The Best Mortgage Lenders in Ellsworth, IL
Compare verified mortgage lenders serving Ellsworth, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ellsworth
Featured Mortgage Lenders
Heartland Bank and Trust Company
Heartland Bank and Trust Company
Heartland Bank and Trust Company is a highly-rated regional bank with deep roots throughout Central Illinois, including service to McLean County where Ellsworth is located. With over 30 years of experience, they offer personalized mortgage services with local decision-making and competitive rates. Their strong community presence and extensive branch network throughout the region make them a top choice for Ellsworth residents seeking reliable, local mortgage expertise with the convenience of nearby branches in Bloomington-Normal.
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CEFCU
Citizens Equity First Credit Union
CEFCU is one of Illinois' largest and most respected credit unions, serving members throughout Central Illinois including McLean County. With exceptional customer satisfaction ratings and competitive mortgage rates typical of credit unions, CEFCU offers comprehensive mortgage solutions with personalized service. Their extensive experience and member-focused approach make them an excellent choice for Ellsworth homebuyers seeking competitive rates and outstanding customer service from a financially stable institution.
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First Federal Savings Bank of Champaign-Urbana
First Federal Savings Bank of Champaign-Urbana
First Federal Savings Bank has been serving Central Illinois communities for over 75 years with a strong reputation for mortgage lending excellence. While based in Champaign-Urbana, they serve multiple counties throughout the region including McLean County. Their experienced mortgage team provides personalized service with local underwriting and decision-making. Known for competitive rates and flexible loan options, they're particularly strong with first-time homebuyer programs and construction loans, making them a valuable resource for Ellsworth residents.
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Frequently Asked Questions
Common questions about mortgage lending in Ellsworth, IL
What are the current mortgage rates like for homes in Ellsworth, IL?
Mortgage rates in Ellsworth are generally competitive with national averages, but can be slightly influenced by the rural nature of McLean County and local lender competition. As of late 2023, rates for a 30-year fixed mortgage typically range from the mid-6% to low-7% range, but it's best to check with local credit unions and community banks in the Bloomington-Normal area for the most accurate, personalized rates.
Are there any first-time homebuyer programs specific to Ellsworth that can help with down payments?
Yes, the Illinois Housing Development Authority (IHDA) offers statewide programs like the 1stHomeIllinois and Access Forgivable programs, which are accessible to Ellsworth buyers. These can provide down payment assistance and affordable fixed-rate mortgages. Given Ellsworth's location, working with a mortgage lender familiar with McLean County is key to navigating these programs successfully.
How does Ellsworth's rural location impact the mortgage appraisal process?
Appraisals in Ellsworth can be more complex due to its rural setting and fewer recent comparable home sales ("comps"). Lenders may need to look at properties in nearby towns like Bloomington or Heyworth, which can sometimes affect the appraised value. It's wise to work with a lender experienced in rural Illinois properties to ensure a smooth appraisal process.
What types of properties in Ellsworth might qualify for USDA loans?
Given Ellsworth's designation as a rural area, many homes in the village are eligible for USDA loans, which offer 100% financing with no down payment. To qualify, the property must be located within an eligible rural area (which Ellsworth is), and the borrower must meet income limits for McLean County. This can be an excellent option for eligible buyers looking in this community.
Are property taxes in Ellsworth typically higher or lower than surrounding areas, and how does this affect mortgage payments?
Property taxes in Ellsworth are generally moderate compared to larger cities in McLean County, but they can vary. The Ellsworth village tax rate combined with McLean County taxes means your escrow payment included in your mortgage will need to account for this. When getting pre-approved, ensure your lender uses accurate tax estimates for Ellsworth to avoid payment shock later.
Why Choose a Mortgage Lender in Ellsworth?
Local Market Knowledge
Lenders who understand Ellsworth'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 Ellsworth and get competitive rates on your home loan.