The Best Mortgage Lenders in Silvis, IL
Compare verified mortgage lenders serving Silvis, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Silvis
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender in the Quad Cities area, including Silvis, known for its exceptional customer service and competitive rates. With over 28 years in business, they have built a strong reputation for reliability and transparency. They offer a wide range of loan products and are praised for their efficient processing and personalized guidance, making them a preferred choice for homebuyers in the region.
Loan Types:
Guaranteed Rate
Guaranteed Rate
Guaranteed Rate is a highly regarded national mortgage lender with a strong presence in Illinois, including Silvis. Founded in 2000, they are known for their innovative online platform and competitive rates. They excel in providing a seamless digital mortgage experience while maintaining high customer satisfaction scores. Their extensive loan options and dedicated support make them a reliable choice for borrowers in the area.
Loan Types:
Quad City Bank and Trust
Quad City Bank and Trust
Quad City Bank and Trust is a locally rooted financial institution serving Silvis and the broader Quad Cities region since 1994. They are celebrated for their community-focused approach and personalized mortgage services. With 30 years of experience, they offer competitive rates and a variety of loan products, backed by strong customer reviews for their attentive service and local expertise, making them a trusted lender in the area.
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Frequently Asked Questions
Common questions about mortgage lending in Silvis, IL
Are there any first-time homebuyer programs specific to Silvis, IL that can help with down payment or closing costs?
Yes, Silvis homebuyers can access the Illinois Housing Development Authority (IHDA) programs like the 1stHomeIllinois loan, which offers up to $7,500 in down payment assistance as a forgivable loan. Additionally, the City of Silvis may occasionally offer local grants or incentives for homebuyers in targeted neighborhoods, so it's worth checking with local housing agencies for current opportunities.
How do property taxes in Silvis compare to surrounding Quad Cities areas, and how might they affect my mortgage payment?
Silvis has historically had competitive property tax rates within the Quad Cities region, typically lower than some Illinois counterparts like Moline but higher than Iowa cities across the river. Your lender will calculate these taxes into your monthly escrow payment, which can add $200-$400 or more to your monthly mortgage payment depending on the home's assessed value.
What types of mortgage loans are most common for Silvis homebuyers given the local market?
Conventional loans and FHA loans are both popular choices in Silvis' affordable housing market, with many buyers opting for FHA loans for their lower down payment requirements (3.5%). VA loans are also frequently used given the proximity to the Rock Island Arsenal and large veteran population in the area.
How does Silvis' location in the Quad Cities metro area affect mortgage lending considerations?
Being part of the bi-state Quad Cities metro means lenders are familiar with cross-border employment and income scenarios. However, since Silvis is in Illinois, you'll need to consider Illinois-specific mortgage regulations and potentially higher property taxes compared to Iowa properties, which can impact your debt-to-income ratio calculations.
What are current mortgage rates like for Silvis homebuyers, and are they different from national averages?
Mortgage rates in Silvis typically align with national averages, though local credit unions like IH Mississippi Valley Credit Union may offer competitive rates specific to the Quad Cities region. Current rates for 30-year fixed mortgages in the area generally range within 0.125% of national averages, with factors like credit score and loan type causing individual variations.
Why Choose a Mortgage Lender in Silvis?
Local Market Knowledge
Lenders who understand Silvis'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 Silvis and get competitive rates on your home loan.