The Best Mortgage Lenders in Tennessee, IL
Compare verified mortgage lenders serving Tennessee, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Tennessee
Featured Mortgage Lenders
Michael J. Wiese
Wiese Financial Services, Inc.
Wiese Financial Services is one of the highest-rated mortgage brokers in Central Illinois, serving the Tennessee area with exceptional personalized service. With a perfect 5.0 rating across multiple review platforms, they specialize in finding the right loan products for each client's unique situation. Their team brings decades of combined experience and maintains strong relationships with multiple lenders to secure competitive rates. They're particularly noted for their expertise with first-time homebuyer programs and government-backed loans, making homeownership accessible to a wide range of buyers in the rural Tennessee, IL area.
Loan Types:
Scott R. Bona
Scott Bona Mortgage Team at CrossCountry Mortgage, LLC
The Scott Bona Mortgage Team brings national lending power with local expertise to Tennessee and surrounding Central Illinois communities. With nearly two decades of experience and hundreds of five-star reviews, they've built a reputation for exceptional customer service and competitive rate offerings. As part of CrossCountry Mortgage, they offer a comprehensive range of loan products while maintaining the personalized attention of a local broker. Their team is particularly skilled at navigating complex loan scenarios and providing educational guidance throughout the entire mortgage process.
Loan Types:
Mortgage Services
CEFCU (Citizens Equity First Credit Union)
CEFCU is one of Central Illinois' most established and trusted financial institutions, serving the Tennessee area with competitive mortgage products and exceptional member service. As a credit union, they offer typically lower rates and fees than traditional banks, along with a member-focused approach to lending. With over 80 years of community banking experience, they have deep roots in the region and understand the local real estate market. Their mortgage team provides comprehensive guidance through the entire homebuying process, from pre-approval to closing, with particular strength in first-time homebuyer programs and local market knowledge.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Tennessee, IL
What are the current average mortgage rates for homebuyers in Tennessee, IL?
Mortgage rates in Tennessee, IL, typically align with national averages but can be influenced by local market conditions and lender competition in the surrounding McDonough County area. As of recent trends, 30-year fixed rates often range from the mid-6% to low-7% APR, but it's best to check with local lenders like First Bankers Trust or Farm Credit Illinois for the most accurate, personalized rates based on your credit profile and loan type.
Are there any first-time homebuyer programs available specifically for Tennessee, IL residents?
Yes, Tennessee residents can access the Illinois Housing Development Authority (IHDA) programs, such as the 1stHomeIllinois loan, which offers competitive interest rates, down payment assistance up to $7,500, and a 30-year fixed-rate mortgage. Additionally, some local lenders may offer special programs or grants tailored to buyers in smaller communities like Tennessee to promote homeownership.
How does the property tax system in McDonough County affect my mortgage payments in Tennessee, IL?
Property taxes in McDonough County, where Tennessee is located, are generally moderate compared to larger Illinois cities, but they are factored into your monthly escrow payment. The current average effective property tax rate in McDonough County is around 1.8% of assessed value, so your lender will estimate this cost and include it in your total monthly mortgage payment to ensure you stay current on tax bills.
What types of mortgages are most common for homes in Tennessee, IL given its rural setting?
Given Tennessee's rural location, USDA loans are quite popular as they offer 100% financing for eligible borrowers in designated rural areas, which includes Tennessee. Conventional loans and FHA loans are also common, especially for buyers who may not meet USDA income or location criteria. VA loans are another option for eligible veterans and service members in the area.
How does the appraisal process work for a home in a small town like Tennessee, IL, and are there any unique challenges?
Appraisals in Tennessee can sometimes be challenging due to fewer recent comparable sales in the immediate area, which may require appraisers to look at properties in nearby towns like Bushnell or Macomb. This can occasionally affect the appraised value, so it's important to work with a lender familiar with the local market who can ensure the appraiser uses the most relevant comparables to support your home's value.
Why Choose a Mortgage Lender in Tennessee?
Local Market Knowledge
Lenders who understand Tennessee'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 Tennessee and get competitive rates on your home loan.