The Best Mortgage Lenders in Maywood, IL
Compare verified mortgage lenders serving Maywood, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Maywood
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender headquartered in Chicago with a strong presence in the Maywood area, known for its competitive rates and efficient online application process. With over two decades of experience, they excel in customer service, offering a wide range of loan options and personalized support. Their high ratings reflect reliability, quick closings, and a commitment to transparency, making them a preferred choice for homebuyers in Illinois.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly reputable lender serving Maywood and the broader Chicago metropolitan area, praised for its local expertise and comprehensive loan programs. Founded in 2003, they have built a solid reputation for competitive rates, flexible financing options, and exceptional customer care. With a focus on community involvement and tailored solutions, they consistently receive high marks for responsiveness and support throughout the mortgage process.
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New American Funding
New American Funding, LLC
New American Funding is a nationally recognized mortgage lender with a strong track record in serving diverse communities, including Maywood, IL. Known for its innovative technology and commitment to minority homeownership, they offer competitive rates and a variety of loan products. Their high customer satisfaction ratings stem from personalized service, educational resources, and efficient processing, making them a reliable option for borrowers seeking flexibility and support.
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Frequently Asked Questions
Common questions about mortgage lending in Maywood, IL
What are the current mortgage rates like for homes in Maywood, IL?
Mortgage rates in Maywood are typically competitive with national averages, but can vary based on your credit profile and loan type. Currently, rates for 30-year fixed mortgages in the Chicago metro area (including Maywood) range from the mid-6% to low-7% range. It's wise to compare rates from both local Illinois lenders and national institutions to find the best deal for your situation.
Are there any special first-time homebuyer programs available specifically in Maywood?
Yes, Maywood homebuyers can access several Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois and Access Forgivable loans, which offer down payment assistance and competitive rates. Additionally, Cook County offers the Cook County Mortgage Credit Certificate program, which provides a federal tax credit to help reduce your tax burden. These programs are particularly valuable given Maywood's affordable housing market compared to surrounding suburbs.
How does Maywood's property tax rate affect my mortgage payments?
Maywood has a relatively high property tax rate compared to national averages, currently around 2.5-3% of assessed value. This means your monthly mortgage payment will include a significant escrow portion for taxes. When budgeting for your home purchase, factor in that property taxes could add several hundred dollars to your monthly payment beyond principal and interest.
What special considerations should I know about getting a mortgage for Maywood's older housing stock?
Many homes in Maywood were built before 1950, so mortgage lenders may require additional inspections beyond standard appraisals. You might encounter FHA 203(k) renovation loans being recommended to address potential repair needs. It's crucial to work with a lender experienced in older Chicago-area homes who understands how to navigate any issues with dated electrical, plumbing, or foundation systems common in Maywood's historic properties.
Are there any local down payment assistance programs unique to Maywood homebuyers?
While Maywood doesn't have its own municipal program, residents qualify for several Cook County and State of Illinois initiatives. The Welcome Home Illinois program provides up to $10,000 in down payment assistance, and the Community Mortgage Program offers below-market rates for low-to-moderate income buyers in Cook County communities like Maywood. These programs can be particularly beneficial given the village's median home prices.
Nearby Cities
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Why Choose a Mortgage Lender in Maywood?
Local Market Knowledge
Lenders who understand Maywood'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 Maywood and get competitive rates on your home loan.