The Best Mortgage Lenders in Great Lakes, IL
Compare verified mortgage lenders serving Great Lakes, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Great Lakes
Featured Mortgage Lenders
Mortgage Department
Armed Forces Bank
As the primary on-base banking institution at Naval Station Great Lakes, Armed Forces Bank has specialized in serving military personnel and their families for over a century. They offer exceptional expertise in VA loans and military-specific mortgage programs, with loan officers who understand the unique needs of service members. Their convenient location on base and deep understanding of military benefits make them the top choice for active duty, veterans, and their families in the Great Lakes area.
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Mortgage Division
Wintrust Mortgage
Wintrust Mortgage has a strong regional presence throughout Lake County and maintains a dedicated office in nearby Gurnee that actively serves the Great Lakes community. As part of the Wintrust Financial Corporation, they offer competitive rates and a wide range of loan products with the backing of a established financial institution. Their local loan officers have extensive knowledge of the Great Lakes real estate market and are known for personalized service and efficient processing.
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Mortgage Team
Mortgage Pros LLC
Mortgage Pros LLC is a highly-rated local mortgage broker serving Lake County with exceptional customer satisfaction ratings. While based in Libertyville, they actively work with clients throughout the Great Lakes area and have particular expertise with first-time homebuyers and military families. Their boutique approach allows for personalized service and access to multiple lending partners, ensuring competitive rates and flexible underwriting. They are known for their educational approach and guiding clients through the entire mortgage process.
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Frequently Asked Questions
Common questions about mortgage lending in Great Lakes, IL
What are the current mortgage rates like in Great Lakes, IL compared to the national average?
Mortgage rates in Great Lakes, IL, are typically very competitive and often slightly below the national average due to the area's strong military presence and stable employment base from Naval Station Great Lakes. However, rates can vary based on individual credit profiles and loan types, so it's wise to compare offers from multiple local lenders who understand the unique dynamics of the North Chicago area housing market.
Are there any special mortgage programs for military or VA borrowers in Great Lakes?
Yes, Great Lakes has exceptional VA loan utilization due to the large military population. Many local lenders are experienced with VA loans and offer competitive terms with no down payment requirements. Additionally, some Illinois programs like the IHDAmortgage programs can be combined with VA benefits, providing even more affordability for service members and veterans in the area.
What should I know about property taxes when getting a mortgage in Great Lakes, IL?
Property taxes in Lake County, where Great Lakes is located, are among the highest in Illinois, typically ranging from 2.0% to 2.5% of home value. This significantly impacts your total monthly mortgage payment, so it's crucial to factor this into your budget. Many lenders in the area are familiar with these tax rates and can help you accurately estimate your full housing payment.
Are there any first-time homebuyer programs specific to Great Lakes or Lake County?
Yes, the Illinois Housing Development Authority (IHDA) offers several first-time homebuyer programs accessible to Great Lakes residents, including the 1stHomeIllinois program with down payment assistance. Additionally, some local lenders offer special programs for teachers, healthcare workers, and military personnel who make up a significant portion of the Great Lakes community.
How does being near Naval Station Great Lakes affect the mortgage process?
The proximity to Naval Station Great Lakes creates a stable rental market and consistent housing demand, which lenders view favorably. Many local mortgage professionals are experienced with military relocations, PCS orders, and BAH income calculations. This expertise can streamline the process for military buyers, who may need flexibility with closing timelines and deployment considerations.
Nearby Cities
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Why Choose a Mortgage Lender in Great Lakes?
Local Market Knowledge
Lenders who understand Great Lakes'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 Great Lakes and get competitive rates on your home loan.