The Best Mortgage Lenders in Nashville, IL
Compare verified mortgage lenders serving Nashville, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Nashville
Featured Mortgage Lenders
First Mid Bank & Trust
First Mid Bank & Trust
First Mid Bank & Trust is a highly reputable community bank with deep roots in southern Illinois, serving Nashville and surrounding areas for over a century. Known for its personalized customer service and competitive mortgage rates, it boasts a 4.7-star rating from numerous customer reviews highlighting its reliability, local expertise, and smooth loan processing. As a FDIC-insured institution, it offers a wide range of loan products, including government-backed options, and is praised for its commitment to the community, making it a top choice for homebuyers in the region.
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Scott Credit Union
Scott Credit Union
Scott Credit Union is a member-focused financial institution with a strong presence in southern Illinois, including service to Nashville residents. It has a 4.6-star rating based on over 200 reviews, emphasizing its excellent customer service, low fees, and competitive mortgage rates. Founded over 80 years ago, Scott Credit Union offers tailored loan solutions and educational resources for first-time homebuyers, with a reputation for transparency and community involvement. Its digital tools and local branch support make it a trusted option for mortgages in the area.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally recognized mortgage lender with a strong track record of serving Illinois, including the Nashville area through its online and agent network. With a 4.8-star rating from hundreds of reviews, it is acclaimed for its competitive rates, fast closing times, and user-friendly digital platform. Founded in 2000, it combines innovation with extensive experience, offering a wide array of loan types and exceptional customer support. Its high customer satisfaction scores and efficient processes make it a top contender for borrowers seeking reliable and modern mortgage solutions.
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Frequently Asked Questions
Common questions about mortgage lending in Nashville, IL
What are the current average mortgage rates for homebuyers in Nashville, IL?
Mortgage rates in Nashville, IL, typically align with national averages but can be influenced by local economic factors. As of recent trends, 30-year fixed rates generally range from 6.5% to 7%, though it's best to check with local lenders like First National Bank of Nashville or Scott Credit Union for the most accurate, personalized rates. Rates can vary based on credit score, loan type, and down payment amount.
Are there any first-time homebuyer programs available specifically in Nashville, IL?
Yes, first-time homebuyers in Nashville, IL, may qualify for the Illinois Housing Development Authority (IHDA) programs, such as the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders may offer special programs or grants tailored to residents of Washington County. It's advisable to consult with a mortgage advisor familiar with state and local options.
How does the property tax system in Nashville, IL, affect my mortgage payments?
Property taxes in Nashville, IL, are administered through Washington County and can impact your monthly mortgage payment if escrowed. The median property tax rate in Washington County is around 1.5% of assessed value, which is relatively moderate for Illinois. Lenders will factor this into your debt-to-income ratio, so it's important to budget for these costs when considering your overall mortgage affordability.
What types of mortgages are most common for homes in Nashville, IL's housing market?
In Nashville, IL, conventional fixed-rate mortgages are popular due to the area's stable, rural housing market. FHA and USDA loans are also common, especially for buyers in outlying areas who may qualify for USDA's rural housing programs. Given the affordable home prices, many buyers opt for 15- or 30-year fixed loans to lock in predictable payments.
How do appraisals work for homes in Nashville, IL, and what should I expect?
Appraisals in Nashville, IL, are conducted by licensed appraisers who evaluate the property based on local market conditions, including recent sales of comparable homes in Washington County. Given the mix of town and rural properties, appraisers may consider factors like land size, outbuildings, and condition. It's wise to work with a lender who uses appraisers familiar with the area to ensure a fair valuation.
Why Choose a Mortgage Lender in Nashville?
Local Market Knowledge
Lenders who understand Nashville'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 Nashville and get competitive rates on your home loan.