The Best Mortgage Lenders in Latham, IL
Compare verified mortgage lenders serving Latham, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Latham
Featured Mortgage Lenders
Illinois National Bank Mortgage Team
Illinois National Bank
Illinois National Bank has been serving central Illinois communities for over two decades with exceptional mortgage services. As a locally-owned community bank, they offer personalized service and deep understanding of the Latham area housing market. Their mortgage team consistently receives outstanding reviews for their responsiveness, competitive rates, and guidance through the entire loan process. They specialize in first-time homebuyer programs and offer a wide range of loan products with local underwriting and decision-making.
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Midwest Mortgage Solutions
Midwest Mortgage Solutions, Inc.
Midwest Mortgage Solutions is a highly-rated mortgage brokerage serving Latham and surrounding central Illinois communities. With two decades of experience, they've built an exceptional reputation for finding the best loan programs and rates for their clients. Their team of experienced loan officers provides personalized service and expert guidance through complex mortgage scenarios. Customers consistently praise their transparency, communication, and ability to close loans efficiently while saving borrowers money.
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First Mid Bank & Trust Mortgage Division
First Mid Bank & Trust
First Mid Bank & Trust has been serving Illinois communities for over 150 years with a strong mortgage lending division that covers the Latham area. As one of the largest community banks in Illinois, they combine local decision-making with comprehensive mortgage products. Their experienced loan officers provide exceptional customer service and competitive rates, with particular expertise in rural and agricultural property financing. They maintain multiple branches throughout central Illinois and are known for their community involvement and reliable lending services.
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Frequently Asked Questions
Common questions about mortgage lending in Latham, IL
What are the current average mortgage rates for homebuyers in Latham, IL?
Mortgage rates in Latham typically align with national averages but can vary slightly based on local lenders. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rates are highly dependent on individual credit profiles and loan terms. Working with local credit unions or community banks in Sangamon County may offer competitive rate options.
Are there any first-time homebuyer programs specifically available in Latham?
Yes, Latham homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, Sangamon County offers local housing initiatives that may provide additional support for qualified first-time buyers purchasing in Latham's affordable housing market.
How does Latham's rural location affect mortgage lending options?
Latham's rural designation makes some USDA loans available to qualified buyers, offering 100% financing with no down payment required. However, the limited number of local lenders means you may need to work with institutions in nearby Springfield or use online lenders, which could affect the speed and personalization of the mortgage process.
What property types are most common in Latham's mortgage market?
Latham's housing stock consists primarily of single-family homes and some manufactured homes on permanent foundations. Lenders typically require additional documentation for manufactured homes, including proof of HUD certification and proper foundation installation. Traditional mortgages work well for the area's modest single-family homes, which typically range from $100,000 to $200,000.
Are there any local considerations for property taxes and insurance that affect mortgage payments in Latham?
Yes, Sangamon County property taxes are typically included in mortgage escrow payments and average around 1.8-2.2% of home value annually. Homeowners insurance in this rural area may be slightly lower than urban centers but should include coverage for weather risks common in central Illinois. These costs significantly impact your total monthly mortgage payment calculation.
Nearby Cities
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Why Choose a Mortgage Lender in Latham?
Local Market Knowledge
Lenders who understand Latham'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 Latham and get competitive rates on your home loan.