The Best Mortgage Lenders in Chesterfield, IL
Compare verified mortgage lenders serving Chesterfield, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chesterfield
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 online tools, and high customer satisfaction. Founded in 2000, it has built a reputation for reliability and efficiency, offering a wide range of loan products. With numerous positive reviews highlighting quick closings and excellent service, it serves Chesterfield and surrounding areas through its digital platform and dedicated loan officers.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly-rated lender with a regional office in Springfield, providing personalized service and a comprehensive suite of mortgage options. Founded in 2003, it has earned a strong track record for customer care and competitive rates, with reviews praising its responsive team and smooth loan processes. It actively serves Chesterfield and central Illinois, making it a reliable choice for homebuyers in rural areas.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a renowned lender with a robust local presence in Springfield, offering exceptional customer service and a variety of loan products. Established in 1996, it has consistently high ratings for its commitment to community involvement and client satisfaction. Reviews often highlight its knowledgeable staff and efficient processing, making it a top choice for residents in Chesterfield and the broader Macoupin County region.
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Frequently Asked Questions
Common questions about mortgage lending in Chesterfield, IL
What are current mortgage rates like for homes in Chesterfield, IL?
Mortgage rates in Chesterfield typically align with national averages, but local lenders may offer competitive rates for this rural market. As of 2024, you can expect rates around 6.5-7% for 30-year fixed mortgages, though this varies by lender, credit score, and loan type. It's wise to compare offers from both local Illinois banks and national lenders serving the Jacksonville area.
Are there any first-time homebuyer programs specifically for Chesterfield residents?
Yes, Chesterfield homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. These programs are particularly valuable in Chesterfield's affordable housing market, where median home prices are below state averages. Local lenders familiar with IHDA requirements can help you navigate eligibility and application.
How does Chesterfield's rural location affect mortgage lending requirements?
Chesterfield's rural classification can work to your advantage through USDA loans, which offer 100% financing with no down payment required for eligible properties and borrowers. However, some lenders may require additional documentation for rural property appraisals. The village's location in Morgan County also means lenders will carefully evaluate property types, including agricultural land components.
What special considerations should I know about when getting a mortgage for older homes in Chesterfield?
Many Chesterfield homes have historical significance or older construction, so lenders may require more thorough inspections and potentially escrow for repairs. You'll want to ensure the property meets minimum property standards for your loan type. Consider an FHA 203(k) renovation loan if the home needs significant updates, which is common with Chesterfield's housing stock.
How does Chesterfield's property tax structure impact mortgage affordability?
Morgan County property taxes in Chesterfield are relatively moderate compared to urban Illinois areas, typically ranging from 1.5-2% of assessed value. Your lender will calculate these taxes into your debt-to-income ratio and monthly escrow payments. The stable tax environment in this small community helps with long-term mortgage affordability and predictability.
Why Choose a Mortgage Lender in Chesterfield?
Local Market Knowledge
Lenders who understand Chesterfield'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 Chesterfield and get competitive rates on your home loan.