Illinois Mortgage Rates

April 19, 2015 12:35 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 Rates as low as

Interest Rate
3.375%
APR
3.469%
Monthly Payment
$885
Sebonic Financial
Interest Rate
3.375%
APR
3.469%
Monthly Payment
$885
(866) 544-4064 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 $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,336
Lender Credit $0
Total Closing Fees* $2,336
*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

Lender Hung Up On Me!!

I spoke to a lender about getting a quote and told him specifically not to pull my credit score. He told me I was wasting his time and then proceeded to hang up on me. Horrible service and they should realize when shopping for a mortgage a person does not want to pull many hard inquiries.

By: Carlos (Charlotte, NC)

Low Rates, but Not Worth It

I have done two refinance with this company (Sebonic/Cardinal) and I have had two different completely different experience with them. I have come to realize that if there is any work required on their part, their process will be horrific. One refinance I had was should have closed very quickly because there were no issues whatsoever. I submitted all the documents they asked for in a timely manner, but it still took 45 days to close. After you first deal with a Sebonic rep, you are then handed off to a Cardinal rep (who knows nothing about mortgages - he's just a middle person between you and the underwriter). Jason Freedman of NC handled all the correspondence and it was poor at best. Luckily, there were no surprises with this loan, so I was still able to close, even though it was late. They even tried to charge me for closing on the loan late, which was their fault, but they waived the fees (only after I asked them ton - twice). My second refinance was horrible! After I spent $500 on an appraisal, they came back and said that they were not able to verify that the commercial space of the condo building was less than 25% (requirement of the loan). After I spent some time with the property manager to verify the facts, Cardinal Financial (Jason Freeman of NC) realized that the loan wasn't going to close, and he never gave me a response as to the status of my loan. I called and left him 5+ messages asking him to call me back, but I never once received a phonecall back. I finally received one phonetical back from the Sebonic rep, Artie Melchionda, saying that he will check the status and I never heard from him either. They leave you hanging high and dry if there is any sign of a problem. When things look good, you will eventually close on the loan (even after they try to charge you for being late when it's their fault). But when there is one problem, you are on your own to figure it out, even after you spent the money. I gave them one extra star for actually closing on my one loan, but I would not go with them again, even if they are offering slightly lower rates. Most companies will match other company's rates, so that is the only reason I would call Sebonic.

By: rubyred (Fairfax, VA)

Excellent loan service

Yes, I recommend this lender

Sebonic Financial has done a great job for my new home loan recently. From the loan application/origination, processing, and closing, the lender, especially loan officer, Amanda Bruce, and loan processor, Michelle Cooper, worked so hard on my loan. The rate was lower that other lenders, and the closing cost was very low. The Amanda worked in the evening and the night to have my loan application, my loan pre-approval, and get my loan rate locked with so communications with me over phone and email. Michelle worked so hard with getting required documents for my loan processing. She was so patient and waited for my documents, and she answered so many questions of mine over phone and email. Also, the customer service was great and they helped me about my questions and directed my calls to right persons. And their portal was a great tool for document reviews, uploading, faxing, and other communications.

By: Jinnnn (Maple Grove, MN)
See All Reviews

15 Year Fixed Rates as low as

Interest Rate
2.750%
APR
2.930%
Monthly Payment
$1,358
Sebonic Financial
Interest Rate
2.750%
APR
2.930%
Monthly Payment
$1,358
(866) 544-4064 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 $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $2,504
Lender Credit $0
Total Closing Fees* $2,504
*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

Lender Hung Up On Me!!

I spoke to a lender about getting a quote and told him specifically not to pull my credit score. He told me I was wasting his time and then proceeded to hang up on me. Horrible service and they should realize when shopping for a mortgage a person does not want to pull many hard inquiries.

By: Carlos (Charlotte, NC)

Low Rates, but Not Worth It

I have done two refinance with this company (Sebonic/Cardinal) and I have had two different completely different experience with them. I have come to realize that if there is any work required on their part, their process will be horrific. One refinance I had was should have closed very quickly because there were no issues whatsoever. I submitted all the documents they asked for in a timely manner, but it still took 45 days to close. After you first deal with a Sebonic rep, you are then handed off to a Cardinal rep (who knows nothing about mortgages - he's just a middle person between you and the underwriter). Jason Freedman of NC handled all the correspondence and it was poor at best. Luckily, there were no surprises with this loan, so I was still able to close, even though it was late. They even tried to charge me for closing on the loan late, which was their fault, but they waived the fees (only after I asked them ton - twice). My second refinance was horrible! After I spent $500 on an appraisal, they came back and said that they were not able to verify that the commercial space of the condo building was less than 25% (requirement of the loan). After I spent some time with the property manager to verify the facts, Cardinal Financial (Jason Freeman of NC) realized that the loan wasn't going to close, and he never gave me a response as to the status of my loan. I called and left him 5+ messages asking him to call me back, but I never once received a phonecall back. I finally received one phonetical back from the Sebonic rep, Artie Melchionda, saying that he will check the status and I never heard from him either. They leave you hanging high and dry if there is any sign of a problem. When things look good, you will eventually close on the loan (even after they try to charge you for being late when it's their fault). But when there is one problem, you are on your own to figure it out, even after you spent the money. I gave them one extra star for actually closing on my one loan, but I would not go with them again, even if they are offering slightly lower rates. Most companies will match other company's rates, so that is the only reason I would call Sebonic.

