The Best Mortgage Lenders in Manteno, IL
Compare verified mortgage lenders serving Manteno, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Manteno
Featured Mortgage Lenders
First Federal Savings Bank of Illinois
First Federal Savings Bank of Illinois
First Federal Savings Bank of Illinois is a community-focused mortgage lender with a physical branch located right in Manteno, providing personalized service and local decision-making. As a federally chartered savings bank, they offer competitive rates and a wide variety of loan programs with the advantage of local underwriting and processing. Their long-standing presence in the Manteno community (over 25 years) and high customer satisfaction ratings make them a top choice for borrowers who prefer working with a local institution that understands the specific needs of Kankakee County residents.
Loan Types:
Illinois Home Lending
Illinois Home Lending
Illinois Home Lending is a highly-rated mortgage brokerage serving the Manteno area from their nearby Bourbonnais location. With exceptional 4.9-star ratings across multiple review platforms, they specialize in finding the best loan programs for each individual borrower's situation. Their team has extensive experience with all major loan types and particularly excels at guiding first-time homebuyers through the mortgage process. The company's strong local reputation, personalized approach, and commitment to competitive pricing make them a premier choice for Manteno area residents seeking mortgage financing.
Loan Types:
GVC Mortgage
GVC Mortgage, Inc.
GVC Mortgage is a well-established regional lender serving Manteno and surrounding communities from their Morris headquarters. With two decades of experience in the Illinois mortgage market, they've built a strong reputation for reliable service and competitive loan products. They offer a comprehensive range of mortgage options and are particularly known for their efficient processing and clear communication throughout the loan process. Their extensive experience with Illinois property markets and consistent high customer satisfaction ratings make them a trusted choice for Manteno area homebuyers seeking professional mortgage services.
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Frequently Asked Questions
Common questions about mortgage lending in Manteno, IL
What are the current average mortgage rates for homebuyers in Manteno, IL?
Mortgage rates in Manteno typically align with national averages but can vary based on local lenders and market conditions. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.25%, while 15-year fixed rates are around 5.75% to 6.5%. It's best to compare rates from local Manteno credit unions and regional banks, as they sometimes offer more competitive terms than national lenders.
Are there any first-time homebuyer programs specifically available in Manteno?
Yes, Manteno homebuyers can access Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois and Access Forgivable programs, which offer competitive interest rates and down payment assistance. Additionally, Kankakee County may have local assistance programs, and some Manteno employers like the school district or major manufacturers occasionally offer housing assistance benefits for employees purchasing locally.
How does Manteno's property tax rate affect my mortgage payments?
Manteno's property tax rates are relatively moderate for Illinois, typically ranging from 2.0% to 2.5% of assessed value. This means for a $250,000 home, you can expect annual taxes of $5,000-$6,250, adding approximately $415-$520 to your monthly mortgage payment when escrowed. These rates are generally lower than many Chicago suburbs but higher than some rural Illinois areas.
What special considerations should I know about getting a mortgage for Manteno's newer construction developments?
With several new subdivisions being built in Manteno, be prepared for builder-specific lending requirements. Many local builders like Cambridge Homes or Shodeen may require using their preferred lenders to receive closing cost incentives. Also, new construction mortgages often require larger earnest money deposits and may involve two-closing processes (construction loan then permanent mortgage) that require careful planning.
How does Manteno's proximity to major employers impact mortgage qualification?
Lenders view Manteno's location near major employers like Bunge, CSL Behring, and the nearby Amazon facilities favorably, as stable employment supports mortgage approval. Many lenders will consider your commute to Chicago (approximately 60 miles) when evaluating debt-to-income ratios, and some may offer special programs for employees of these major local employers, potentially with more flexible underwriting guidelines.
Why Choose a Mortgage Lender in Manteno?
Local Market Knowledge
Lenders who understand Manteno'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 Manteno and get competitive rates on your home loan.