Illinois Mortgage and Refinance Rates
On Wednesday, March 29, 2023, the national average 30-year fixed mortgage APR is 6.90%. The national average 30-year fixed refinance APR is 7.01%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Illinois mortgage overview
As of Wednesday, March 29, 2023, current interest rates in Illinois are 6.86% for a 30-year fixed mortgage and 6.16% for a 15-year fixed mortgage.
Illinois is home to the one of the three most populous cities in the U.S. If you want to move there, now may be a good time to buy a home, with mortgage rates at historic lows. Before you buy, know your options and compare as many mortgage offers as you can to find the best deal.
- Illinois conventional mortgages: Considered the standard, a conventional mortgage can be a good choice if you have fair or good credit. With a credit score of at least 620 and a debt-to-income ratio of 45 percent or less, you’d likely qualify for one. However, you are usually required to make a larger down payment on a conventional mortgage. If it’s less than 20 percent of the home's purchase price, you also may need to pay for private mortgage insurance (PMI).
- Illinois FHA loans: If you don’t qualify for a conventional mortgage, you still have options. Consider FHA loans, which are insured by the Federal Housing Administration (FHA). You only need to put down 3.5 percent if your credit score is 580 or higher. If it's in the 500 to 579 range, you’d need to put down 10 percent.
- Illinois VA loans: If you’ve served your country and are interested in buying a home, consider a VA loan. These are backed by the Department of Veterans Affairs (VA) and help qualifying veterans, active duty service members and their spouses afford homes. VA loans don’t require down payments or mortgage insurance; however, you need to pay a VA funding fee, which ranges from 1.4 percent to 3.6 percent of the home’s purchase price depending on whether you’re making a down payment and other factors. You can get one through a VA-approved lender in Illinois.
Top 5 Bankrate mortgage lenders in Illinois
- Fairway Independent Mortgage Corporation
- Sage Mortgage
- Cake Mortgage
- Rocket Mortgage
- Cherry Creek Mortgage
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is one of the top mortgage lenders in the U.S. in terms of loan volume. The lender’s loan products are available to borrowers nationwide, and it has branch locations in 48 states (not Alaska or West Virginia) and Washington, D.C. Its loan options include conventional and government loans, refinancing and physician loans for doctors and other medical professionals.
- Available in all states with more than 700 branch and satellite locations
- Extensive learning resources for borrowers, including Home.com
- Streamlined electronic submission of loan documents
- Doesn’t offer home equity lines of credit (HELOCs)
- Specific rates not posted online
Read Bankrate’s Fairway Independent Mortgage Corporation review.
Sage Mortgage is an online mortgage company that both underwrites loans and works with multiple wholesale lenders. The broker was founded in 2020 and is headquartered in Fort Mill, South Carolina. To connect with Sage, you can submit your information through Bankrate, an affiliate company, or visit the company directly online to start an application. From there, you’ll be assigned a dedicated loan officer.
- Dedicated loan officer works with borrowers throughout the entire process
- Most mortgages close in less than 30 days
- Doesn’t offer VA loans
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
Read Bankrate’s Sage Mortgage review.
An online-only lender founded in 2018, Cake (also known as Millennial Home Lending) operates in the majority of states. It boasts a streamlined web-based application, competitive rates and a quick closing timeline.
- Rates advertised online
- Average closing time is 24 days
- Easy-to-use online application
- Unclear what loan types are available
Read Bankrate’s Cake Mortgage.
Rocket Mortgage is a leading online mortgage lender in the U.S. The lender offers a broad selection of purchase and refinance options, including a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 29 years, and cash-out refinancing. The lender gained prominence in recent years by adopting technology that allows borrowers to apply for loans completely online through Rocket Mortgage, which Quicken Loans officially adopted as its name in 2021.
- Low down payment requirement (as little as 3 percent down)
- Customer service regarding new loans available seven days a week via phone or chat
- No brick-and-mortar locations
- Doesn't offer USDA loans, home equity lines of credit (HELOCs) or home equity loans
- Limited information about lender fees available online
Read Bankrate’s Rocket Mortgage review.
Cherry Creek Mortgage
Cherry Creek Mortgage has originated more than $70 billion in loans since launching in 1987. Along with its online direct-to-borrower brand Blue Spot Home Loans, the lender can issue same-day preapprovals, and the average closing time is between 22 and 27 days.
- Wide range of loan programs, including low-down payment options
- Helpful calculators to estimate homeownership costs
- Regularly updates rates online
- Not available in every state
- Stricter FHA credit score requirements
Read Bankrate’s Cherry Creek Mortgage review.
First-time homebuyer programs in Illinois
If you’re new to homebuying, the state of Illinois can help make it easier and more affordable. The Illinois Housing Development Authority (IHDA) offers several Illinois first-time homebuyer assistance programs. Many of these include fixed-interest mortgages and down payment assistance loans.
The IHDA runs the Access Mortgage homebuyer assistance program. Through this program, homebuyers have access to various packages which include fixed-rate mortgages, along with different forms of closing cost and down payment assistance.
- IHDA Access Forgivable Mortgage: The IHDA Access Forgivable Mortgage program offers fixed-rate 30-year mortgages via participating lenders. To find the best mortgage lender, the IHDA website has a tool to help you find one in your area. Through this program, you can get 4 percent of the home purchase price, up to $6,000, as a closing cost and down payment assistance loan. You don’t need to pay this loan back as long as you live in the home for at least 10 years. Qualifying for the IHDA Access Forgivable Mortgage requires a minimum credit score of 640. You also need to meet certain income and purchase price limits that vary by county.
- IHDA Access Deferred Mortgage: The IHDA Access Deferred Mortgage program offers a 30-year fixed-rate mortgage through an FHA, VA, USDA or HFA Preferred loan. You can also take out a loan worth 5 percent of the home’s purchase price, up to $7,500, to help you pay for closing costs and down payment assistance. This is an interest-free loan, and you don’t need to pay it back until the end of your loan term, or when you sell your home or refinance your mortgage. To qualify for an IHDA Access Deferred Mortgage, you need a credit score of at least 640. The same income and purchase price limits for the IHDAccess Forgivable Mortgage apply.
- IHDA Access Repayable Mortgage: The IHDA Access Repayable Mortgage program offers a 30-year fixed-rate mortgage. Your loan options include an FHA, VA, USDA or HFA Preferred loan. You also can get a down payment and closing cost assistance loan worth 10 percent of the purchase price, up to $10,000. A credit score of at least 640 is required to qualify. You also have to meet IHDA income and purchase price limits.
Illinois mortgage refinancing
Although mortgage interest rates are rising, many homeowners are still choosing to refinance as a way to tap their equity. It’s important to shop around to make sure you’re getting the best rate on a refi. You can use Bankrate’s mortgage refinance calculator to see how much your new monthly payment will be.