The Best Mortgage Lenders in Collinsville, IL
Compare verified mortgage lenders serving Collinsville, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Collinsville
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation - Collinsville
Fairway Independent Mortgage in Collinsville stands out as one of the highest-rated local mortgage lenders, consistently earning exceptional customer satisfaction ratings. With deep roots in the Metro East community, their team specializes in personalized service and competitive rates across all loan types. They're particularly noted for their expertise with VA loans and first-time homebuyer programs, offering comprehensive guidance through the entire mortgage process. Their local presence combined with national lending power makes them a top choice for Collinsville residents.
Loan Types:
First Mid Bank & Trust
First Mid Bank & Trust, N.A.
As a well-established community bank with a strong Collinsville presence, First Mid Bank & Trust offers the reliability of a local institution with comprehensive mortgage services. Their mortgage team provides personalized attention and competitive rates, with particular strength in construction loans and home equity products. With deep community ties and decades of experience serving the Metro East region, they're known for their straightforward approach and commitment to local homebuyers. Their physical branch in downtown Collinsville ensures convenient access for ongoing service.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate brings national lending power with strong local service to Collinsville homebuyers. While headquartered in Chicago, they maintain an active presence throughout the St. Louis metropolitan area including Collinsville. They're renowned for their digital mortgage experience and competitive rates, particularly strong in conventional and jumbo loans. Their efficient online platform combined with local loan officer support provides a modern mortgage experience while maintaining personal service. High customer satisfaction ratings reflect their ability to streamline the lending process while offering competitive terms.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Collinsville, IL
What are the current average mortgage rates in Collinsville, IL, and how do they compare to state and national averages?
Mortgage rates in Collinsville are typically very competitive and often align closely with the national average. However, due to Illinois' specific property tax structure and occasional local economic factors, you may find rates slightly different from neighboring states. It's best to consult with a local lender who can provide real-time quotes specific to Madison County.
Are there any first-time homebuyer programs specifically available for Collinsville residents?
Yes, Collinsville homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, such as the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders in the Metro East area may offer special programs or grants for first-time buyers purchasing within the Collinsville city limits.
How does Collinsville's property tax rate affect my mortgage payment and loan qualification?
Collinsville's property tax rates are a significant factor, as Madison County has some of the higher effective tax rates in Illinois. Lenders will include your estimated property taxes in your debt-to-income ratio calculation, which can impact how much home you can qualify for. It's important to get a precise tax estimate for any property you're considering.
What unique closing costs should I expect when getting a mortgage in Collinsville, IL?
In addition to standard closing costs, Collinsville homebuyers should budget for Illinois-specific items like a transfer tax (often split between buyer and seller) and potential flood certification fees, especially for properties near the Cahokia Mounds or other low-lying areas. Working with a local title company familiar with Madison County practices is advisable.
How does the appraisal process work for older homes in Collinsville's historic districts?
Appraising older homes in Collinsville, particularly in established neighborhoods or near the historic downtown, requires an appraiser experienced with vintage construction and local market nuances. They will evaluate unique features and compare to similar historic property sales in the area, which can sometimes present challenges not found with new construction.
Nearby Cities
Explore mortgage lenders in cities near Collinsville, IL
Why Choose a Mortgage Lender in Collinsville?
Local Market Knowledge
Lenders who understand Collinsville'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 Collinsville and get competitive rates on your home loan.