The Best Mortgage Lenders in Highland, IL
Compare verified mortgage lenders serving Highland, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Highland
Featured Mortgage Lenders
Scott Credit Union Mortgage Department
Scott Credit Union
Scott Credit Union stands as the premier local mortgage lender in Highland with deep community roots and exceptional member satisfaction. As a not-for-profit financial cooperative, they offer highly competitive rates and personalized service. Their mortgage team provides comprehensive guidance through the entire home buying process, with special expertise in first-time homebuyer programs and local market knowledge. With multiple branches throughout the Metro East area and strong relationships with local real estate professionals, they deliver a seamless mortgage experience backed by their longstanding reputation for excellent customer service.
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First Mid Mortgage Services
First Mid Bank & Trust
First Mid Bank & Trust maintains a strong physical presence in Highland with a dedicated mortgage team that serves the entire Metro East region. As a community-focused bank with deep Illinois roots, they offer local underwriting and decision-making, which speeds up the loan process significantly. Their mortgage specialists are known for providing personalized attention and flexible loan options, including specialized construction and agricultural property financing. With their long history in the region and commitment to local communities, they've built trust through transparent pricing and reliable service.
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Paramount Bank Mortgage Division
Paramount Bank
Paramount Bank operates a full-service branch in Highland with an experienced mortgage team that serves Madison County and surrounding areas. They distinguish themselves through competitive jumbo loan programs and portfolio lending options that provide flexibility for unique financial situations. Their local loan officers have extensive knowledge of the Highland real estate market and maintain strong relationships with area real estate agents. The bank's community-focused approach combined with their ability to offer both conventional and niche mortgage products makes them a top choice for buyers seeking personalized service from decision-makers who understand local market conditions.
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Frequently Asked Questions
Common questions about mortgage lending in Highland, IL
What are the current average mortgage rates in Highland, IL, and how do they compare to state averages?
Mortgage rates in Highland typically align closely with national averages but may be slightly lower than the Illinois state average due to the city's stable housing market and lower risk profile. As of late 2023, 30-year fixed rates in Highland generally range between 6.5-7%, though this varies by lender and borrower qualifications. It's best to compare rates from local credit unions like Scott Credit Union alongside national lenders for the most competitive options.
Are there any first-time homebuyer programs specifically available for Highland residents?
Yes, Highland 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, local lenders like First Mid Bank & Trust often have special first-time buyer programs with flexible credit requirements. These programs are particularly valuable given Highland's median home prices being slightly above some neighboring communities.
How does Highland's property tax rate affect mortgage affordability compared to surrounding areas?
Highland's property tax rates are generally lower than many St. Louis metro area communities but higher than some rural Madison County locations, currently around 1.8-2.2% of assessed value. This tax rate directly impacts your monthly mortgage payment through escrow requirements. When budgeting, factor in that Highland's excellent school district and municipal services contribute to these rates while providing good value.
What special considerations should I know about when getting a mortgage for a historic home in Highland's older neighborhoods?
Financing historic homes in areas like downtown Highland requires special attention to property condition and appraisal requirements. Lenders may require additional inspections and might restrict certain loan types if major updates are needed. Local lenders familiar with Highland's historic district guidelines can help navigate these requirements, and renovation loans like the FHA 203(k) are often appropriate for these properties.
How competitive is Highland's housing market, and how should that influence my mortgage pre-approval strategy?
Highland's housing market remains competitive due to its strong schools and community amenities, with homes often receiving multiple offers. To compete effectively, obtain a full pre-approval (not just pre-qualification) from a reputable local lender, as sellers prioritize offers with verified financing. Consider getting underwriting pre-approved, which makes your offer nearly as strong as cash in this market.
Why Choose a Mortgage Lender in Highland?
Local Market Knowledge
Lenders who understand Highland'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 Highland and get competitive rates on your home loan.