The Best Mortgage Lenders in Frankfort Heights, IL
Compare verified mortgage lenders serving Frankfort Heights, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Frankfort Heights
Featured Mortgage Lenders
First Mid Bank & Trust
First Mid Bank & Trust
First Mid Bank & Trust is a highly-rated regional bank with deep roots in Southern Illinois, serving Frankfort Heights and surrounding communities for over a century. They offer personalized mortgage services with local decision-making, competitive rates, and a comprehensive range of loan products. Their experienced loan officers provide one-on-one guidance through the entire home financing process, making them a top choice for both first-time homebuyers and experienced property investors in the area.
Loan Types:
Old National Bank
Old National Bank
Old National Bank maintains a strong presence in Southern Illinois with multiple branches serving the Frankfort Heights area. They combine the resources of a larger financial institution with local banking expertise, offering competitive mortgage rates and flexible loan terms. Their mortgage specialists are known for providing exceptional customer service and guiding clients through complex financing situations, with particular strength in government-backed loans and first-time homebuyer programs.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage operates a local office in nearby Carbondale that actively serves the Frankfort Heights market. They are particularly strong in specialized loan programs and offer competitive rates with flexible underwriting. Their local loan officers have extensive knowledge of the Southern Illinois housing market and provide personalized service from application through closing. The company receives high marks for responsiveness and their ability to handle complex mortgage scenarios efficiently.
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Frequently Asked Questions
Common questions about mortgage lending in Frankfort Heights, IL
What are the current average mortgage rates for homebuyers in Frankfort Heights, IL?
Mortgage rates in Frankfort Heights typically align with national averages but can vary based on local lender competition and property types. As of recent trends, you might find conventional 30-year fixed rates slightly below national averages due to Illinois' competitive lending market. It's best to compare rates from local credit unions like First Federal Savings Bank of Frankfort alongside national lenders for the most favorable terms.
Are there any first-time homebuyer programs specifically available in Frankfort Heights?
Yes, Frankfort Heights homebuyers can access the Illinois Housing Development Authority's (IHDA) programs including the 1stHomeILLINOIS program offering down payment assistance and affordable fixed-rate mortgages. Additionally, Will County offers specific programs for eligible buyers, and some local lenders may provide special first-time buyer incentives with lower down payment requirements tailored to the Frankfort Heights market.
How do property taxes in Frankfort Heights affect mortgage qualification and payments?
Frankfort Heights property taxes are relatively moderate for the Chicago metro area but still impact your debt-to-income ratio and monthly payments significantly. Will County's current tax rates mean you should budget for taxes adding $300-$500 monthly to your mortgage payment for a typical single-family home. Lenders will factor this into your qualification calculations, so it's crucial to get accurate tax estimates during pre-approval.
What special considerations should I know about getting a mortgage for Frankfort Heights' historic district properties?
Financing historic homes in Frankfort Heights' designated areas may require additional inspections and potentially higher insurance costs. Some lenders might have specific requirements for older homes, and you may need to use renovation loans like the FHA 203(k) if updates are needed. It's advisable to work with lenders experienced in historic properties and factor in potential higher maintenance costs during qualification.
Are there any local down payment assistance programs unique to Frankfort Heights homebuyers?
While Frankfort Heights itself doesn't offer municipal programs, buyers can access Will County's Homebuyer Assistance Program which provides up to $10,000 in down payment help for qualifying households. Additionally, several local employers including Silver Cross Hospital and local school districts partner with lenders to offer employer-assisted housing programs. These are particularly valuable given Frankfort Heights' proximity to major employment centers.
Nearby Cities
Explore mortgage lenders in cities near Frankfort Heights, IL
Why Choose a Mortgage Lender in Frankfort Heights?
Local Market Knowledge
Lenders who understand Frankfort Heights'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 Heights and get competitive rates on your home loan.