Illinois Mortgage Rates

August 26, 2016 07:54 AM Eastern

Refinance rates now in CHICAGO, IL [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.250%
APR
3.393%
Monthly Payment
$871
Sebonic Financial
30 Year Fixed
Interest Rate
3.250%
APR
3.393%
Monthly Payment
$871
(844) 284-9237 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $871
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $871
Lender Fees $3,559
Lender Credit $0
Total Closing Fees* $3,559
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

I recommend Renato Paz

Yes, I recommend this lender

He explained the proses, and he speaks spanish, he's good and very helpful, I already recommend to my family

By: albertina (Leesburg, VA)
See All Reviews
Capital One Home Loans
30 Year Fixed
Interest Rate
3.250%
APR
3.400%
Monthly Payment
$871
Capital One Home Loans
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $871
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $871
Lender Fees $3,740
Lender Credit $0
Total Closing Fees* $3,740
*Other 3rd party fees may apply
Capital One Home Loans
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One Home Loans
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Lender Reviews

Terrible closing experience

The underwriting team definitely does not have their act together. We are going through the 4th extension because they can't review the documents fast enough (apparently the condo review team takes their time). They also has asked us to provide proof of income on certain funds at least 5 times (meaning that they got it 5 times too). When you ask them for status, the answer is usually: "I don't know, that is department x who is handling that". It is a total waste.

By: Pedro (Seattle, WA)

HORRIBLE to work with

Loan pre approval was easy. The loan originator was knowledgable, then I was transfered to a loan specialist and loan hub. The Specialist was, very unconcerned and did not seam to listen to my needs. Her response time was very slow to my emails and called messages and she never had a answer to my questions when we did correspond. LOAN HUB was horrible. It would freeze up and give me a response of "Oops, something went wrong". Try again later. This happened many times. Documents that were uploaded and received were then lost or deleted by the Loan Specialist and we're requested again by Loan Hub, but you would only know if YOU looked at your loan status in Loan Hub. No one would email, text or call. When I brought this to the Loan Specialist attention she said that she did not look at Loan Hub and did not know how it worked. Imagine That. In the end the loan was never closed, because the Appraiser, hired by Capital One, did not turn in the Appraisal in time for closing. They then wanted to start the Loan Process all over with another "LOAN SPECIALIST.

By: Tim (Oak Grove, LA)

I like payment

Yes, I recommend this lender

I like Capital

By: DuongHien (Mountain View, CA)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.694%
Monthly Payment
$1,334
Sebonic Financial
15 Year Fixed
Interest Rate
2.500%
APR
2.694%
Monthly Payment
$1,334
(844) 284-9237 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $2,719
Lender Credit $0
Total Closing Fees* $2,719
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

I recommend Renato Paz

Yes, I recommend this lender

He explained the proses, and he speaks spanish, he's good and very helpful, I already recommend to my family

By: albertina (Leesburg, VA)
See All Reviews

5/1 ARM

Interest Rate
2.750%
APR
3.464%
Monthly Payment
$964
Sebonic Financial
5/1 ARM (FHA)
Interest Rate
2.750%
APR
3.464%
Monthly Payment
$964
(844) 284-9237 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $203,500
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $831
Estimated Mortgage Insurance Payments $133
Total Monthly Mortgage Payment $964
Lender Fees $5,703
Lender Credit $0
Total Closing Fees* $5,703
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

I recommend Renato Paz

Yes, I recommend this lender

He explained the proses, and he speaks spanish, he's good and very helpful, I already recommend to my family

By: albertina (Leesburg, VA)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

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Illinois mortgage lenders are regulated by the Illinois Department of Financial and Professional Regulation, Division of Banking.

Illinois Mortgage Rates

If you’re looking for a home loan in Illinois, you might be wondering why each state’s mortgage rates differ from the rest. State laws governing mortgage rates, competition among lenders and the state’s economic health are all factors affecting mortgage rates.

Buying a Home in Illinois

The Home Price Index for Illinois shows that home prices peaked in early 2007 but declined almost 18.5% until the third quarter of 2012. Although prices have begun to rise, they are forecast to decline another nearly 1.5% over the next year while prices continue to slowly increase in other parts of the country.

Closing costs compared to other states are relatively affordable, as well--$2,238 for a $200,000 mortgage, ranking Illinois’s closing costs 46th out of 50 states and the District of Columbia.

Illinois offers a number of state, regional and local programs such as the ones in this partial list:

Programs such as these may even be able to help home buyers with down payments and other forms of financial assistance.

FHA Mortgages

In most parts of Illinois, FHA home loan amounts are limited to $271,050, but can be as high as $410,000 in counties in the Chicago metro area. Check with FHA-approved lenders to compare rates as you would for conventional Illinois mortgages.

 VA Home Loans

Most Illinois mortgage lenders cap VA mortgages throughout Illinois at $417,000, although the VA itself allows them to make larger loans.