The Best Mortgage Lenders in Chicago, IL
Compare verified mortgage lenders serving Chicago, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chicago
Featured Mortgage Lenders
Victor Ciardelli
Guaranteed Rate
Guaranteed Rate is one of Chicago's most prominent mortgage lenders, headquartered right in the city. Founded in 2000, they've revolutionized the mortgage industry with their digital-first approach while maintaining strong local presence. They consistently receive top ratings for their competitive rates, streamlined online application process, and exceptional customer service. As one of the largest retail mortgage lenders in the U.S., they offer a comprehensive range of loan products with particularly strong jumbo and conventional loan expertise. Their Chicago roots and national reach make them a top choice for both first-time homebuyers and experienced investors in the Chicago market.
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John B. Darrow
Wintrust Mortgage
Wintrust Mortgage has deep roots in the Chicago area as part of the Wintrust Financial Corporation, one of the Midwest's premier financial services companies. With over 30 years of experience, they combine the stability of a large financial institution with personalized local service. They excel in construction lending and portfolio loan products that larger national lenders often can't match. Their strong community presence across Chicago's neighborhoods and suburbs, combined with their extensive branch network throughout Illinois, makes them a trusted choice for Chicago homebuyers seeking both competitive rates and local decision-making authority.
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Ron Leonhardt
CrossCountry Mortgage
CrossCountry Mortgage has established a strong Chicago presence with their downtown office serving the entire metropolitan area. Founded in 2003, they've grown to become one of the nation's top mortgage lenders while maintaining a reputation for personalized service and competitive pricing. They're particularly noted for their expertise in renovation loans and first-time homebuyer programs, with loan officers who deeply understand Chicago's diverse neighborhood markets. Their high customer satisfaction ratings reflect their commitment to guiding clients through the entire mortgage process with transparency and expertise, making them a top contender for Chicago homebuyers seeking both national resources and local market knowledge.
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Frequently Asked Questions
Common questions about mortgage lending in Chicago, IL
What are the current mortgage rates like in Chicago, and how do they compare to national averages?
Chicago mortgage rates are typically very close to national averages, but can be influenced by local economic factors and lender competition. As of late 2023, rates in Chicago generally range from 6.5% to 7.5% for 30-year fixed mortgages, though this varies by lender and borrower qualifications. It's worth shopping around as some local credit unions and Chicago-based lenders may offer competitive rates.
Are there any special first-time homebuyer programs available specifically for Chicago residents?
Yes, the City of Chicago offers the Homebuyer Assistance Program (HAP) which provides up to $40,000 in down payment assistance for qualified first-time buyers. The Chicago Community Land Trust also offers affordable homeownership opportunities with long-term affordability protections. These programs often have income limits and require homebuyer education courses.
How does Chicago's property tax system affect my mortgage payments and affordability?
Chicago has some of the highest property taxes in Illinois, typically around 2.1% of assessed value. Your lender will include these taxes in your monthly mortgage payment through an escrow account. It's important to factor in that Chicago property taxes have been rising steadily, which can significantly impact your overall housing costs and loan qualification amount.
What special considerations should I know about getting a mortgage for a Chicago condo?
Chicago condo mortgages require careful attention to the building's financial health and occupancy rates. Lenders typically require that no more than 10-15% of units are delinquent on HOA dues and that the building has adequate reserves. Many downtown high-rises also have special assessments that could affect your loan approval, so review the building's documents thoroughly.
Are there any neighborhood-specific mortgage programs or incentives in Chicago?
Several Chicago neighborhoods offer targeted programs, particularly in areas undergoing revitalization. The Chicago Homebound Program provides special financing for city employees, and some lenders offer favorable terms in designated opportunity zones on the South and West sides. Additionally, certain community development corporations provide neighborhood-specific grants and below-market rate mortgages to promote investment in specific communities.
Why Choose a Mortgage Lender in Chicago?
Local Market Knowledge
Lenders who understand Chicago's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Chicago and get competitive rates on your home loan.