The Best Mortgage Lenders in Des Plaines, IL
Compare verified mortgage lenders serving Des Plaines, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Des Plaines
Featured Mortgage Lenders
Victor Ciardelli
Guaranteed Rate
Guaranteed Rate is one of the nation's largest retail mortgage lenders with a strong presence in the Chicago metropolitan area, including Des Plaines. Founded in 2000, they've built an exceptional reputation for competitive rates, digital mortgage innovation, and outstanding customer service. They offer a comprehensive range of loan products with particularly strong jumbo and conventional loan programs. Their 4.8-star rating across thousands of reviews reflects their commitment to making the mortgage process efficient and transparent for Illinois homebuyers.
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Customer Service
Wintrust Mortgage
Wintrust Mortgage has been serving the Chicago metropolitan area for over 30 years with a strong local presence in the northwest suburbs including Des Plaines. As part of the Wintrust Financial Corporation, they combine the resources of a large institution with personalized local service. They're particularly known for their construction lending expertise and first-time homebuyer programs. With numerous local branches and deep community ties, they offer competitive rates and exceptional customer service, earning them a 4.7-star rating from hundreds of satisfied customers.
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Member Services
Alliant Credit Union
Alliant Credit Union, while headquartered in Chicago, serves members throughout the Des Plaines area with exceptional mortgage products and member-focused service. As one of the nation's largest credit unions, they offer competitive rates typically below traditional banks and provide personalized guidance throughout the mortgage process. Their 4.6-star rating reflects their commitment to member satisfaction, and they're particularly strong with first-time homebuyer programs and jumbo loans. With over 85 years of financial service experience, they combine stability with modern digital mortgage tools for a seamless borrowing experience.
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Frequently Asked Questions
Common questions about mortgage lending in Des Plaines, IL
What are the current average mortgage rates for homebuyers in Des Plaines, IL?
Mortgage rates in Des Plaines typically align with national averages but can be influenced by local market competition. As of late 2023, you might see 30-year fixed rates around 6.5-7% for qualified buyers, though rates vary by lender, credit score, and loan type. It's wise to compare offers from both local Des Plaines credit unions and national lenders for the best terms.
Are there any first-time homebuyer programs specifically available in Des Plaines?
Yes, first-time homebuyers in Des Plaines can access the Illinois Housing Development Authority's (IHDA) programs, which offer competitive interest rates and down payment assistance. Additionally, some local lenders may have special programs for Des Plaines residents. These programs can provide grants or forgivable loans to help cover down payment and closing costs.
How does Des Plaines' property tax rate affect my mortgage payments?
Des Plaines has a relatively high property tax rate compared to national averages, currently around 2.3% of assessed value. This means your monthly mortgage payment will include a significant escrow portion for taxes. When budgeting, factor in that property taxes can add several hundred dollars to your monthly payment beyond principal and interest.
What special considerations should I know about getting a mortgage for a multi-unit property in Des Plaines?
Des Plaines has many two-to-four unit properties that can be purchased with residential mortgages if you plan to occupy one unit. You'll typically need a higher down payment (15-25% versus 3-5% for single-family homes) and must demonstrate that rental income from other units will help cover the mortgage. Local lenders familiar with Des Plaines' multi-unit market can provide specific guidance.
Are there any local down payment assistance programs unique to Des Plaines homebuyers?
While Des Plaines doesn't have city-specific down payment programs, residents qualify for Cook County and State of Illinois programs. The IHDA's Access Forgivable and Access Deferred programs are popular options, offering up to $10,000 in down payment assistance. Some employers in the Des Plaines area, particularly in the healthcare and aviation sectors, may also offer homebuyer benefits.
Nearby Cities
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Why Choose a Mortgage Lender in Des Plaines?
Local Market Knowledge
Lenders who understand Des Plaines'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 Des Plaines and get competitive rates on your home loan.