Sun. Jan 17th, 2021

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?

Average interest rate for a 30 year fixed rate Mortgage Conforms in Illinois 2.94%.

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.

Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

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

  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

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

  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

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Best for customer service

Fifth Third Bank operates in 10 states with products such as traditional mortgages, as well as loans from the Federal Housing Administration and the Department of Veterans Affairs. The lender has an A + rating with the 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

Best counter

  • Income and profession-based loan programs.

  • A down payment assistance program is available.

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Best for Fair Credit

Flagstar provides banking and lending products in every state. Lenders can choose from traditional or government-backed mortgages, such as FHA, VA and the US Department of Agriculture loans, and opt for adjustable-rate mortgages. Other options include home equity loans and lines of credit.

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

  • Offers a wide selection of mortgage and home equity loans

  • Offers certain mortgages that do not require a down payment

  • Allows borrowers to apply for online loans

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Best for Fair Credit

The guarantee rate has served more than $ 150 billion in loan amounts to millions of Americans since 2000. This lender does not have a minimum loan amount.

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

Best counter

  • Provides qualified borrowers with a 10-minute closing process.

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

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

  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

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

  • 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.

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Best for online service

Priming is a Dallas-based mortgage lender, with a number of mortgage loan options including traditional loans, jumbo loans, government backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

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

  • Offers various types of mortgage loans.

  • Nationwide provides mortgage loans.

  • Helps with closing costs.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

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

  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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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.

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