The Best Mortgage Lenders in Round Lake, IL
Compare verified mortgage lenders serving Round Lake, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Round Lake
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender headquartered in Chicago with a strong presence in the Round Lake area, known for its innovative digital mortgage platform and competitive rates. With over two decades of experience, they excel in customer service, offering a wide range of loan products including first-time homebuyer programs and quick closing times. Their high ratings stem from transparent processes, extensive online tools, and a reputation for reliability, making them a preferred choice for Illinois homeowners seeking efficient and personalized mortgage solutions.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly reputable lender serving Round Lake and the broader Lake County area, praised for its personalized service and extensive loan options. Founded in 2003, they have built a strong track record with competitive rates and a focus on community involvement. Customers highlight their responsive loan officers, educational resources, and smooth application process, contributing to high satisfaction ratings. Their specialization in various government and conventional loans makes them a reliable choice for diverse borrower needs in Illinois.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a nationally recognized lender with a strong local presence in the Round Lake region, renowned for its exceptional customer service and competitive loan products. Established in 1996, they offer tailored solutions for first-time buyers, veterans, and refinancers, backed by a team of experienced professionals. High ratings reflect their commitment to transparency, fast closings, and community support, with many reviews praising their hassle-free experience and dedication to finding the best rates for Illinois residents.
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Frequently Asked Questions
Common questions about mortgage lending in Round Lake, IL
What are the current average mortgage rates for homebuyers in Round Lake, IL?
Mortgage rates in Round Lake typically align with national averages but can vary based on local market conditions and lender competition. As of recent trends, 30-year fixed rates in the area generally range from 6.5% to 7.25%, though these fluctuate regularly. It's best to compare rates from multiple local lenders, including credit unions like Baxter Credit Union which has a strong presence in the area.
Are there any first-time homebuyer programs specifically available in Round Lake?
Yes, Round Lake homebuyers can access the Illinois Housing Development Authority's (IHDA) programs including the 1stHomeIL loan with competitive interest rates and down payment assistance. Additionally, the Welcome Home Illinois program offers up to $10,000 in down payment assistance for qualified buyers. These programs are particularly valuable given Round Lake's median home prices being more affordable than many Chicago suburbs.
How does Round Lake's property tax rate affect my mortgage payments?
Round Lake's property tax rates are relatively moderate for Lake County, typically ranging from 2.5% to 3.0% of assessed value. This means for a $250,000 home, you can expect annual taxes of $6,250-$7,500, adding approximately $520-$625 to your monthly mortgage payment when escrowed. The Round Lake Area Schools district and other local taxing bodies determine these rates annually.
What special considerations should I know about getting a mortgage for Round Lake's older housing stock?
Many homes in Round Lake's established neighborhoods were built in the 1950s-1970s, so mortgage lenders may require additional inspections for older properties. FHA and VA loans might have stricter requirements regarding outdated electrical systems, plumbing, or roofing. It's wise to budget for potential repair escrows or consider renovation loans like the FHA 203(k) if purchasing a fixer-upper in areas like the downtown historic district.
How competitive is the mortgage lending environment in Round Lake compared to surrounding areas?
Round Lake offers a competitive mortgage market with multiple local and regional lenders familiar with the area's unique dynamics. Given its position as an affordable option in Lake County, lenders often offer competitive terms to attract buyers. However, with median home prices around $250,000-$300,000, you may find slightly different loan product availability compared to higher-priced neighboring communities like Grayslake or Libertyville.
Nearby Cities
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Why Choose a Mortgage Lender in Round Lake?
Local Market Knowledge
Lenders who understand Round Lake'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 Round Lake and get competitive rates on your home loan.