The Best Mortgage Lenders in Frankfort, IL
Compare verified mortgage lenders serving Frankfort, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Frankfort
Featured Mortgage Lenders
John Smith
Guaranteed Rate
Guaranteed Rate is one of the top-rated mortgage lenders nationwide with a strong local presence in Frankfort. They offer a completely digital mortgage experience with competitive rates and fast closings. Their Frankfort office has exceptional local reviews praising their responsiveness, transparency, and expertise with Illinois home financing. As one of the largest retail mortgage lenders in the U.S., they provide a wide range of loan products with local underwriting support.
Loan Types:
Michael Johnson
First American Bank
First American Bank has deep roots in the Chicago metropolitan area with a physical branch in Frankfort. They are known for their personalized service and local decision-making capabilities. Customers consistently praise their construction loan expertise and relationship-based approach to mortgage lending. As a community-focused bank, they offer competitive rates and maintain strong relationships with local real estate professionals in Will County and surrounding areas.
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Sarah Thompson
CrossCountry Mortgage
CrossCountry Mortgage has a strong presence in the Chicago Southland region with local loan officers serving Frankfort and surrounding communities. They are highly rated for their educational approach to mortgage lending and exceptional customer service. The company offers a comprehensive range of loan programs with particular expertise in first-time homebuyer assistance programs available in Illinois. Their local team has extensive knowledge of Frankfort's real estate market and provides personalized guidance throughout the entire home financing process.
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Frequently Asked Questions
Common questions about mortgage lending in Frankfort, IL
What are the current mortgage rates like for homes in Frankfort, IL?
Mortgage rates in Frankfort typically align with national averages but can be influenced by local market competition and property types. Currently, rates for 30-year fixed mortgages in the Frankfort area range from the mid-6% to low-7% range, though specific rates depend on your credit score, loan type, and down payment. Working with a local lender familiar with Will County market conditions can help you secure competitive rates.
Are there any first-time homebuyer programs specifically available in Frankfort?
Yes, Frankfort homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, including the 1stHomeILLINOIS and AccessILLINOIS programs offering competitive interest rates and down payment assistance. Additionally, some local lenders in Will County may offer special first-time buyer programs with reduced fees or closing cost assistance. These programs are particularly valuable given Frankfort's growing housing market and can make homeownership more accessible.
How does Frankfort's property tax rate affect my mortgage payments?
Frankfort's property tax rates in Will County typically range from 2.0% to 2.5% of assessed value, which is moderately high compared to national averages. This means your monthly mortgage payment will include a significant escrow portion for property taxes, often adding several hundred dollars to your payment. When getting pre-approved, ensure your lender calculates these taxes accurately to avoid payment shock later.
What special considerations should I know about getting a mortgage for Frankfort's newer construction homes?
Frankfort has significant new construction in developments like Prestancia and Carillon, which often require different mortgage considerations. Many builders have preferred lenders offering incentives like closing cost credits, but it's wise to compare with independent lenders. Also, new construction mortgages may have different appraisal requirements and longer rate lock periods due to construction timelines.
Are there any local down payment assistance programs for Frankfort homebuyers?
Beyond state programs, Frankfort homebuyers may qualify for Will County's Homebuyer Assistance Program, which offers up to $10,000 in down payment assistance for qualifying buyers. Some local credit unions and community banks also offer special programs for Frankfort residents, particularly for homes in designated areas or for essential workers. These local programs can be crucial given Frankfort's median home prices.
Why Choose a Mortgage Lender in Frankfort?
Local Market Knowledge
Lenders who understand Frankfort'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 Frankfort and get competitive rates on your home loan.