9 Best Chicago Mortgage Lenders of 2022 - NerdWallet Advertiser disclosure
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If you’re looking for a mortgage lender in Chicago, we’ve done the legwork. Here are some of the best in five categories, including first-time home buyers and jumbo mortgages.NerdWallet Jan 6, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Mortgage shopping means making head-spinning choices, which is why NerdWallet reviews, rates and compares lenders to help with your decisions. Whether you’ve got your eye on a frame two-flat in Lincoln Square, a Bridgeport brick condo or a Hyde Park bungalow, these lenders are a solid place to start your search. Here, we’ve included national and local lenders that lead the pack in Chicago, including some of the best for traditional lending, government loans, home equity borrowing, jumbo mortgages and first-time home buyers. » FIND first-time home buyer grants in Illinois Mortgage shopping means making head-spinning choices, which is why NerdWallet reviews, rates and compares lenders to help with your decisions. Whether you’ve got your eye on a frame two-flat in Lincoln Square, a Bridgeport brick condo or a Hyde Park bungalow, these lenders are a solid place to start your search. Here, we’ve included national and local lenders that lead the pack in Chicago, including some of the best for traditional lending, government loans, home equity borrowing, jumbo mortgages and first-time home buyers. » FIND first-time home buyer grants in Illinois Best Chicago Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.National / regionalMax LTVMin. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsLearn more PNC NMLS#446303Learn more at PNC 5.0/5 Best for home equityNational84.9%620 HELOC:680HEL:620Learn moreat PNC Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for government loans N/A N/A620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620Learn moreat Guaranteed Rate Quicken Loans NMLS#3030Learn more at Quicken Loans 4.0/5 Best for jumbo loans N/A N/AN/A VA:620JUMBO:N/AFHA:580CONVENTIONAL:620Learn moreat Quicken Loans Fairway Independent Mortgage NMLS#2289Learn more at Fairway Independent Mortgage 3.0/5 Best for jumbo loansNational N/A N/ALearn more at Fairway Independent Mortgage loanDepot NMLS#174457Read review 4.0/5 Best for government loans N/A N/A620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620Read reviewCitibank NMLS#412915Read review 4.5/5 Best for traditional lenders & first-time home buyersNational N/A N/ARead review US Bank NMLS#402761Read review 4.5/5 Best for traditional lenders N/A N/A620 VA:N/ACONVENTIONAL:620FHA:N/AJUMBO:N/AUSDA:N/ARead reviewBank of America NMLS#399802Read review 4.5/5 Best for first-time home buyersNational N/A660 CONVENTIONAL:660FHA:600JUMBO:720VA:620Read reviewFlagstar NMLS#417490Read review 5.0/5 Best for home equityNational89%680 HEL:680HELOC:680Read reviewLearn moreat PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Max LTV84.9% Min. credit score620 HELOC:680HEL:620 View details Learn moreat PNC View details Min. credit score 620 Why we like it Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance. Pros Posts current mortgage rates on its website. Has an online application for mortgage preapproval and a digital tool to track application progress. Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Quicken Loans Quicken Loans NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit scoreN/A VA:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% On conventional loans, Quicken offers down payments as low as 3%. View details Learn moreat Quicken Loans View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Fairway Independent Mortgage Fairway Independent Mortgage NMLS#2289
3.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down paymentN/A Fairway doesn't publish its jumbo down payment requirements. View details Learn moreat Fairway Independent Mortgage View details Why we like it Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans. Pros Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Mortgage rates for different types of loans aren't posted online. Origination fees are on the high side compared with other lenders, according to the latest federal data.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620 Min. down payment5% LoanDepot offers conventional loans with as little as 5% down. View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review Citibank NMLS#412915
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment3% Citibank offers down payments as low as 3% through its HomeRun loan program. View details Read reviewView details Why we like it Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option. Pros Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages. Offers low rates compared with other lenders, according to the latest data. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Requires help from a loan officer to complete an online mortgage application. Customized mortgage rates not available without making contact. Doesn’t offer renovation loans.Read Full ReviewRead review US Bank NMLS#402761
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:N/ACONVENTIONAL:620FHA:N/AJUMBO:N/AUSDA:N/A Min. down payment5% U.S. Bank offers conventional loans for as little as 5% down. View details Read reviewView details Why we like it U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates. Pros Offers a full line of conventional and government loan products. Provides home equity loans and lines of credit. Allows borrowers to apply and track their loan's progress online. Cons No personalized mortgage rates available online. Published mortgage rates assume an above-average credit score.Read Full ReviewRead review Bank of America NMLS#399802
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score660 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program. National / regionalNational View details Read reviewView details National / regional National Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full ReviewRead review Flagstar NMLS#417490
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Max LTV89% Min. credit score680 HEL:680HELOC:680 View details Read reviewView details Min. credit score 680 Why we like it Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. Pros Offers a wide range of loan types and products, including FHA, VA and USDA. Has a full suite of online conveniences. Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable. Cons Home equity loans are geographically limited.Read Full Review » MORE: Compare Chicago mortgage rates Local mortgage lenders in Chicago
These local and regional lenders offer a widely varied selection of products and familiarity with the Chi-Town market. These lenders have not been reviewed by NerdWallet. Perl Mortgage
Offers jumbo loans for primary homes and financing for investment properties and second homes. Offers FHA, VA, USDA, conventional and jumbo purchase and refinance loans. Funds reverse mortgages, renovation loans, second homes and investment properties. Headquartered in Chicago with branches in Chicago and surrounding communities, and licensed in 33 states. Draper & Kramer Mortgage Corp
Works with non-U.S. citizens and borrowers needing flexibility to qualify. Your stocks, bonds and retirement accounts may help you qualify for a mortgage. Full menu of USDA, VA, FHA, conventional and jumbo purchase, refinance and renovation loans. Lender-paid mortgage insurance programs with no upfront fee. Lends on hard-to-finance non-warrantable condominiums and helps condo developments meet FHA and conventional guidelines. Corporate offices in Downers Grove, Illinois, and licensed to sell mortgages in 46 states. Barrington Bank & Trust
Option for first-time home buyers and buyers interested in mortgages for high-value properties, second homes and real-estate investments. Jumbo loans up to $6 million. Offers FHA, VA, USDA, conventional, HELOCs and reverse mortgages. Down payment assistance of up to $2,000 for qualified first-time home buyers. Associated Bank
Offers fixed and ARM FHA, VA and conventional purchase and refinance loans. Construction loans and bridge loans available. Other products include home equity lines of credit. Over 270 locations in Illinois, Wisconsin and Minnesota. Peoples Home Equity
Offers quick turnaround on loans and touts a personalized approach. Loan options include FHA, VA, conventional, USDA and reverse purchase and refinance loans. Fixed-rate term options of 10, 15, 20 and 30 years. Jumbos up to $1.5 million with 15-, 20- and 30-year fixed-rate terms; jumbo ARMs fixed for 5, 7 or 10 years. Online videos educate borrowers about the home loan process. Has 10 branches in the Chicago area and offers mortgages in 34 states. More from NerdWallet How much house can you afford? Compare Illinois mortgage rates Calculate your mortgage payment Last updated on January 6, 2022 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best Chicago Mortgage Lenders of 2022
PNC: Best for home equityGuaranteed Rate: Best for government loansQuicken Loans: Best for jumbo loansFairway Independent Mortgage: Best for jumbo loansloanDepot: Best for government loansCitibank: Best for traditional lenders & first-time home buyersUS Bank: Best for traditional lendersBank of America: Best for first-time home buyersFlagstar: Best for home equity About the author
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