The Best Mortgage Lenders in Peoria, IL
Compare verified mortgage lenders serving Peoria, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Peoria
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its competitive rates, personalized service, and extensive loan options. With a strong local presence in Peoria, they excel in customer satisfaction, offering guidance from application to closing. Their experienced team and commitment to community involvement make them a trusted choice for homebuyers in central Illinois.
Loan Types:
New American Funding
New American Funding
New American Funding stands out for its diverse loan programs, including options for first-time homebuyers and underserved communities. They have a reputation for fast processing, competitive rates, and high customer satisfaction. With a national presence and dedicated support for Illinois residents, they provide reliable mortgage solutions tailored to Peoria's market.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is praised for its efficient loan process, local expertise, and community focus. They offer a wide range of mortgage products with competitive rates and excellent customer service. Their Peoria branch ensures personalized attention, making them a preferred lender for homebuyers seeking reliability and support throughout the home financing journey.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Peoria, IL
What are the current average mortgage rates in Peoria, IL, and how do they compare to national averages?
Mortgage rates in Peoria typically align closely with national averages, but local lenders may offer competitive rates due to the area's stable housing market. As of recent data, rates in Peoria often range from 6.5% to 7% for 30-year fixed mortgages, though this varies by lender and borrower qualifications. It's wise to compare offers from both local credit unions and national banks operating in the Peoria area.
Are there any first-time homebuyer programs specific to Peoria that can help with down payments?
Yes, Peoria homebuyers can access the Illinois Housing Development Authority (IHDA) programs, which offer down payment assistance and affordable fixed-rate mortgages. Additionally, some local lenders like CEFCU and CIB Bank may provide special first-time buyer loans with favorable terms. These programs are particularly valuable in Peoria's affordable housing market where median home prices remain below national averages.
How does Peoria's property tax system affect mortgage payments and affordability?
Peoria County has property tax rates that are generally higher than the national average, typically ranging from 2.0% to 2.5% of assessed value. This means your monthly mortgage payment will include significant tax escrow payments, potentially adding several hundred dollars to your monthly housing costs. However, this is partially offset by Peoria's relatively low home prices compared to other Illinois metropolitan areas.
What special mortgage considerations should I know about when buying in Peoria's older neighborhoods like the West Bluff or Uplands?
When purchasing in Peoria's historic districts, you may need specialized renovation loans like the FHA 203(k) if the home requires significant updates. Many properties in these areas were built before 1940, so lenders may require additional inspections for structural integrity and outdated systems. Some local lenders have experience with these unique properties and can guide you through the specific requirements.
How does the local job market, particularly related to Caterpillar and healthcare, influence mortgage lending in Peoria?
Peoria's economy, heavily influenced by Caterpillar and major healthcare providers like OSF Healthcare, creates stable employment that lenders view favorably. Borrowers working for these major employers may qualify for better terms, and some local credit unions offer special mortgage programs for employees of these companies. However, lenders remain cautious about employment stability given Caterpillar's headquarters relocation, so consistent employment history is particularly important.
Nearby Cities
Explore mortgage lenders in cities near Peoria, IL
Why Choose a Mortgage Lender in Peoria?
Local Market Knowledge
Lenders who understand Peoria'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 Peoria and get competitive rates on your home loan.