Prospective homeowners in Illinois are in good company. There are about 5.4 million in the prairie state housing units And a homeownership rate of 66.2%, according to the US Census Bureau 2017 American Community Survey.
The average housing price for Illinois is $ 195,600, with a national average price of $ 217,600. Depending on where you live, however, you may have high or low expectations.
What are mortgage rates in Illinois?
House interest rates Range from 2.38% Service 4% In Illinois.
What are today’s mortgage rates?
By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan type |
Rate of this week |
Last week rate |
| 30-Year Fixed Rate Mortgage | 2.96% | 3.06% |
| 15-Year Fixed Rate Mortgage | 2.48% | 2.62% |
| 30-Year Fixed-Rate Jumbo Mortgage | 2.96% | 3.01% |
| 5/1 ARM | 3.04% | 3.03% |
| 5/1 Jumbo ARM | 2.92% | 2.89% |
* Rates up to November 13, 2020
US News’ Best Illinois Mortgage Lenders
Methodology: US News conducted a leading review of direct mortgage lenders in Illinois. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.
Lender highlights
- Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: $ 5 million
- Better Business Bureau Rating: A +
Best counter
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Different types of mortgages
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Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients
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No closing costs and no annual cash balance fees for balance transfers and HELOCs
Before you apply
- Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
- Minimum FICO Credit Score: 620
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: A +
Best counter
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Accepts up to 3% down payment
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Receives high marks from Better Business Bureau
main characteristics:
- Mortgage Type Offered: Traditional, FHA, VA, ARM, Home Equity Loan
- Minimum FICO Score: Not disclosed
- Maximum debt-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: Not disclosed
- Loan: till $ 3 million
- Total Closing Cost: Not disclosed
- JD Power Overall Satisfaction Rating: 3 out of 5
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Income and profession-based loan programs.
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A down payment assistance program is available.
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Jumbo, Refinance and USDA
- Minimum FICO Credit Score: 600
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: A +
Best counter
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Offers a wide selection of mortgage and home equity loans
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Offers certain mortgages that do not require a down payment
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Allows borrowers to apply for online loans
main characteristics:
- Minimum FICO Score: 580 (FHA)
- Maximum debt-to-income ratio: N / A
- Loan: No minimum
- Total Closing Cost: Different
- JD Power Overall Satisfaction Rating: Two out of five
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: Different
- Better Business Bureau Rating: A +
Best counter
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Receives strong customer service rating from Better Business Bureau
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Offers a wide range of mortgage products
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Offers exclusive mortgage programs for first time buyers and manufactured homebuyers
main characteristics:
- Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
- Minimum FICO Credit Score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined debt-to-value ratio: 90%
- JD Power Satisfaction Rating: Four out of five
Best counter
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The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.
main characteristics:
- Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
- Minimum FICO Score: 600
- Maximum debt-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: 43%
- Total Closing Cost: 2% to 6% of the loan amount
- Equity required: Not disclosed
- JD Power Satisfaction Rating: Not rated
Best counter
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Offers various types of mortgage loans.
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Nationwide provides mortgage loans.
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Helps with closing costs.
Highlight:
- Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
- Minimum FICO Credit Score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- JD Power Satisfaction Rating: Five out of five
Best counter
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The complete loan procedure is available online.
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Wide variety of mortgage products.
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Good customer service rating.
mortgage calculator
Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.
What are some Illinois homebuyer programs?
Illinois homebuyers can get help with these programs with down payment and closing costs through the Illinois Housing Development Authority.
- available to: Worthy and repeat homebuyers for the first time.
- Income Range: Different from county (see) IHDA Income Limit).
- Homebuyers for the first time only? No.
- Loan Options: 30-Year Fixed Rate Mortgage.
- Payment and closing cost assistance: Provides a 5% purchase price (up to $ 7,500) in aid for a down payment and closing costs. A cash contribution of $ 1,000 or 1% of purchase price is required, whichever is greater. Assistance for the life of the mortgage is interest free and deferred.
- available to: Worthy and repeat homebuyers for the first time.
- Income Range: Different from county (see) IHDA Income Limit).
- Homebuyers for the first time only? No.
- Loan Options: 30-Year Fixed Rate Mortgage.
- Payment and closing cost assistance: Provides up to $ 6,000 in assistance for down payment and closing costs. A cash contribution of more than $ 1,000 or 1% of the purchase price, whichever is required. Assistance is waived monthly over 10 years.
- available to: Worthy and repeat homebuyers for the first time.
- Income Range: Different from county (see) IHDA Income Limit).
- Homebuyers for the first time only? No.
- Loan Options: 30-Year Fixed Rate Mortgage.
- Payment and closing cost assistance: Provides 10% of the purchase price (up to $ 10,000) in aid for down payment and closing costs. A cash contribution of $ 1,000 or 1% of purchase price is required, whichever is greater. Interest free loan is repaid in 10 years.
Advertisement Disclosure: Some of the loan offers on this site are from companies that are US News advertising clients. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.