The Best Mortgage Lenders in Broughton, IL
Compare verified mortgage lenders serving Broughton, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Broughton
Featured Mortgage Lenders
Scott Credit Union Mortgage Department
Scott Credit Union
Scott Credit Union stands out as one of southern Illinois' most trusted mortgage lenders with an exceptional 4.8 rating across multiple review platforms. While headquartered in O'Fallon, they actively serve the Broughton area with personalized mortgage solutions. Their long-standing 75-year history in the region demonstrates remarkable stability and community commitment. Customers consistently praise their competitive rates, transparent process, and knowledgeable loan officers who guide borrowers through every step. As a member-owned financial cooperative, they prioritize customer satisfaction over profits, offering a comprehensive range of loan products including specialized programs for first-time homebuyers and veterans.
Loan Types:
First Mid Mortgage Services
First Mid Bank & Trust
First Mid Bank & Trust brings over a century and a half of banking expertise to the Broughton area mortgage market. With a strong 4.7 customer rating, this established regional bank has deep roots throughout Illinois and maintains multiple branches serving southern Illinois communities. Their mortgage division receives consistent praise for local decision-making, competitive pricing, and exceptional customer service. The experienced loan officers provide personalized attention throughout the mortgage process, offering both traditional and specialized loan products. Their long history in the region ensures they understand local market conditions and can provide tailored solutions for Broughton area homebuyers.
Loan Types:
The Mortgage Center
The Mortgage Center, Inc.
The Mortgage Center has built an outstanding reputation throughout southern Illinois over 25 years of dedicated mortgage service. Located in Fairview Heights, they actively serve the Broughton area with a focus on personalized mortgage solutions and competitive rates. Their 4.6 rating reflects consistently positive customer experiences, with particular praise for their responsive communication and ability to close loans efficiently. As an independent mortgage broker, they offer access to multiple lenders and loan programs, ensuring borrowers receive the best possible terms. Their team of experienced professionals provides expert guidance through the entire mortgage process, making them a top choice for Broughton area homebuyers seeking local expertise with broad lending options.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Broughton, IL
What are the current average mortgage rates for homebuyers in Broughton, IL?
Current mortgage rates in Broughton typically align with national averages, but can vary slightly based on local lenders and property types. As of late 2024, 30-year fixed rates in the area generally range from 6.5% to 7.25%. It's best to check with local Broughton lenders like First National Bank of Broughton for the most current rates and any special local promotions.
Are there any first-time homebuyer programs specifically available in Broughton?
Yes, Broughton homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois and Access Forgivable programs, which offer down payment assistance and competitive rates. Additionally, some local lenders may offer special programs for Broughton residents, particularly for homes in specific neighborhoods or for certain professions like teachers or healthcare workers.
How does Broughton's rural location affect the mortgage process compared to larger Illinois cities?
Broughton's rural setting can mean fewer local lender options, potentially requiring working with regional or online lenders. Appraisals might take slightly longer due to fewer comparable properties, and some lenders may have stricter requirements for rural properties. However, USDA loans are particularly advantageous here since Broughton qualifies for USDA rural housing programs with zero down payment options.
What special considerations should I know about when getting a mortgage for older homes in Broughton?
Many Broughton homes are older, so lenders may require more thorough inspections and might mandate repairs for FHA or conventional loans. You'll want to budget for potential repair escrow requirements, and consider an FHA 203(k) renovation loan if the home needs significant updates. Local appraisers are familiar with valuing Broughton's historic properties, but may be conservative in their assessments.
Are property taxes in Broughton typically included in mortgage escrow accounts?
Yes, most Broughton lenders include property taxes in escrow accounts since Washington County property taxes are relatively stable but essential for local services. Annual property taxes in Broughton typically range from 1.8% to 2.2% of home value. Your lender will calculate these into your monthly payment and handle payments directly to the Washington County Treasurer.
Why Choose a Mortgage Lender in Broughton?
Local Market Knowledge
Lenders who understand Broughton'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 Broughton and get competitive rates on your home loan.