Illinois Mortgage Rates

March 1, 2015 06:25 PM Eastern

Refinance rates now in CHICAGO, IL [Change this]

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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.

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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.