The Best Mortgage Lenders in Plainfield, IL
Compare verified mortgage lenders serving Plainfield, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Plainfield
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is one of the nation's largest retail mortgage lenders with a strong presence throughout Illinois, including serving Plainfield residents. Founded in Chicago, they have built an exceptional reputation for competitive rates, digital mortgage processing, and outstanding customer service. They offer a comprehensive range of loan products with particularly strong jumbo and conventional loan options. Their digital platform allows for streamlined applications and quick closings, while maintaining personalized service through local mortgage advisors.
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Wintrust Mortgage
Wintrust Mortgage Corporation
Wintrust Mortgage has deep roots in the Chicago metropolitan area and serves Plainfield through their extensive regional network. As part of Wintrust Financial Corporation, they combine the stability of a large financial institution with personalized local service. They are particularly noted for their construction lending expertise and portfolio loan programs that offer flexibility beyond standard guidelines. Customers consistently praise their responsive communication and ability to handle complex mortgage scenarios efficiently.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established an excellent reputation in the Plainfield area through their local Naperville branch, which actively serves Will County. They are particularly strong with first-time homebuyer programs and government-backed loans, while also offering competitive jumbo and conventional products. Their local team provides personalized service with an emphasis on education throughout the homebuying process. The company receives consistently high marks for their transparency, communication, and ability to close loans on time.
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Frequently Asked Questions
Common questions about mortgage lending in Plainfield, IL
What are the current average mortgage rates for homebuyers in Plainfield, IL?
Mortgage rates in Plainfield typically align with national averages but can be influenced by local market competition. As of late 2023, rates for 30-year fixed mortgages in the area generally range from 6.5% to 7.25%, though this varies by lender, loan type, and borrower qualifications. It's advisable to compare rates from multiple local lenders as Will County's competitive market can sometimes yield slightly better terms.
Are there any first-time homebuyer programs specifically available in Plainfield?
Yes, Plainfield homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois and Access Forgivable programs, which offer competitive interest rates and down payment assistance. These programs are particularly valuable in Plainfield's growing market where median home prices have been rising. Additionally, some local lenders may offer special first-time buyer incentives tailored to the Will County area.
How does Plainfield's property tax rate affect my mortgage payments?
Plainfield's property tax rates are a significant factor in mortgage calculations, with Will County rates typically ranging from 2.0% to 2.5% of home value. This means a $400,000 home could have annual taxes of $8,000-$10,000, adding $670-$830 to your monthly mortgage payment through escrow. It's crucial to factor this into your budget as Plainfield's taxes are generally higher than the national average.
What special mortgage considerations should I know about for Plainfield's newer construction homes?
Plainfield's numerous new developments often require construction-to-permanent loans or specific builder-approved lenders. Many builders in communities like Grande Park or Whispering Oaks offer closing cost incentives if you use their preferred lenders. However, it's wise to get independent pre-approval first to compare terms, as new construction in Plainfield often involves different appraisal processes and longer closing timelines.
How does Plainfield's proximity to Chicago affect mortgage lending requirements?
While Plainfield is considered a Chicago suburb, lenders often categorize it separately from Cook County, which can work to borrowers' advantage. You may find slightly more flexible underwriting standards than in Chicago proper, though lenders still consider the Chicago MSA's stable employment market positively. Commuting patterns to Chicago may be factored into debt-to-income calculations, particularly for borrowers working in the city.
Nearby Cities
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Why Choose a Mortgage Lender in Plainfield?
Local Market Knowledge
Lenders who understand Plainfield'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 Plainfield and get competitive rates on your home loan.