The Best Mortgage Lenders in Madison, IL
Compare verified mortgage lenders serving Madison, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Madison
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender known for its innovative digital platform, competitive rates, and exceptional customer service. With numerous industry awards and a strong presence in Illinois, they offer a seamless mortgage process and have consistently high satisfaction scores from borrowers in the Madison area and beyond.
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New American Funding
New American Funding
New American Funding is highly regarded for its personalized service, diversity in lending programs, and strong community involvement in the St. Louis metropolitan area, which includes serving Madison, IL. They are praised for their competitive rates, flexibility with various loan types, and commitment to customer education and support.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a premier lender with a stellar reputation in the Metro East Illinois region, including Madison. They excel in customer satisfaction, offering competitive rates, a wide range of loan options, and dedicated local support. Their long track record and high review counts reflect reliability and expertise in serving both first-time and experienced homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Madison, IL
What are the current average mortgage rates for homebuyers in Madison, IL?
Mortgage rates in Madison, IL, are typically very competitive and often slightly below the national average due to the area's lower cost of living and stable housing market. As of late 2023, 30-year fixed rates have generally been in the mid-6% range, but it's essential to get personalized quotes from local lenders like First Mid Bank & Trust or Scott Credit Union, as rates can vary daily based on your credit profile and loan specifics.
Are there any first-time homebuyer programs specifically available in Madison, IL?
Yes, Madison homebuyers can utilize the Illinois Housing Development Authority (IHDA) programs, such as the 1stHomeIL loan, which offers competitive interest rates and down payment assistance. Additionally, the City of Madison may occasionally offer local grants or incentives for purchasing in targeted revitalization areas, so it's wise to check with City Hall or a HUD-approved housing counselor for the most current local opportunities.
How does Madison's property tax rate affect my mortgage payment?
Madison, IL, is located in Madison County, which has a relatively high property tax rate compared to the national average—often around 2.3% to 2.7% of assessed value. This means your monthly mortgage escrow payment will be significantly impacted, so when budgeting, factor in an additional $200-$400 or more per month for taxes on a typical home, depending on the exact assessed value and local levies.
What type of mortgage loan is most common for buyers in Madison's housing market?
In Madison's affordable market, where median home prices are often below $150,000, conventional fixed-rate loans are very popular. However, FHA loans are also common, especially for first-time buyers or those with lower credit scores, because they allow for smaller down payments (as low as 3.5%) and are well-suited to the area's moderately priced homes.
Are there any local mortgage lenders in Madison that specialize in loans for this area?
Yes, several local lenders have deep knowledge of the Madison, IL, market, including First Mid Bank & Trust, Royal Banks of Missouri, and Carrollton Bank. These institutions often offer more personalized service and may have special programs or more flexible underwriting for local borrowers, making them a great first stop when shopping for a mortgage in the Metro East area.
Why Choose a Mortgage Lender in Madison?
Local Market Knowledge
Lenders who understand Madison'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 Madison and get competitive rates on your home loan.