The Best Mortgage Lenders in Mounds, IL
Compare verified mortgage lenders serving Mounds, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Mounds
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is highly regarded for its exceptional customer service and deep community roots in southern Illinois. With over two decades of experience, they offer competitive rates and a wide range of loan products, including specialized options for first-time homebuyers. Their Marion office serves Mounds and surrounding areas, consistently receiving praise for efficient processing and personalized guidance throughout the mortgage process. Their strong local presence and high customer satisfaction make them a top choice for residents.
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New American Funding
New American Funding
New American Funding is a nationally recognized lender with a strong regional office in Carbondale that actively serves Mounds, IL. They are known for their innovative digital tools and commitment to diverse lending programs, including options for low-to-moderate income borrowers. With nearly 20 years in business, they boast high ratings for transparency, responsive support, and competitive rates. Their local team provides tailored solutions, making home financing accessible and straightforward for the southern Illinois community.
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Guaranteed Rate
Guaranteed Rate
Guaranteed Rate is a leading national mortgage lender with a significant presence in Illinois, serving Mounds through its online platforms and local agent network. Founded in 2000, they are praised for their user-friendly digital experience, fast approvals, and competitive interest rates. They offer a comprehensive suite of loan products and have built a reputation for reliability and customer satisfaction. Their extensive experience and high review counts reflect their ability to deliver efficient and secure mortgage solutions statewide.
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Frequently Asked Questions
Common questions about mortgage lending in Mounds, IL
What are the current mortgage rates like in Mounds, IL, and how do they compare to state averages?
Mortgage rates in Mounds are generally competitive with state averages, but local lenders may offer slightly better terms due to the lower cost of living and property values. Currently, 30-year fixed rates typically range from 6.5% to 7.25% depending on credit profile. It's wise to compare offers from both local community banks and larger regional lenders serving Southern Illinois.
Are there any special down payment assistance programs available for Mounds homebuyers?
Yes, Mounds homebuyers can access the Illinois Housing Development Authority (IHDA) programs, including the 1stHomeIL and Access Forgivable programs, which offer down payment assistance up to $10,000. These programs are particularly beneficial given Mounds' median home prices, making homeownership more accessible for qualified buyers with moderate incomes.
How does Pulaski County's property tax structure affect mortgage payments in Mounds?
Pulaski County has relatively moderate property tax rates compared to northern Illinois counties, typically ranging from 0.8% to 1.2% of assessed value. This means your monthly mortgage payment (including escrow) will be more affordable than in many other parts of the state. However, always verify the exact tax amount for any specific property you're considering.
What types of properties in Mounds might qualify for USDA rural housing loans?
Most of Mounds and surrounding Pulaski County qualifies for USDA rural development loans, which offer 100% financing. This includes single-family homes, manufactured homes on permanent foundations, and some condos. Given Mounds' population under 3,000, nearly all properties in the area are eligible for these zero-down-payment mortgages.
How do Mounds' flood zone considerations impact mortgage requirements?
Given Mounds' proximity to the Mississippi and Ohio Rivers, flood insurance is often required for properties in designated flood zones. Your lender will order a flood certification, and if the property is in a high-risk area, you'll need to include flood insurance in your monthly payment. This typically adds $500-$1,500 annually to your housing costs.
Why Choose a Mortgage Lender in Mounds?
Local Market Knowledge
Lenders who understand Mounds'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 Mounds and get competitive rates on your home loan.