Ilinois’ Best Mortgage Lenders & Current Mortgage Rates

0
5

[ad_1]

Prospective homeowners in Illinois are in good company. The Prairie State has roughly 5.4 million housing units and a homeownership rate of 66.2%, according to the U.S. Census Bureau’s 2017 American Community Survey.

The median housing value for Illinois is $195,300, compared with a $217,600 national median value. Depending on where you live, though, you may have higher or lower expectations.

What Are the Mortgage Rates in Illinois ?

The average interest rate for a 30-year fixed-rate conforming mortgage in Illinois is 3.47%.

Home interest rates range from 2.75% to 5.13% in Illinois.

What Are Today’s Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.







Loan Types

This Week’s Rate

Last Week’s Rate

30-Year Fixed Rate 3.58% 3.55%
15-Year Fixed Rate 2.89% 2.94%
30-Year Fixed Jumbo Rate 3.73% 3.67%
5/1 ARM Rate 3.31% 3.31%
5/1 ARM Jumbo Rate 3.06% 3.06%

Rates as of May 25, 2020

U.S. News’ Best Illinois Mortgage Lenders

  • Bank of America: Best lender for up to 100% of the appraised value of your home.

  • Chase: Best for up to $3,000 at closing with the Chase Homebuyer grant and completion of a homebuyer education course.

  • Fifth Third Bank: Best feature: Low down payment loan options.

  • Flagstar Bank: Best feature: home equity lines of credit for as little as $10,000.

  • Guaranteed Rate: Best feature: no minimum loan amount.

  • Guild Mortgage Co.: Best for loans for up to $3 million.

  • loanDepot: Best for waived lender fees on future refinancing.

  • PrimeLending: Best lender with a closing cost assistance program.

  • Quicken Loans: Best feature: Good customer satisfaction ratings.

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Illinois. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best lender for up to 100% of the appraised value of your home.

A major financial institution serving homeowners nationwide, Bank of America has good customer satisfaction ratings. The bank has an A+ Better Business Bureau rating and a J.D. Power rating of four, which is better than most.

Highlights:

  • Mortgage types offered: Conventional, VA, FHA, refinance, home equity
  • Minimum FICO score: 620
  • Maximum loan-to-value ratio: 100%
  • Maximum debt-to-income ratio: 55%
  • Loan amounts: Up to $5,000,000
  • Total closing costs: Varies
  • J.D. Power overall satisfaction rating: Four out of five

Best Features

  • Bank of America has a wide variety of mortgage products.

  • The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.

  • Home equity lines of credit have no annual, balance transfer or cash advance fees or closing costs.

See full profile

Best feature: Low down payment loan options.

Fifth Third Bank serves 10 states, with products such as conventional mortgages, as well as Federal Housing Administration and Department of Veterans Affairs loans. The lender has an A+ rating with the Better Business Bureau.

Highlights:

  • Mortgage types offered: conventional, FHA, VA, ARM, home equity loans
  • Minimum FICO score: not disclosed
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: not disclosed
  • Loan amounts: up to $3 million
  • Total closing costs: not disclosed
  • J.D. Power overall satisfaction rating: 3 out of 5

Best Features

  • Income and profession-based loan programs.

  • Down payment assistance program available.

See full profile

Best feature: home equity lines of credit for as little as $10,000.

Flagstar offers banking and loan products to borrowers in all 50 states. Borrowers can obtain mortgage and home equity products including conventional loans, FHA loans, VA loans, ARM loans, USDA loans, and home equity loans and lines of credit.

Highlights

  • Mortgage types offered: Conventional, Home equity loans, Home equity line of credit, ARM, FHA, VA, USDA, Refinance, and First-time homebuyer program
  • Minimum FICO score: 500
  • Max LTV: N/A
  • Max DTI: N/A
  • Closing costs: 2% to 5%
  • Equity required: N/A
  • J.D. Power satisfaction rating: Two out of five

Best Features

  • Offers a good selection of mortgage and home equity products.

  • Has some mortgage loans that don’t require a down payment.

  • Can apply for a loan online.

See full profile

Best feature: no minimum loan amount.

Guaranteed Rate has served millions of Americans since 2000 with more than $150 billion in loan volume. This lender has no minimum loan amount.

Highlights:

  • Minimum FICO score: 580 (FHA)
  • Maximum debt-to-income ratio: N/A
  • Loan amounts: No minimum
  • Total closing costs: Varies
  • J.D. Power overall satisfaction rating: Two out of five

Best Features

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

See full profile

Best for loans for up to $3 million.

Guild Mortgage serves homebuyers nationwide with multiple mortgage options. Mortgage shoppers can choose from conventional or agency loans with this lender, which has an A+ BBB rating and a four out of five J.D. Power satisfaction rating.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Home equity loans, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Refinancing (USDA), First-time homebuyer program, Jumbo, renovation, expanded (non-qm)
  • Minimum FICO credit score: 620
  • Maximum debt-to-income ratio: 50%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • Good customer service ratings.

  • A broad range of mortgage products.

  • Special mortgage programs including ones for first-time homebuyers and buyers of manufactured homes.

See full profile

Best for waived lender fees on future refinancing.

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best lender with a closing cost assistance program.

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

Highlights:

  • Loan types: conventional, FHA, VA, USDA, ARM, refinancing
  • Minimum FICO Score: 600
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total closing costs: 2% to 6% of loan amount
  • Equity required: not disclosed
  • J.D. Power Satisfaction rating: not rated

Best Features

  • Offers a wide variety of mortgage loans.

  • Provides mortgage loans nationwide.

  • Helps with closing costs.

See full profile

Best feature: Good customer satisfaction ratings.

Quicken Loans 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 (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Illinois Homebuyer Programs?

Illinois homebuyers can get help with down payments and closing costs with these programs through the Illinois Housing Development Authority.

  • Available to: Eligible first-time and repeat homebuyers.
  • Income limits: Vary by county (see IHDA income limits).
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: Provides 5% of the purchase price (up to $7,500) in assistance for a down payment and closing costs. Requires a cash contribution of $1,000 or 1% of the purchase price, whichever is greater. Assistance is interest-free and deferred for the life of the mortgage.

  • Available to: Eligible first-time and repeat homebuyers.
  • Income limits: Vary by county (see IHDA income limits).
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: Provides up to $6,000 in assistance for a down payment and closing costs. Requires a cash contribution of only $1,000 or 1% of the purchase price, whichever is greater. Assistance is forgiven monthly over 10 years.

  • Available to: Eligible first-time and repeat homebuyers.
  • Income limits: Vary by county (see IHDA income limits).
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Down payment and closing cost assistance: Provides 10% of the purchase price (up to $10,000) in assistance for a down payment and closing costs. Requires a cash contribution of $1,000 or 1% of the purchase price, whichever is greater. The interest-free loan is repaid over 10 years.

Find the Best Mortgage Lenders by State

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here