The Best Mortgage Lenders in Plano, IL
Compare verified mortgage lenders serving Plano, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Plano
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender renowned for its innovative digital mortgage platform and competitive rates. With over two decades of experience, they offer a seamless online application process and personalized service through local loan officers. Serving Plano and the broader Chicago area, they are highly praised for transparency, fast closings, and excellent customer support, earning numerous industry awards and high customer satisfaction scores.
Loan Types:
New American Funding
New American Funding, LLC
New American Funding is a highly regarded mortgage lender known for its commitment to diversity and community-focused lending. They provide a wide range of loan options with competitive rates and have a strong presence in Illinois, including Plano. Customers appreciate their responsive service, educational resources, and efforts to support underserved communities, resulting in consistently high ratings and trust among homebuyers.
Loan Types:
The Federal Savings Bank
The Federal Savings Bank
The Federal Savings Bank is a reputable lender with a strong focus on veteran and first-time homebuyer programs, offering personalized service and competitive rates. Based in Chicago, they serve Plano and surrounding areas with a dedicated team of local experts. Their high customer satisfaction stems from straightforward processes, flexible loan terms, and a commitment to community involvement, making them a reliable choice for mortgages in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Plano, IL
What are the current mortgage rates like for homebuyers in Plano, IL?
Mortgage rates in Plano typically align with national averages but can be influenced by local market conditions. Currently, rates for 30-year fixed mortgages in the Plano area range from 6.5% to 7.25%, depending on credit score and loan type. It's recommended to compare offers from local lenders like Old Second National Bank or First Midwest Bank who understand the Kendall County market.
Are there any first-time homebuyer programs specific to Plano, IL?
Yes, Plano homebuyers can access the Illinois Housing Development Authority's (IHDA) programs including the 1stHomeIllinois and Access Forgivable programs. These offer competitive interest rates, down payment assistance up to $10,000, and are particularly valuable given Plano's median home prices around $250,000. Local lenders can help determine your eligibility for these state-wide programs.
How does Plano's property tax rate affect my mortgage payments?
Plano's property tax rate is approximately 2.5-3.0%, which is relatively high compared to national averages. This means your monthly mortgage payment will include significant tax escrow amounts - for a $250,000 home, expect to pay $5,000-$7,500 annually in property taxes. Lenders will factor this into your debt-to-income ratio calculations.
What types of homes in Plano typically qualify for USDA rural housing loans?
Most of Plano qualifies for USDA loans since it's designated as a rural area by USDA standards. This includes single-family homes, townhomes, and condos within city limits. These zero-down-payment loans are particularly attractive given Plano's mix of historic downtown properties and newer suburban developments.
How competitive is the mortgage pre-approval process in Plano's housing market?
Plano's housing market is moderately competitive, with homes typically receiving multiple offers. Getting fully pre-approved (not just pre-qualified) is crucial, as sellers prefer buyers with verified financing. Local lenders who can offer quick underwriting and understand Plano's appraisal values have an advantage in helping buyers succeed.
Why Choose a Mortgage Lender in Plano?
Local Market Knowledge
Lenders who understand Plano'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 Plano and get competitive rates on your home loan.