The Best Mortgage Lenders in Joliet, IL
Compare verified mortgage lenders serving Joliet, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Joliet
Featured Mortgage Lenders
Bill Walsh
Bill Walsh Team at CrossCountry Mortgage
The Bill Walsh Team is one of Joliet's most respected and highly-rated mortgage lenders with deep local roots. Operating as part of CrossCountry Mortgage, they combine national lending power with personalized local service. Bill Walsh himself has over two decades of experience serving the Will County area, with exceptional customer satisfaction ratings and deep knowledge of the Joliet real estate market. They're particularly known for their educational approach with first-time homebuyers and competitive conventional loan options.
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Michael S. Zarlengo
First Midwest Bank Mortgage
First Midwest Bank has been serving the Joliet community for generations with a strong local branch presence and dedicated mortgage team. Michael Zarlengo leads their local mortgage operations with extensive experience in Will County home financing. They offer the full spectrum of mortgage products with the stability of a well-established regional bank, known for competitive rates and personalized service. Their local underwriting and decision-making capabilities provide faster closings and greater flexibility for Joliet homebuyers.
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Scott Stoller
Consumers Credit Union Mortgage Services
Consumers Credit Union has been a trusted financial institution in the Joliet area for over 70 years, with their mortgage division consistently earning high marks for customer satisfaction and competitive rates. As a member-owned credit union, they often offer lower fees and more favorable terms than traditional banks. Their local mortgage team understands the nuances of the Joliet housing market and provides personalized guidance throughout the homebuying process. They're particularly strong with first-time homebuyer programs and local community lending initiatives.
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Frequently Asked Questions
Common questions about mortgage lending in Joliet, IL
What are the current mortgage rates like for homebuyers in Joliet, IL?
Mortgage rates in Joliet typically align with national averages but can vary based on local lender competition and property types. As of recent trends, conventional 30-year fixed rates in Will County generally range from the mid-6% to low-7% range, though FHA and VA loans may offer slightly lower rates. It's best to compare rates from multiple local lenders like First Midwest Bank and Old Second National Bank, which have strong Joliet presences.
Are there any first-time homebuyer programs specifically available in Joliet?
Yes, Joliet homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois and Access Forgivable programs, which offer competitive rates and down payment assistance. Additionally, Will County offers its own Homebuyer Assistance Program providing up to $10,000 in down payment help for qualifying buyers. These programs are particularly valuable given Joliet's median home prices being below Chicago metro averages.
How does Joliet's property tax system affect mortgage qualification?
Joliet's property taxes in Will County average around 2.3-2.7% of home value, which is higher than national averages and significantly impacts debt-to-income ratios. Lenders will factor these taxes into your monthly payment calculation, potentially reducing the loan amount you qualify for. It's crucial to get accurate tax estimates during pre-approval, as tax rates can vary between Joliet's different neighborhoods and school districts.
What special considerations should I know about getting a mortgage for Joliet's historic homes?
Financing historic homes in Joliet's Cathedral Area or Near West Side Historic District may require additional inspections and potentially higher insurance costs. Some lenders may have stricter requirements for homes over 50 years old, and you might need to use renovation loans like the FHA 203(k) for necessary updates. Always work with a lender experienced in historic properties and budget for potentially higher maintenance reserves.
Are there any local down payment assistance programs unique to Joliet homebuyers?
Beyond state programs, the City of Joliet offers the HOME Investment Partnerships Program providing down payment assistance to low and moderate-income buyers. The Joliet Region Chamber of Commerce also partners with local lenders on special first-time buyer initiatives. These local programs often have specific income limits and require homebuyer education, but can provide crucial support in Joliet's competitive starter home market.
Why Choose a Mortgage Lender in Joliet?
Local Market Knowledge
Lenders who understand Joliet'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 Joliet and get competitive rates on your home loan.