The Best Mortgage Lenders in Ellery, IL
Compare verified mortgage lenders serving Ellery, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ellery
Featured Mortgage Lenders
Mortgage Solutions Team
First Federal Savings Bank of Marion
First Federal Savings Bank of Marion is a highly-rated community bank serving Southern Illinois with exceptional mortgage services. With over a century of operation, they offer personalized service and deep local market knowledge that benefits Ellery residents. Their mortgage team receives outstanding reviews for responsiveness, competitive rates, and guiding borrowers through the entire process. As a local institution, they understand the unique aspects of rural Illinois property financing and maintain strong relationships with local real estate professionals.
Loan Types:
Mortgage Lending Department
First Mid Bank & Trust
First Mid Bank & Trust has been serving Southern Illinois communities for over 150 years, making them one of the most established mortgage lenders in the region. They maintain multiple branches throughout the area and have extensive experience with rural property financing relevant to Ellery. Customers consistently praise their knowledgeable loan officers, competitive rates, and efficient closing processes. Their long-standing presence in the community ensures they understand local market conditions and can provide tailored mortgage solutions.
Loan Types:
Home Lending Center
Peoples National Bank
Peoples National Bank is a community-focused institution with strong roots in Southern Illinois, making them an excellent choice for Ellery residents seeking mortgage services. They specialize in rural and agricultural lending, which is particularly relevant for the Ellery area. Their mortgage team receives high marks for personal attention, local decision-making, and expertise with USDA and rural development loans. With multiple locations throughout the region, they offer convenient service while maintaining the personalized approach of a community bank.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Ellery, IL
What are the typical mortgage rates available for homebuyers in Ellery, IL?
Mortgage rates in Ellery generally align with national averages but can vary based on local lenders and property types. Currently, rates for 30-year fixed mortgages in the area range from 6.5% to 7.25%, though rural properties may see slightly higher rates. It's best to compare offers from local community banks and credit unions who understand the Ellery market specifically.
Are there any first-time homebuyer programs specifically for Ellery residents?
Yes, Ellery homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, including the 1stHomeIllinois loan with down payment assistance. Additionally, some local lenders offer special programs for Ellery's rural community, including USDA loans which are particularly relevant given the area's qualification for rural housing programs.
How does Ellery's rural location affect mortgage lending requirements?
Ellery's rural designation makes many properties eligible for USDA loans, which offer 100% financing with no down payment required. However, appraisals in rural areas may require additional scrutiny for comparable properties, and some lenders may have stricter requirements for older farmhouses or properties on well and septic systems common in the area.
What special considerations should I know about when getting a mortgage for a property with land in Ellery?
Properties with significant acreage in Ellery often require specialized lending approaches. Many conventional lenders limit financing on properties with more than 10 acres, so you may need to work with agricultural lenders or local banks familiar with rural property valuation. The additional land value can also affect your down payment requirements and property insurance needs.
Are there any local property tax considerations that affect mortgage lending in Ellery?
Ellery homeowners benefit from relatively low property tax rates compared to urban areas in Illinois, typically around 1.5-2% of assessed value. However, lenders will carefully review tax obligations since some rural properties may have special assessments for agricultural use or conservation easements that could affect your debt-to-income ratio calculations.
Why Choose a Mortgage Lender in Ellery?
Local Market Knowledge
Lenders who understand Ellery'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 Ellery and get competitive rates on your home loan.