The Best Mortgage Lenders in Streator, IL
Compare verified mortgage lenders serving Streator, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Streator
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is one of the top-rated mortgage lenders in the U.S., known for its competitive rates, efficient online application process, and exceptional customer service. With over two decades of experience, it has a strong presence in Illinois and serves Streator residents with a wide range of loan products. The company is highly regarded for its transparency, quick closings, and high customer satisfaction scores, making it a reliable choice for homebuyers in the area.
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New American Funding
New American Funding
New American Funding is a highly-rated mortgage lender with a focus on community lending and diverse loan options, including programs for first-time homebuyers and underserved communities. It has built a reputation for excellent customer service, competitive rates, and a streamlined process. Serving Streator and surrounding areas, the company is praised for its responsiveness and ability to handle complex cases, backed by strong reviews and a commitment to customer satisfaction.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a reputable lender known for its personalized service and comprehensive mortgage solutions, including construction and government-backed loans. With over 20 years in business, it has a strong track record in the Midwest and serves Streator with local expertise. The company is recognized for its competitive rates, flexible terms, and high customer approval ratings, making it a trusted option for home financing in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Streator, IL
What are the current mortgage rates like in Streator, IL compared to the national average?
Mortgage rates in Streator typically align closely with national averages, but local lenders may offer competitive rates due to the area's lower cost of living and stable housing market. As of 2024, rates in Streator are generally 0.125-0.25% lower than major metropolitan areas, making homeownership more accessible in this region. It's best to compare offers from local credit unions like Streator Federal Credit Union alongside national lenders.
Are there any first-time homebuyer programs specifically available in Streator?
Yes, Streator homebuyers can access the Illinois Housing Development Authority's (IHDA) programs, which offer down payment assistance and affordable fixed-rate mortgages. Additionally, local lenders often have special programs for first-time buyers in Streator, including low down payment options and closing cost assistance. These programs are particularly valuable given Streator's median home price being below state averages.
How does Streator's property tax rate affect mortgage affordability?
Streator's property tax rates in LaSalle County are moderately high compared to national averages, typically ranging from 2.0-2.5% of assessed value. This means your monthly mortgage payment will include significant tax escrow payments, which lenders factor into your debt-to-income ratio. However, Streator's lower home prices often offset these higher tax rates, maintaining overall affordability.
What types of homes in Streator typically qualify for USDA rural housing loans?
Most properties in Streator qualify for USDA loans since the city meets USDA rural area designation requirements. These zero-down-payment loans are excellent for Streator's many historic homes and newer constructions alike, provided the property meets USDA safety standards. This program is particularly valuable given Streator's mix of agricultural surroundings and urban amenities.
How do Streator's older, historic homes affect mortgage lending requirements?
Streator's many historic homes, particularly in the Northside Historic District, may require specialized appraisals and additional inspections for mortgage approval. Lenders often require thorough foundation, electrical, and plumbing inspections for homes built before 1950. While this adds steps to the process, many local lenders are experienced with Streator's historic properties and can guide you through specific requirements.
Why Choose a Mortgage Lender in Streator?
Local Market Knowledge
Lenders who understand Streator'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 Streator and get competitive rates on your home loan.