The Best Mortgage Lenders in Highwood, IL
Compare verified mortgage lenders serving Highwood, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Highwood
Featured Mortgage Lenders
Wintrust Mortgage
Wintrust Mortgage
Wintrust Mortgage stands out as one of the top-rated mortgage lenders serving the North Shore communities including Highwood. As part of the Wintrust Financial Corporation, they bring over 30 years of banking expertise with deep local market knowledge. They're particularly praised for their competitive jumbo loan rates, which is valuable in the North Shore's higher-priced housing market. Customers consistently highlight their responsive communication, streamlined digital process, and local decision-making authority that allows for faster closings. Their strong community presence and understanding of Lake County's unique housing dynamics make them a preferred choice for Highwood homebuyers.
Loan Types:
First American Bank
First American Bank
First American Bank has been serving the North Shore communities for over five decades with a physical branch located conveniently near Highwood. They're highly regarded for their personalized service and local underwriting that understands the specific nuances of Lake County properties. The bank receives excellent reviews for their competitive construction and renovation loan programs, which is particularly valuable in Highwood's historic housing stock. Customers praise their transparent fee structure, knowledgeable loan officers who understand local market conditions, and the advantage of working with a bank that maintains its loans rather than selling them to third-party servicers.
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Draper and Kramer Mortgage Corp.
Draper and Kramer Mortgage Corporation
Draper and Kramer brings exceptional longevity and stability to mortgage lending with over 125 years serving the Chicago metropolitan area, including consistent service to Highwood and surrounding North Shore communities. They're particularly strong in jumbo lending and investment property financing, making them ideal for Highwood's diverse housing market that includes both historic single-family homes and investment properties. Reviewers consistently mention their expertise in complex financial situations, attention to detail throughout the closing process, and deep institutional knowledge of Illinois real estate markets. Their local processing and underwriting teams ensure smooth transactions with personalized service.
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Frequently Asked Questions
Common questions about mortgage lending in Highwood, IL
What are the current mortgage rates like for homes in Highwood, IL?
Mortgage rates in Highwood are generally competitive with national averages but can vary based on your credit profile and loan type. Given Highwood's proximity to Chicago and desirable North Shore location, lenders often view the area favorably, which can help secure good rates. It's wise to compare offers from both local credit unions and national lenders for the best terms.
Are there any first-time homebuyer programs specific to Highwood that can help with down payments?
While Highwood itself doesn't offer city-specific programs, Illinois Housing Development Authority (IHDA) programs like the 1stHome Illinois loan are widely used by Highwood buyers. These provide down payment assistance and affordable fixed-rate mortgages. Additionally, some Lake County initiatives may offer supplementary support for qualifying buyers in the area.
How does Highwood's property tax rate affect my mortgage qualification and payments?
Highwood's property tax rates are relatively high compared to national averages, typically around 2.0-2.5% of assessed value. Lenders will factor these taxes into your debt-to-income ratio, potentially affecting how much home you can qualify for. Your monthly mortgage payment will include escrow for these taxes, so budget accordingly for this significant expense.
What special considerations should I know about getting a mortgage for Highwood's historic homes?
Financing historic homes in Highwood may require additional documentation and potentially different loan requirements. Some lenders might require specialized inspections or appraisals to verify the property's condition and value. While conventional loans can work, you may want to explore renovation loans like the FHA 203(k) if the home needs updates while preserving its historic character.
How competitive is the mortgage lending environment for Highwood's real estate market?
Highwood's desirable location and limited housing inventory create a competitive lending environment, particularly for well-priced single-family homes. Pre-approval is essential to compete effectively, and you may want to consider local lenders familiar with the North Shore market who can offer quicker turnaround times. Being prepared with a strong financial profile and flexible closing timeline can give you an advantage.
Nearby Cities
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Why Choose a Mortgage Lender in Highwood?
Local Market Knowledge
Lenders who understand Highwood'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 Highwood and get competitive rates on your home loan.