The Best Mortgage Lenders in Edgewood, IL
Compare verified mortgage lenders serving Edgewood, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Edgewood
Featured Mortgage Lenders
Scott Credit Union Mortgage Department
Scott Credit Union
Scott Credit Union is one of Southern Illinois' most trusted mortgage lenders with an exceptional reputation for customer service and competitive rates. While headquartered in Maryville, they serve the entire Southern Illinois region including Edgewood with multiple branch locations. They offer personalized mortgage guidance with local decision-making and have consistently high customer satisfaction ratings for their straightforward application process and responsive loan officers.
Loan Types:
Heartland Mortgage Services
Heartland Mortgage Services, Inc.
Heartland Mortgage Services has been serving Central and Southern Illinois communities for over 25 years, including the Edgewood area. They are known for their local expertise and personalized approach to mortgage lending. As an independent mortgage banker, they offer competitive rates and flexible loan programs with in-house underwriting for faster approvals. Their team has deep knowledge of the local real estate market and consistently receives high marks for communication and closing efficiency.
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Fairway Independent Mortgage Corporation - Effingham
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation's Effingham branch serves the Edgewood area with exceptional mortgage services and nationally recognized excellence. They consistently rank among the top mortgage lenders in customer satisfaction with streamlined digital processes and dedicated local loan officers. Their strong community presence and extensive loan product portfolio make them a preferred choice for homeowners throughout Central Illinois, known for competitive rates and exceptional customer service from application through closing.
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Frequently Asked Questions
Common questions about mortgage lending in Edgewood, IL
What are the current mortgage rates like for homes in Edgewood, IL?
Mortgage rates in Edgewood typically align with national averages but can vary based on local lenders and property specifics. Currently, rates for 30-year fixed mortgages in the area range from 6.5% to 7.2%, though borrowers with excellent credit may secure slightly lower rates. It's wise to compare offers from local credit unions and regional banks who understand the Edgewood market.
Are there any first-time homebuyer programs specifically available in Edgewood?
Yes, Edgewood homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIL loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs for Edgewood residents purchasing their first home. These programs can provide valuable support with down payments and closing costs.
How does Edgewood's rural location affect the mortgage process?
Edgewood's rural setting can impact appraisals since comparable properties may be farther apart, potentially requiring specialized appraisers familiar with rural Illinois properties. Some lenders might have specific requirements for properties with wells or septic systems, which are common in the area. Working with lenders experienced in rural Illinois mortgages can streamline this process.
What types of properties are most common in Edgewood's mortgage market?
Edgewood's mortgage market primarily consists of single-family homes on larger lots, many with agricultural or rural characteristics. You'll find a mix of older farmhouses, manufactured homes on permanent foundations, and newer construction. Each property type may have different lending requirements, particularly regarding manufactured homes which need to meet HUD standards for conventional financing.
Are there any local property tax considerations I should know about when getting a mortgage in Edgewood?
Edgewood property taxes in Effingham County are generally moderate compared to urban areas in Illinois, typically ranging from 1.2% to 1.8% of assessed value. However, tax rates can vary based on specific township and school district boundaries. Your lender will help estimate property taxes for your mortgage payment calculation, but it's wise to verify with the Effingham County Assessor's office.
Why Choose a Mortgage Lender in Edgewood?
Local Market Knowledge
Lenders who understand Edgewood'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 Edgewood and get competitive rates on your home loan.