The Best Mortgage Lenders in Peoria Heights, IL
Compare verified mortgage lenders serving Peoria Heights, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Peoria Heights
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Peoria area, including Peoria Heights. Founded in 2000, they are renowned for their competitive rates, digital mortgage experience, and exceptional customer service. With over two decades of experience, they offer a wide range of loan products and are praised for their fast closings and transparent process. Their local office in Peoria ensures personalized service, making them a preferred choice for homebuyers seeking reliability and innovation in mortgage lending.
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New American Funding
New American Funding, LLC
New American Funding is a highly-regarded mortgage lender serving Peoria Heights with a focus on diverse loan options and community engagement. Established in 2003, they have built a reputation for competitive rates, especially for first-time homebuyers and those with unique financial situations. Their local team provides personalized service, and they are known for their efficient processing and strong customer satisfaction ratings. With a commitment to inclusivity and education, they stand out as a reliable partner in the mortgage process.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a well-established lender with a strong presence in the Peoria Heights area, known for its competitive rates and community-focused approach. Founded in 1996, they offer a comprehensive suite of loan products and are celebrated for their personalized service and fast turnaround times. With nearly three decades of experience, they have consistently high customer ratings due to their transparency, reliability, and dedication to helping clients achieve homeownership. Their local office ensures attentive support throughout the mortgage journey.
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Frequently Asked Questions
Common questions about mortgage lending in Peoria Heights, IL
What are the current mortgage rates like for homes in Peoria Heights, IL?
Mortgage rates in Peoria Heights are generally competitive with national averages, but local lenders may offer special promotions. As of recent trends, rates for 30-year fixed mortgages typically range from the mid-6% to low-7% range, though this can vary based on your credit score, loan type, and the specific lender. It's wise to compare offers from both local credit unions like CEFCU and national banks operating in the area.
Are there any first-time homebuyer programs specific to Peoria Heights?
Yes, the Illinois Housing Development Authority (IHDA) offers several first-time homebuyer programs accessible to Peoria Heights residents, including the 1stHomeIllinois program with competitive interest rates and down payment assistance. Additionally, some local lenders may have their own first-time buyer incentives. These programs can be particularly valuable given Peoria Heights' relatively affordable housing market compared to larger Illinois cities.
How does Peoria Heights' property tax rate affect my mortgage payments?
Peoria Heights has a property tax rate that's generally higher than the national average but competitive within Illinois, currently around 2.2-2.5% of assessed value. This means your monthly mortgage payment will include a significant escrow portion for taxes. When budgeting, factor in that a $200,000 home in Peoria Heights would typically have annual property taxes of $4,400-$5,000, which adds $367-$417 to your monthly payment.
What special considerations should I know about getting a mortgage for older homes in Peoria Heights?
Many homes in Peoria Heights were built mid-century, so mortgage lenders may require additional inspections for older properties, particularly checking for updated electrical, plumbing, and foundation issues. Some lenders might have specific requirements for homes over 50 years old. It's advisable to work with a local mortgage broker familiar with Peoria Heights' housing stock to navigate any potential complications with older home financing.
Are there any local down payment assistance programs for buying in Peoria Heights?
While there aren't Peoria Heights-specific programs, the City of Peoria offers down payment assistance that sometimes extends to Peoria Heights residents, and IHDA's programs are widely available. Some local employers like OSF HealthCare and Caterpillar also offer employer-assisted housing programs. Working with a mortgage lender familiar with central Illinois can help you identify all available assistance options for our area.
Nearby Cities
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Why Choose a Mortgage Lender in Peoria Heights?
Local Market Knowledge
Lenders who understand Peoria Heights'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 Heights and get competitive rates on your home loan.