Home Loans in the State of Illinois
Illinois, home of the world's first skyscraper and its aptly-named "Windy City" is arguably one of the most popular states to settle in. If you're interested in purchasing a home in Illinois, our state-focused team of mortgage specialists are standing by to help educate you on the Illinois mortgage market. Right now, the median home sale price in Illinois is $192,700, which is much lower than the U.S. median sale price of $232,300 -- meaning it could be a great time to buy a home in The Prairie State.
While home prices vary across the state of Illinois, one of the most expensive places to live in the state is Naperville, with a median home value of $373,500. Not too far behind is the city of Chicago, with a median home listing price of $213,000. Springfield, the State's capital, is one of the more affordable areas, with a median home value of just $100,400.
At home.loans, our one and only goal is to give you the best possible information about buying a home in Illinois. So, whether you're looking to refinance your home, get a Jumbo or conventional home loan, land an FHA-insured mortgage, secure a home equity loan, or even buy a home on a short sale, we have the tips, tools, and experience to guide you through the entire home buying or refinance process.
Best Illinois Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Illinois Mortgage Refinance Lender: CrossCountry Mortgage
CrossCountry Mortgage is one of the largest and fastest growing lenders in the United States. Since it was founded in 2003, CrossCountry Mortgage has done its best to meet the rapidly changing needs of the consumer. While it started as simply a small mortgage brokerage, today, CrossCountry Mortgage offers a wide variety of loans, including FHA loans and VA home loans while also being a powerhouse for refinancing, home equity loans, and more.
While the company does have a robust online presence, with applications that can easily be filled out online, it also boasts a strong workforce of mortgage brokers. Its website even has an easy search function that allows potential borrowers to search for a mortgage broker by name or by branch location.
Best Illinois FHA Mortgage Lender: Quicken Loans/Rocket Mortgage
While the online mortgage space was fragmented and confusing just a few years ago, today, several companies have created products that really stand out from the competition-- and make walking into your local bank for a mortgage look like something out of the 1950s. Quicken Loans is among the most prominent of this new breed of online lenders, and, while it’s a nationwide company, it does quite a lot of business in Illinois.
Though Quicken Loans is versed in originating a variety of mortgage types, it’s well known for its experience with FHA loans. So, whether you want a regular FHA home loan, an FHA streamline refinance, or something else entirely, Quicken Loans has your back. And, while Quicken Loans does specialize in an online experience, they have support staff standing by to help you if you do need to talk to someone in person-- which is extremely reassuring, especially for those who like a traditional, in-person touch.
Best Illinois VA Mortgage Lender: United Home Loans
United Home Loans is truly a local Illinois lender, priding itself on offering home loans in “the Greater Chicago area.” Since UHL was founded back in 2002, they’ve funded approximately $3 billion worth of loans, including FHA loans, VA loans, and jumbo mortgages. Plus, unlike some local lenders, UHL allows borrowers to apply and get pre-approved online. That can allow you to look for a house with the confidence that you’ll be approved for a loan.
Best Illinois Home Equity Lender: U.S. Bank
With a history dating all the way back to 1863, U.S. Bank is the farthest thing from the new kid on the block. Its strong presence in today’s mortgage market as the country’s fifth largest bank is a testament to their deep commitment to providing affordable HELOCs and home equity loans with excellent service.
U.S. Bank offers both home equity loans as well as HELOCs. Their home equity loan offering is a fixed rate HEL with a term of up to 30 years, while their HELOC product has a variable interest rate coupled with a draw period of 10 years.
U.S. Bank is well known for its knowledgeable staff and expert loan officers. Chances are, no matter what a borrower’s financial situation may look like, they can come up with an affordable home equity solution.
Experience often trumps trendy advancements, and the face-to-face personalized mortgage services offered by U.S. Bank are a shining example of this. Home buyers never have to worry about a lack of communication or being rushed, and will be treated with the same respect and due diligence as their big-name clients.
Shop Around Before You Get an Illinois Home Loan
Our picks for the best mortgage lenders in Illinois may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!