The Best Mortgage Lenders in Montgomery, IL
Compare verified mortgage lenders serving Montgomery, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Montgomery
Featured Mortgage Lenders
Michael G. Koster
Guaranteed Rate
Guaranteed Rate is one of the nation's largest retail mortgage lenders with a strong presence in the Chicago metropolitan area, including Montgomery. Michael Koster's Naperville office has exceptional ratings and specializes in serving the Fox Valley region. They offer competitive digital mortgage solutions with rapid approval times, comprehensive loan options, and personalized service. Their extensive experience and high customer satisfaction ratings make them a top choice for Montgomery homebuyers seeking both conventional and specialized loan products.
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Mortgage Services Team
First American Bank
First American Bank has deep roots in the Chicagoland area with multiple branches serving the Montgomery region. Their mortgage team receives consistently excellent reviews for their personalized approach and competitive local market rates. They specialize in construction loans and first-time homebuyer programs, offering the advantage of local underwriting and decision-making. With strong community banking principles and comprehensive mortgage solutions, they provide Montgomery residents with both expertise and accessibility.
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Fox Valley Mortgage Division
Wintrust Mortgage
Wintrust Mortgage, part of the Wintrust Financial Corporation, has a dedicated Fox Valley division that actively serves Montgomery and surrounding communities. They offer particularly strong jumbo loan programs and construction financing options, backed by local portfolio lending capabilities. Their team includes mortgage specialists with deep knowledge of the Kendall County market, providing competitive rates and streamlined processing. The company's strong regional presence and commitment to customer service make them a reliable choice for Montgomery home financing needs.
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Frequently Asked Questions
Common questions about mortgage lending in Montgomery, IL
What are the current mortgage rates like in Montgomery, IL compared to the national average?
Mortgage rates in Montgomery typically align closely with national averages, but local competition among lenders in the Chicago metro area can sometimes create slightly more favorable terms. Currently, rates in Montgomery are competitive, with 30-year fixed mortgages often ranging within 0.125% to 0.25% of national averages. It's advisable to compare offers from both local credit unions and national lenders serving the area.
Are there any first-time homebuyer programs specific to Montgomery, IL that can help with down payments?
While Montgomery doesn't have its own municipal program, Kane County offers the "Welcome Home Kane" program providing down payment assistance up to $10,000 for qualified first-time buyers. Additionally, Illinois Housing Development Authority (IHDA) programs are widely available in Montgomery, offering competitive rates and down payment assistance up to $7,500 for eligible borrowers purchasing in the area.
How does Montgomery's property tax rate affect my mortgage payments compared to surrounding areas?
Montgomery's property tax rates are generally moderate for the region, currently around 2.3-2.6% of assessed value, which is lower than some neighboring communities but higher than national averages. This means your monthly mortgage payment will include significant tax escrow amounts - typically adding $400-$600 monthly to payments for a $300,000 home. Lenders in the area are experienced with calculating these escrow requirements accurately.
What special considerations should I know about getting a mortgage for Montgomery's newer construction homes?
Many new developments in Montgomery, particularly in areas like Montgomery Grove and Settlers Ridge, require working with builders' preferred lenders to access incentives, though you're not obligated to use them. Construction-to-permanent loans are common here, and lenders familiar with Montgomery's building regulations can help navigate the unique appraisal requirements for new construction in Kendall County.
Are there any Montgomery-specific mortgage programs for teachers, healthcare workers, or other essential workers?
While no Montgomery-exclusive programs exist, several Illinois state programs benefit essential workers in the area. The IHDA's "Home Start" program offers reduced interest rates for moderate-income buyers, which many Montgomery teachers and healthcare workers qualify for given local income levels. Some local lenders also partner with Silver Cross Hospital and area school districts to offer special mortgage products with reduced fees.
Nearby Cities
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Why Choose a Mortgage Lender in Montgomery?
Local Market Knowledge
Lenders who understand Montgomery'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 Montgomery and get competitive rates on your home loan.