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Illinois Mortgage Rates

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Illinois Mortgage Rates

Comparing Illinois Mortgage Rates with National Rates

In order to help you see how Illinois mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Illinois

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Illinois

In order to qualify for the best mortgage rates in Illinois it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Illinois

Illinois is the fifth most populous US state. According to the US census, as of 2017, there is an estimated population of over 12.8 million residents, which represents 4% of the US population. Chicago is the largest city in the state and according to Wikipedia, the third most populous city in the United States, with its 2010 population of 2,695,598.

Here are some outside resources that can help you understand the Illinois mortgage environment

  1. FHA loan amounts in Illinois: (note:set the table to Illinois) There are 102 counties in the state of Illinois of which none of the single family units meet the Highest loan limit, currently at $636,150. 89% of the counties are at the Standard loan limit, currently at $275,665. The remaining 11% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for your state and county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 100% of the counties that fit this category.
  3. Illinois First Home Buyer Programs: The Illinois Housing Development Authority (IHDA) has a number of programs including one for first time homebuyers @HomeIllinois First-Time Buyer  and @HomeIllinois Refinance tailored for refinancers. Borrowers must meet eligibility requirements including income and purchase limits.
  4. HARP Loans: Many areas of Illinois were hit hard during the 2007-2008 Housing Crisis. According to harp.gov (as of December 2016), Illinois is the second ranking state with the most HARP eligible loans. Cook County is the county with the most HARP eligible loans.

 

Mortgage Trends and Statistics for Illinois

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans, based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in two areas in Illinois :

  • Mortgage Rates for Conventional Loans in One MSA in Illinois
  • Loan Amount in Illinois for One MSA
  • Mortgage Fees in One MSA in Illinois
  • LTV over 90% in One MSA in Illinois

 

 

Mortgage Rates for Conventional Loans in One MSA in Illinois"

 

Mortgage Fees in One MSA in Illinois

Loan Amount in Illinois for One MSA

 LTV over 90% in One MSA in Illinois

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