The Best Mortgage Lenders in University Park, IL
Compare verified mortgage lenders serving University Park, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in University Park
Featured Mortgage Lenders
Alliant Credit Union Mortgage Department
Alliant Credit Union
Alliant Credit Union stands out as one of the highest-rated mortgage lenders serving the Chicago metropolitan area, including University Park. As a not-for-profit financial cooperative, they offer exceptionally competitive rates and lower fees than traditional banks. Their digital mortgage application process is highly praised for being streamlined and user-friendly, while still providing access to local mortgage specialists who understand the Illinois market. With over 85 years of operation and consistently high customer satisfaction ratings, they specialize in first-time homebuyer programs and offer personalized service throughout the entire mortgage process.
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Draper and Kramer Mortgage Corporation
Draper and Kramer Mortgage Corporation
Draper and Kramer has been serving Illinois homebuyers for over 125 years, making them one of the most established and trusted mortgage lenders in the region. They maintain a strong presence throughout the Chicago metropolitan area, including University Park and surrounding suburbs. Their experienced loan officers provide personalized service and local market expertise that national lenders often lack. Customers consistently praise their responsiveness, competitive rates, and ability to handle complex mortgage scenarios. The company offers a comprehensive range of loan products and has built a reputation for reliability and exceptional customer service across multiple generations of homebuyers.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a Chicago-based national mortgage lender that maintains a strong local presence and deep understanding of the University Park and greater Chicago housing markets. They pioneered the digital mortgage experience with their award-winning online platform while still providing access to local mortgage experts. The company is renowned for their competitive rates, fast closing times, and innovative mortgage products. With hundreds of positive reviews highlighting their efficient process and knowledgeable loan officers, they've become one of the most recommended mortgage lenders in Illinois. Their combination of technology and personal service makes them particularly appealing to both tech-savvy and traditional homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in University Park, IL
What are the current mortgage rates like for homes in University Park, IL?
Mortgage rates in University Park are generally competitive with national averages but can vary based on lender and borrower qualifications. Currently, rates for 30-year fixed mortgages typically range from 6.5% to 7.5% depending on credit score and down payment. It's wise to compare offers from multiple local lenders as rates can differ slightly between institutions.
Are there any first-time homebuyer programs specifically available in University Park?
Yes, University Park 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, and closing cost help for qualifying buyers. Additionally, some local lenders may offer special programs for University Park residents, so it's worth asking about community-specific options.
How does University Park's property tax rate affect my mortgage payments?
University Park has a relatively high property tax rate compared to national averages, currently around 2.5-3% of assessed value. This means your monthly mortgage payment will include a significant escrow portion for taxes. When calculating affordability, factor in that property taxes can add several hundred dollars to your monthly payment compared to lower-tax areas.
What special considerations should I know about getting a mortgage for University Park's older homes?
Many University Park homes were built in the mid-20th century, so mortgage lenders may require additional inspections for older properties. You might need specialized appraisals that account for unique architectural features or potential issues with older electrical, plumbing, or foundation systems. Some lenders may also have specific requirements for homes over 50 years old.
Are there any local down payment assistance programs for University Park homebuyers?
While University Park itself doesn't offer municipal down payment assistance, residents can utilize Will County's Homebuyer Assistance Program which provides up to $10,000 in down payment help. The IHDA also offers statewide programs that University Park buyers qualify for, including the Access Deferred and Access Forgivable programs that provide 4% of the purchase price toward down payment and closing costs.
Nearby Cities
Explore mortgage lenders in cities near University Park, IL
Why Choose a Mortgage Lender in University Park?
Local Market Knowledge
Lenders who understand University Park'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 University Park and get competitive rates on your home loan.