The Best Mortgage Lenders in Hammond, IL
Compare verified mortgage lenders serving Hammond, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hammond
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation - Kankakee
Fairway Independent Mortgage is one of the highest-rated mortgage lenders in the Kankakee County area, serving Hammond and surrounding communities with exceptional service. With nearly 30 years in business, they've built a reputation for competitive rates, personalized service, and extensive loan options. Their local Kankakee branch has consistently high customer satisfaction ratings and specializes in helping both first-time homebuyers and experienced property investors throughout the rural Illinois market.
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Kankakee County Teachers Credit Union
Kankakee County Teachers Credit Union
As a longstanding community financial institution, Kankakee County Teachers Credit Union has served the Hammond area for over eight decades with reliable mortgage lending services. While originally serving educators, they now offer membership to anyone living or working in Kankakee County. They're particularly praised for their competitive rates, local decision-making, and personalized approach to mortgage lending. Their deep community roots and member-focused service make them a top choice for Hammond residents.
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First Midwest Bank Mortgage
First Midwest Bank (Now Old National Bank)
First Midwest Bank, now part of Old National Bank, has been a trusted mortgage lender throughout Illinois with multiple branches serving the Hammond area. With decades of experience in the regional market, they offer comprehensive mortgage solutions and local underwriting expertise. Their strong presence in Grundy and Kankakee counties ensures Hammond residents receive personalized service combined with the resources of a larger financial institution. Customers consistently praise their competitive rates and knowledgeable mortgage specialists.
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Frequently Asked Questions
Common questions about mortgage lending in Hammond, IL
What are the current average mortgage rates for homebuyers in Hammond, IL?
Mortgage rates in Hammond typically align with national averages but can vary based on local lender competition and property type. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rural property loans may carry slightly higher rates. It's best to compare offers from local credit unions and regional banks serving Iroquois County for the most competitive terms.
Are there any first-time homebuyer programs specifically available in Hammond?
Yes, Hammond homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, including the 1stHomeIL loan with competitive interest rates and down payment assistance. Additionally, Iroquois County offers local housing rehabilitation programs that may provide supplemental assistance. These programs are particularly valuable given Hammond's affordable housing market where median prices are below state averages.
How does Hammond's rural location affect the mortgage process?
Hammond's rural classification can impact lending through USDA Rural Development loans, which offer 100% financing for eligible borrowers. However, some lenders may require additional property inspections for older farmhouses or rural properties common in the area. Appraisal timelines might also be slightly longer due to fewer comparable sales in this small agricultural community.
What special considerations should I know about property taxes for Hammond mortgages?
Iroquois County property taxes in Hammond typically range from 1.8% to 2.2% of assessed value, which lenders factor into debt-to-income calculations. Many Hammond properties qualify for agricultural or homestead exemptions that can reduce tax burdens. Your mortgage lender should help verify current tax rates and any applicable exemptions during the pre-approval process.
Are there local lenders in Hammond that understand the unique aspects of the local housing market?
Yes, several community banks and credit unions with branches in nearby Watseka and Gilman have extensive experience with Hammond's housing market. These local institutions often offer more flexible underwriting for properties with agricultural land or older homes common in the area. They typically have better knowledge of local property values and can process loans more efficiently than large national banks.
Why Choose a Mortgage Lender in Hammond?
Local Market Knowledge
Lenders who understand Hammond'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 Hammond and get competitive rates on your home loan.