mortgage solutions. Their local loan officers provide dedicated one-on-one service and expertise in various loan programs, including specialized options for first-time buyers. With over 20 years in business, they've built a reputation for responsive communication, competitive rates, and guiding clients smoothly through the entire mortgage process from application to closing.
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Frequently Asked Questions
Common questions about mortgage lending in Bloomington, IL
What are the current average mortgage rates in Bloomington, IL, and how do they compare to national averages?
Mortgage rates in Bloomington typically align closely with national averages but can be slightly more favorable due to the area's stable housing market and lower cost of living. As of recent data, rates for a 30-year fixed mortgage in Bloomington often range between 6.5% and 7%, but it's essential to check with local lenders for real-time quotes. Local credit unions like CEFCU and Illinois Credit Union often offer competitive rates specific to the Bloomington-Normal area.
Are there any first-time homebuyer programs specifically available in Bloomington, IL?
Yes, Bloomington homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, including the 1stHomeIL loan with down payment assistance. Additionally, the City of Bloomington occasionally offers local grants or programs for first-time buyers, particularly in targeted neighborhoods. Working with a mortgage lender familiar with these local and state programs is crucial to maximize your benefits.
How does the presence of State Farm and Illinois Wesleyan University impact mortgage lending in Bloomington?
Bloomington's stable economy, anchored by major employers like State Farm and Illinois Wesleyan University, often results in more favorable mortgage terms for local employees. Many lenders offer special "employer-specific" programs or consider these jobs as low-risk employment, potentially leading to better approval odds and rates. It's worth asking lenders about corporate partnership discounts or programs tailored to employees of these institutions.
What should I know about property taxes in Bloomington when applying for a mortgage?
McLean County property taxes are a significant factor in Bloomington mortgage calculations, typically ranging from 2.0% to 2.4% of the home's assessed value. Lenders will include these taxes in your monthly escrow payments, so it's important to budget accordingly. The stable tax base from major employers helps keep increases predictable, but you should verify the exact taxes for any property you're considering.
Are there any special mortgage considerations for buying in Bloomington's historic districts?
Yes, purchasing in Bloomington's historic districts like the "Old Town" area may involve additional requirements. Some lenders might require specialized inspections or have specific appraisal considerations for historic properties. Additionally, there may be renovation loan options like the FHA 203(k) that are particularly useful for updating historic homes while preserving their character, which is common in Bloomington's established neighborhoods.
Nearby Cities
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Why Choose a Mortgage Lender in Bloomington?
Local Market Knowledge
Lenders who understand Bloomington'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 Bloomington and get competitive rates on your home loan.