The Best Mortgage Lenders in Franklin, IL
Compare verified mortgage lenders serving Franklin, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong presence in Illinois, known for its innovative digital platform and competitive rates. Founded in 2000, it has earned high customer satisfaction for its efficient online application process, personalized service, and wide range of loan options. With numerous positive reviews highlighting their responsiveness and expertise, they serve Franklin and surrounding areas through their Springfield office, making them a reliable choice for homebuyers seeking convenience and reliability.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender with a commitment to diversity and customer service, operating nationwide and serving Franklin, IL through its Illinois branches. Founded in 2003, it offers a comprehensive suite of loan products and is praised for its competitive rates, flexible terms, and dedicated support team. With a focus on community engagement and a track record of positive customer feedback, they provide personalized solutions for first-time homebuyers and refinancers alike, ensuring a smooth mortgage experience.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a reputable lender with a strong regional presence in Illinois, offering tailored mortgage solutions for clients in Franklin and nearby areas. Established in 2003, it boasts high customer ratings for its competitive rates, extensive loan options, and knowledgeable loan officers. Known for its community-focused approach and efficient processing, CrossCountry Mortgage has built a solid reputation for reliability and customer satisfaction, making it a top choice for those seeking flexible and supportive mortgage services.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin, IL
What are the current average mortgage rates for homebuyers in Franklin, IL?
Mortgage rates in Franklin typically align with national averages but can be slightly lower due to the area's rural designation and lower cost of living. As of recent data, 30-year fixed rates in Franklin generally range between 6.5% and 7%, though this varies by lender and borrower qualifications. Local credit unions like First National Bank of Baldwin often offer competitive rates for Franklin residents.
Are there any first-time homebuyer programs specifically available in Franklin, IL?
Yes, Franklin homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs for first-time buyers in Williamson County. These programs are particularly valuable in Franklin's affordable market where median home prices remain below state averages.
How does Franklin's rural location affect mortgage lending options?
Franklin's rural designation makes buyers eligible for USDA loans, which offer 100% financing with no down payment required - a significant advantage in this market. Many properties in and around Franklin qualify for these USDA Rural Development loans, making homeownership more accessible. Local lenders are well-versed in these programs and can guide buyers through the specific property eligibility requirements.
What special considerations should I know about when getting a mortgage for a Franklin home given the local mining history?
Due to Franklin's history with coal mining, lenders typically require additional inspections for properties in certain areas to check for mine subsidence risks. You'll likely need a mine subsidence endorsement on your homeowner's insurance, which may affect your overall housing costs. Local appraisers and lenders are familiar with these requirements and can help navigate this unique aspect of Franklin real estate.
How competitive is the mortgage market among Franklin lenders, and what types of lenders are available?
Franklin has a competitive mix of local community banks, credit unions, and some regional lenders serving the area. Institutions like First National Bank of Baldwin, Peoples National Bank, and several Williamson County credit unions offer personalized service and local market knowledge. While online lenders are available, local institutions often provide better understanding of Franklin's specific property values and market conditions.
Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin'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 Franklin and get competitive rates on your home loan.