By: rubyred (Fairfax, VA)

Excellent loan service

Yes, I recommend this lender

Sebonic Financial has done a great job for my new home loan recently. From the loan application/origination, processing, and closing, the lender, especially loan officer, Amanda Bruce, and loan processor, Michelle Cooper, worked so hard on my loan. The rate was lower that other lenders, and the closing cost was very low. The Amanda worked in the evening and the night to have my loan application, my loan pre-approval, and get my loan rate locked with so communications with me over phone and email. Michelle worked so hard with getting required documents for my loan processing. She was so patient and waited for my documents, and she answered so many questions of mine over phone and email. Also, the customer service was great and they helped me about my questions and directed my calls to right persons. And their portal was a great tool for document reviews, uploading, faxing, and other communications.

By: Jinnnn (Maple Grove, MN)
See All Reviews

5 Year ARM Rates as low as

Interest Rate
2.250%
APR
2.860%
Monthly Payment
$765
Sebonic Financial
Interest Rate
2.250%
APR
2.860%
Monthly Payment
$765
(866) 544-4064 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 $765
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $765
Lender Fees $2,994
Lender Credit $0
Total Closing Fees* $2,994
*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

Lender Hung Up On Me!!

I spoke to a lender about getting a quote and told him specifically not to pull my credit score. He told me I was wasting his time and then proceeded to hang up on me. Horrible service and they should realize when shopping for a mortgage a person does not want to pull many hard inquiries.

By: Carlos (Charlotte, NC)

Low Rates, but Not Worth It

I have done two refinance with this company (Sebonic/Cardinal) and I have had two different completely different experience with them. I have come to realize that if there is any work required on their part, their process will be horrific. One refinance I had was should have closed very quickly because there were no issues whatsoever. I submitted all the documents they asked for in a timely manner, but it still took 45 days to close. After you first deal with a Sebonic rep, you are then handed off to a Cardinal rep (who knows nothing about mortgages - he's just a middle person between you and the underwriter). Jason Freedman of NC handled all the correspondence and it was poor at best. Luckily, there were no surprises with this loan, so I was still able to close, even though it was late. They even tried to charge me for closing on the loan late, which was their fault, but they waived the fees (only after I asked them ton - twice). My second refinance was horrible! After I spent $500 on an appraisal, they came back and said that they were not able to verify that the commercial space of the condo building was less than 25% (requirement of the loan). After I spent some time with the property manager to verify the facts, Cardinal Financial (Jason Freeman of NC) realized that the loan wasn't going to close, and he never gave me a response as to the status of my loan. I called and left him 5+ messages asking him to call me back, but I never once received a phonecall back. I finally received one phonetical back from the Sebonic rep, Artie Melchionda, saying that he will check the status and I never heard from him either. They leave you hanging high and dry if there is any sign of a problem. When things look good, you will eventually close on the loan (even after they try to charge you for being late when it's their fault). But when there is one problem, you are on your own to figure it out, even after you spent the money. I gave them one extra star for actually closing on my one loan, but I would not go with them again, even if they are offering slightly lower rates. Most companies will match other company's rates, so that is the only reason I would call Sebonic.

By: rubyred (Fairfax, VA)

Excellent loan service

Yes, I recommend this lender

Sebonic Financial has done a great job for my new home loan recently. From the loan application/origination, processing, and closing, the lender, especially loan officer, Amanda Bruce, and loan processor, Michelle Cooper, worked so hard on my loan. The rate was lower that other lenders, and the closing cost was very low. The Amanda worked in the evening and the night to have my loan application, my loan pre-approval, and get my loan rate locked with so communications with me over phone and email. Michelle worked so hard with getting required documents for my loan processing. She was so patient and waited for my documents, and she answered so many questions of mine over phone and email. Also, the customer service was great and they helped me about my questions and directed my calls to right persons. And their portal was a great tool for document reviews, uploading, faxing, and other communications.

By: Jinnnn (Maple Grove, MN)
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.