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Do you believe you should buy a home in Illinois? Getting a good mortgage rate can be key. Your mortgage lender will scrutinize every aspect of your financial situation before approving a mortgage rate, from your income and assets for down payment to your debt-to-income ratio and your credit score.
If you want the best mortgage rate in Illinois, you’ll check your credit and pay down as much debt as possible. Pull together your documents proving income and assets, and apply for preapproval through a reputable mortgage lender before checking home listings in Illinois.
Here’s a quick look at current Illinois mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.632%||6.744%||+0.12%|
|Conventional 20 year fixed||6.065%||6.182%||Unchanged|
|Conventional 15 year fixed||5.705%||5.925%||+0.13%|
|Conventional 7 year ARM||5.8%||5.622%||+0.07%|
|Conventional 5 year ARM||5.688%||5.528%||+0.11%|
|FHA 30 year fixed||5.886%||6.835%||+0.18%|
|VA 30 year fixed||5.909%||6.204%||+0.13%|
|VA 15 year fixed||5.167%||5.85%||+0.29%|
Illinois has it all, big cities and endless fields, hence its nickname as the Prairie State. Buying a home in Illinois starts with knowing whether you are a country mouse or a city mouse.
Illinois has a population of nearly 13 million. Nearly one in four live in Chicago, with another one in fifteen living in the state’s five next biggest cities:
Buying a home in Illinois can be an adventure. Illinois could be affordable, but plenty of luxury homes exist. Illinois ranks 29th in US homes for sale at average price, and 9th for homes over $1,000,000. Apply for mortgage preapproval before you start looking at home listings in Illinois, so you don’t waste time outside your budget.
Programs administered by the Illinois Housing Development Authority (IHDA) can assist first-time homebuyers in purchasing a home in Illinois. Through IHDA’s Access Mortgage initiative, Illinois residents gain access to fixed-rate loans offered through a network of partner lenders.
The IHDA Access Forgivable Mortgage provides closing costs and down payment assistance equal to $6,000 or 4% of the purchase price, whichever is lesser. This assistance doesn’t need to be paid back after you’ve lived in the home for 10 years.
The IHDA Access Deferred Mortgage provides closing costs and down payment assistance equal to $7,500 or 5% of the purchase price, whichever is lesser. This assistance is an interest-free loan, and doesn’t need to be paid back until the loan matures or the home is sold or refinanced.
The IHDA Access Repayable Mortgage provides closing costs and down payment assistance equal to $10,000 or 10% of the purchase price, whichever is lesser. This loan is designed to be repaid in monthly installments over 10 years.
To qualify for an IHDA you must:
Low Illinois mortgage rates can make refinancing an attractive option. You can do any of the following:
A streamlined refinance is often an option for specific loan types. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.