The Best Mortgage Lenders in Kell, IL
Compare verified mortgage lenders serving Kell, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Kell
Featured Mortgage Lenders
Scott Credit Union Mortgage Team
Scott Credit Union
Scott Credit Union has been serving Southern Illinois communities for over 75 years with exceptional mortgage services. While headquartered in Edwardsville, they actively serve the Kell area with competitive rates and personalized service. They consistently receive outstanding reviews for their responsive loan officers, streamlined application process, and commitment to member satisfaction. As a not-for-profit financial cooperative, they often offer lower fees and better rates than traditional banks, with specialized programs for first-time homebuyers and various government-backed loan options.
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The Mortgage Company
The Mortgage Company
The Mortgage Company is a highly-rated regional mortgage lender based in Marion that serves the entire Southern Illinois region including Kell. With over two decades of experience, they've built an exceptional reputation for competitive rates and outstanding customer service. They specialize in making the mortgage process simple and stress-free, with local decision-making and personalized attention. Their team of experienced loan officers understands the unique aspects of the Southern Illinois housing market and provides tailored solutions for each borrower's specific needs.
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First Mid Bank & Trust Mortgage Division
First Mid Bank & Trust
First Mid Bank & Trust has deep roots in Southern Illinois with over 150 years of banking experience. Their mortgage division serves the Kell area with comprehensive lending solutions and local expertise. As a community-focused bank, they provide personalized service with local loan approval and processing. They offer competitive rates and a wide variety of loan products, including specialized construction loans that are particularly valuable in rural areas like Kell. Their long-standing presence in the region ensures they understand local property values and market conditions.
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Frequently Asked Questions
Common questions about mortgage lending in Kell, IL
What are the current average mortgage rates for homebuyers in Kell, IL?
Mortgage rates in Kell typically align with national averages but can be slightly influenced by local market conditions and lender competition in the St. Louis metro area. As of recent data, 30-year fixed rates generally range from 6.5% to 7%, while 15-year fixed rates are around 5.75% to 6.25%. It's best to check with local lenders like First National Bank of Waterloo or Scott Credit Union for personalized rate quotes based on your financial profile.
Are there any first-time homebuyer programs specifically available in Kell, IL?
Yes, first-time homebuyers in Kell can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs for Kell residents, particularly those with moderate incomes. These programs can provide valuable support given Kell's affordable housing market compared to larger metro areas.
How does Kell's rural location affect mortgage lending requirements?
Kell's rural designation can actually work to your advantage through USDA loans, which offer 100% financing with no down payment required for eligible properties and borrowers. Since Kell is considered a rural area by USDA standards, many homes qualify for this program. However, property appraisal requirements might be more stringent due to fewer comparable sales in the area.
What special considerations should I know about when getting a mortgage for older homes in Kell?
Many homes in Kell were built in the early to mid-20th century, so lenders may require additional inspections for older properties, particularly checking for structural issues, outdated electrical systems, or plumbing concerns. You might need to budget for repair escrows or consider renovation loans like the FHA 203(k) if the home needs significant updates. Local appraisers are familiar with valuing these historic properties appropriately.
Are property taxes in Kell typically included in mortgage escrow accounts?
Yes, most lenders in Kell will include property taxes in your monthly mortgage payment through an escrow account, given that St. Clair County property taxes are relatively moderate compared to the Chicago area. Current property tax rates in Kell range from approximately 1.8% to 2.2% of assessed value. Your lender will calculate this based on the specific property's tax assessment and include it in your payment estimate.
Why Choose a Mortgage Lender in Kell?
Local Market Knowledge
Lenders who understand Kell'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 Kell and get competitive rates on your home loan.