The Best Mortgage Lenders in Ellis Grove, IL
Compare verified mortgage lenders serving Ellis Grove, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ellis Grove
Featured Mortgage Lenders
John Kessler
First Mid Mortgage
First Mid Mortgage stands out as a top-rated regional lender with deep roots in Southern Illinois. As part of First Mid Bank & Trust, they bring over 150 years of banking experience to the table with specialized mortgage expertise. Their local loan officers understand the unique aspects of rural Illinois properties and offer personalized service with competitive rates. They're particularly strong with USDA rural development loans, which are ideal for Ellis Grove area homes, and have excellent customer satisfaction ratings for their responsive communication throughout the loan process.
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Mortgage Services Team
Scott Credit Union
Scott Credit Union has built an exceptional reputation across Southern Illinois with their member-focused mortgage approach. They consistently receive high marks for competitive interest rates and low closing costs, with many customers noting their smooth and efficient loan process. Their mortgage team has specific expertise with rural properties and offers specialized programs for first-time homebuyers. As a credit union, they prioritize member satisfaction over profits, resulting in outstanding customer service reviews and local community involvement throughout the region including Ellis Grove.
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Brian Kassing
First National Bank of Waterloo
First National Bank of Waterloo brings century-old community banking values to modern mortgage lending, making them an excellent choice for Ellis Grove residents. Their local decision-making process allows for faster approvals and personalized service that larger lenders can't match. They have particular expertise with rural and agricultural properties common in Monroe County and surrounding areas. Customers consistently praise their knowledgeable staff, transparent communication, and ability to handle complex property situations with ease. Their long-standing presence in the region ensures they understand local market conditions and property values.
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Frequently Asked Questions
Common questions about mortgage lending in Ellis Grove, IL
What are the current mortgage rates like in Ellis Grove, IL compared to the national average?
Mortgage rates in Ellis Grove typically align closely with national averages, but local lenders may offer competitive rates due to the rural nature of Randolph County. Currently, rates for a 30-year fixed mortgage in Ellis Grove are generally between 6.5% and 7%, but it's best to check with local credit unions and community banks for the most accurate, personalized quotes.
Are there any first-time homebuyer programs specific to Ellis Grove or Randolph County?
Yes, the Illinois Housing Development Authority (IHDA) offers statewide programs like the 1stHomeIllinois loan, which provides down payment assistance and affordable fixed-rate mortgages. These are available to Ellis Grove buyers, and local lenders are familiar with the application process. Additionally, some local lenders may have their own first-time buyer incentives.
How does Ellis Grove's rural location affect the mortgage process and property appraisal?
Ellis Grove's rural setting can mean appraisals take slightly longer, as comparable properties may be farther apart. Lenders may require additional documentation to verify property value in less densely populated areas. It's wise to work with a lender experienced in rural Illinois properties to navigate any unique appraisal considerations smoothly.
What types of properties are most common for mortgage lending in Ellis Grove?
Most mortgages in Ellis Grove are for single-family homes, often with larger lots typical of rural communities. You'll also find financing for farms, land, and some manufactured homes, though loan options for these can vary. Conventional and FHA loans are common for primary residences in the village.
Are there any local property tax considerations I should know about when getting a mortgage in Ellis Grove?
Randolph County property taxes are generally moderate compared to urban areas in Illinois, but it's important to factor them into your mortgage payment, as they will be included in your escrow. Ellis Grove's millage rates are set by local taxing bodies, so ask your lender for an estimate of annual taxes based on the specific property you're considering.
Why Choose a Mortgage Lender in Ellis Grove?
Local Market Knowledge
Lenders who understand Ellis Grove'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 Ellis Grove and get competitive rates on your home loan.