The Best Mortgage Lenders in Lakewood, IL
Compare verified mortgage lenders serving Lakewood, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lakewood
Featured Mortgage Lenders
Land of Lincoln Credit Union
Land of Lincoln Credit Union
Land of Lincoln Credit Union stands out as one of the most trusted local financial institutions serving the Lakewood area and greater McHenry County. With over eight decades of community banking experience, they offer personalized mortgage services with competitive rates and exceptional member service. Their mortgage team provides comprehensive guidance through the entire home loan process, specializing in first-time homebuyer programs and offering various loan options with local underwriting decisions. As a community-focused credit union, they prioritize member relationships over transaction volume, resulting in consistently high customer satisfaction ratings and long-term client relationships.
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First Centennial Mortgage
First Centennial Mortgage Corporation
First Centennial Mortgage has built an outstanding reputation as a premier local mortgage lender serving Lakewood and the surrounding Fox River Valley region. Founded in 1996, this family-owned company combines deep local market knowledge with extensive mortgage expertise. They consistently receive exceptional reviews for their responsive communication, transparent process, and ability to close loans efficiently. The company specializes in navigating complex financial situations and offers competitive rates across all loan products. Their team of experienced loan officers provides personalized service from application through closing, making them a top choice for homebuyers throughout McHenry County.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is one of the nation's largest retail mortgage lenders with a strong presence throughout Illinois, including dedicated loan officers serving the Lakewood area. Founded in Chicago in 2000, they've revolutionized the mortgage industry with their digital mortgage platform while maintaining personalized service. They offer highly competitive rates and an efficient online application process, complemented by local expertise from their Illinois-based loan officers. With thousands of positive reviews nationwide and multiple industry awards, Guaranteed Rate provides Lakewood residents with both technological innovation and traditional mortgage guidance, making them an excellent choice for borrowers seeking a seamless digital experience combined with expert local support.
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Frequently Asked Questions
Common questions about mortgage lending in Lakewood, IL
What are the current mortgage rates like in Lakewood, IL compared to the national average?
Mortgage rates in Lakewood typically align closely with national averages, but local market competition among lenders in McHenry County can sometimes create slightly better terms. Currently, rates for a 30-year fixed mortgage in Lakewood range from the high 6% to low 7% APR, depending on credit profile and loan type. It's wise to compare offers from both local credit unions and national lenders serving the area.
Are there any first-time homebuyer programs specific to Lakewood, IL that can help with down payments?
While Lakewood itself doesn't offer municipal programs, Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois and Access Forgivable are widely available to Lakewood buyers. These programs provide down payment assistance up to $10,000 as a forgivable grant and offer competitive interest rates. Many local lenders in McHenry County are approved IHDA partners and can guide you through the application process.
How does Lakewood's location in a flood zone affect mortgage requirements?
Since Lakewood contains several lakes and wetland areas, some properties may require flood insurance, which mortgage lenders will mandate if the home is in a designated flood zone. Your lender will order a Flood Zone Determination during processing, and if required, you'll need to purchase flood insurance before closing. This additional cost typically adds $500-$1,500 annually to your housing expenses, depending on the property's specific flood risk.
What types of properties are most common in Lakewood's mortgage market?
Lakewood's mortgage market primarily consists of single-family homes, many of which are part of the Lakewood subdivision with properties ranging from modest ranch styles to larger custom homes. You'll also find condominiums in developments like Lakewood Falls, each with different lending considerations. Conventional loans are most common, though jumbo loans may be needed for higher-end properties exceeding $726,200 in McHenry County.
Are property taxes in Lakewood, IL typically escrowed into mortgage payments?
Yes, most lenders in Lakewood require escrow accounts for property taxes and insurance, given McHenry County's relatively high property tax rates (typically 2.5-3% of home value). Your monthly mortgage payment will include 1/12 of the annual tax bill, which the lender pays directly to the county treasurer. This ensures taxes are always current, protecting the lender's interest in your property.
Nearby Cities
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Why Choose a Mortgage Lender in Lakewood?
Local Market Knowledge
Lenders who understand Lakewood'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 Lakewood and get competitive rates on your home loan.