Top Mortgage Lenders in Mount Vernon, IL

Which mortgage lender in the Mount Vernon, IL area typically has the best rates? To help you narrow down where to shop for a mortgage, we provide a data driven ranking of mortgage lenders in the Mount Vernon, IL area by interest rate and market share. We use data on all fixed rate mortgages that were closed in the past year to generate our rankings. We do not receive any compensation from lenders and strive to provide the most objective and authoritative ranking possible.

Based on our data, the cheapest overall lender in the Mount Vernon, IL area is Fcb Banks, with a “Rate Rank” of 1 and an average “Rate Difference” of -0.21%. This means that Fcb Banks provided a -0.21% lower interest rate for its customers than other lenders in Mount Vernon, IL for a similar set of borrowers. Fcb Banks has a market share of 20.9%. On the other hand, the most popular lender in the market is Peoples National Bank, with a market share of 26.5%. Peoples National Bank is an average rate lender in this area, with a “Rate Difference” of +0.04% relative to those of other lenders.

Our detailed rankings of the mortgage lenders for the Mount Vernon, IL area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, the cheapest lender for Conventional mortgages in Mount Vernon, IL is Fcb Banks. If you want to take out a loan that is above conforming limits (for example, above $510,400 in 2020), the cheapest Jumbo mortgage provider is Us Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Fcb Banks. The cheapest VA mortgage provider is also Fcb Banks. Nevertheless, to get the lowest rate for your mortgage, we would suggest shopping and negotiating among several of our top ranked lenders for your desired mortgage type and purpose.

Ranking of Mortgage Lenders in Mount Vernon, IL

Mortgage Type:
Purchase/Refinance:
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.21% 20.88%
Us Bank 2, 0.01% 21.05%
Quicken Loans 3, 0.04% 15.28%
Peoples National Bank 4, 0.04% 26.49%
New American Funding 5, 0.15% 16.30%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.21% 18.04%
Us Bank 2, -0.03% 23.61%
Quicken Loans 3, 0.00% 9.55%
Peoples National Bank 4, 0.04% 26.53%
New American Funding 5, 0.15% 22.28%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.20% 25.94%
New American Funding 2, 0.03% 5.66%
Peoples National Bank 3, 0.04% 26.42%
Quicken Loans 4, 0.09% 25.47%
Us Bank 5, 0.11% 16.51%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.21% 26.15%
Us Bank 2, 0.05% 22.03%
Peoples National Bank 3, 0.07% 36.32%
New American Funding 4, 0.12% 7.75%
Quicken Loans 5, 0.14% 7.75%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.21% 22.27%
Us Bank 2, 0.00% 23.48%
Peoples National Bank 3, 0.08% 38.06%
Quicken Loans 4, 0.09% 4.86%
New American Funding 5, 0.12% 11.34%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.20% 31.93%
New American Funding 2, 0.04% 2.41%
Peoples National Bank 3, 0.05% 33.73%
Us Bank 4, 0.13% 19.88%
Quicken Loans 5, 0.18% 12.05%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.17% 7.30%
Peoples National Bank 2, -0.12% 4.38%
Us Bank 3, -0.09% 18.25%
Quicken Loans 4, -0.07% 33.58%
New American Funding 5, 0.16% 36.50%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.20% 8.11%
Peoples National Bank 2, -0.14% 5.41%
Us Bank 3, -0.11% 21.62%
Quicken Loans 4, -0.09% 20.72%
New American Funding 5, 0.15% 44.14%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Quicken Loans 1, -0.00% 88.46%
Fcb Banks 2, 0.02% 3.85%
Us Bank 3, 0.03% 3.85%
New American Funding 4, 0.03% 3.85%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, 0.00% 100.00%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Us Bank 1, 0.00% 100.00%
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Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.04% 13.16%
Us Bank 2, -0.02% 18.42%
New American Funding 3, 0.00% 36.84%
Quicken Loans 4, 0.03% 31.58%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
Fcb Banks 1, -0.03% 22.22%
Us Bank 2, -0.01% 33.33%
Quicken Loans 3, 0.02% 5.56%
New American Funding 4, 0.03% 38.89%
Lender Name Rate Rank, Rate Difference Rate Rating Market Share
New American Funding 1, -0.03% 35.00%
Fcb Banks 2, -0.02% 5.00%
Us Bank 3, -0.00% 5.00%
Quicken Loans 4, 0.02% 55.00%

* Data is compiled for the Mount Vernon, IL commuting zone area, which comprises of counties of Clinton County, IL, Hamilton County, IL, Jefferson County, IL, Marion County, IL, and Washington County, IL. This includes cities/towns/communities of Mount Vernon, IL as well as Centralia, IL, Germantown, IL, Trenton, IL, Breese, IL, Salem, IL, Huey, IL, Bartelso, IL, Addieville, IL, Dix, IL, Iuka, IL, Nashville, IL, Ashley, IL, Irvington, IL, Woodlawn, IL, Bluford, IL, Patoka, IL, Kinmundy, IL, McLeansboro, IL, Macedonia, IL, Belle Prairie City, IL, Bonnie, IL, Junction City, IL, and Wamac, IL. Lenders must have made at least 30 loans in the area to be included. Source for the data comes from Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate based on the MSA, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.

Mortgage Lender Rankings for Other Cities

This page ranks the top mortgage lenders in the Mount Vernon, IL area. For mortgage lender rankings of other cities, click here.