The Best Mortgage Lenders in Clare, IL
Compare verified mortgage lenders serving Clare, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Clare
Featured Mortgage Lenders
Tim Hoppa
First Midwest Bank Mortgage
First Midwest Bank (now part of Old National Bank) has been serving the Kankakee County area for decades with deep roots in Clare and surrounding communities. They maintain a 4.8-star rating based on exceptional local service and community banking approach. Their mortgage team specializes in first-time homebuyer programs and offers competitive rates with personalized service. As a established regional bank, they understand the local real estate market and provide flexible underwriting for rural properties common in the Clare area.
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Mike St. Aubin
Peoples Bank Home Lending
Peoples Bank has been a trusted community lender in Kankakee County since 1999, regularly serving clients in Clare and surrounding rural areas. They maintain a 4.7-star rating for their responsive service and local decision-making capabilities. Their mortgage department specializes in agricultural and rural property financing, offering unique programs tailored to the needs of Clare residents. With local underwriters and quick turnaround times, they provide a distinct advantage for buyers in smaller communities.
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Mortgage Department
K3 Mortgage
K3 Mortgage is a highly-rated local mortgage broker serving the entire Kankakee County region, including Clare. With a stellar 4.9-star rating from hundreds of reviews, they're known for exceptional customer service and competitive rates. As mortgage brokers, they have access to multiple lenders and can find the best programs for rural properties and unique financing situations common in the Clare area. Their team has extensive experience with USDA rural development loans, making them an ideal choice for Clare homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Clare, IL
What are current mortgage rates like for homes in Clare, IL?
Mortgage rates in Clare typically align with national averages but can be slightly influenced by local market conditions and property types common in Henry County. As of recent trends, you can expect rates in the low to mid 6% range for 30-year fixed loans, though individual rates depend on credit score, loan type, and down payment. It's wise to compare offers from both local Illinois lenders and national institutions.
Are there any first-time homebuyer programs available specifically in Clare?
Yes, Clare 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 Clare's affordable market, where median home prices allow these assistance funds to cover a significant portion of closing costs. Local lenders familiar with IHDA requirements can help you navigate eligibility.
How does Clare's rural location affect mortgage lending options?
Clare's designation as a rural area makes USDA loans an attractive option with 100% financing available for eligible borrowers. Many properties in and around Clare qualify for USDA rural housing loans, which feature competitive rates and no down payment requirement. This can be particularly beneficial given Clare's more affordable housing market compared to urban areas.
What unique closing costs should I expect when buying a home in Clare?
In addition to standard closing costs, Clare homebuyers should budget for Henry County-specific fees including property transfer taxes, recording fees, and potential rural-specific inspections like well and septic certifications. Total closing costs typically range from 2-5% of the home's purchase price, with title insurance and lender fees being the largest components.
How long does the mortgage approval process typically take in Clare's real estate market?
The mortgage process in Clare generally takes 30-45 days from application to closing, which aligns with the pace of Henry County's real estate market. This timeline allows for proper property appraisal in a rural area where comparable sales might be limited. Working with lenders experienced in rural Illinois properties can help ensure a smooth and timely closing process.
Why Choose a Mortgage Lender in Clare?
Local Market Knowledge
Lenders who understand Clare'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 Clare and get competitive rates on your home loan.