The Prairie State has it all with fertile farmlands, diverse people, and both a bustling city and cute small towns to call home. And at The Home Loan Expert, home is exactly how we think of Illinois.
As the next-door neighbor to our home base in St. Louis, Illinois has helped us grow tremendously as a company. But we’re not your average Illinois mortgage company.
Everyone deserves a home and shouldn’t feel forced out by poor policy or exorbitant rates. Today, we’re working to become the top Illinois mortgage and home loans company. We offer manageable mortgage options and consulting to Illinois consumers (including first-time homebuyers), and have partnered with several charities across the state as well.
Let’s put an end to the financial upheaval Illinois customers have felt lately and replace it with a tangible path toward homeownership. Our editorial team has put together an excellent resource for Illinois homeowners—we’ll cover the Illinois housing market, top mortgage lenders, refinancing options, and more.
Whether you crave a deep-dish pizza joint as a neighbor or a fruitful hobby farm, we’ll help you achieve it as the top Illinois mortgage and home loans company.
Buying a Home in Illinois
Today’s Illinois home costs an average $240,000—a 6.4% increase from 2021. Listings are also in shorter supply, with demand creeping up and limiting the number of days houses have on the market. This rings especially true for Chicago. Despite the rising home prices, Illinois’ housing market hasn’t shot up as high as other states.
Illinois enjoys a solid 66% homeownership rate, while 34% rent. These figures are attractive both for residents and landlords, as they have over a third of the population to market rentals to. Again, that applies even more to Chicago, with 55% of residents renting their homes.
So, how much do Illinois homes cost? Let’s take a look at average house prices by city:
| Illinois City | Median Price (Zillow, 2022) |
| Chicago | $318,690 |
| Springfield | $256,099 |
| Peoria | $111,548 |
| Rockford | $134,270 |
| Joliet | $202,579 |
| Champaign | $186,931 |
| Elgin | $275,409 |
| Evanston | $510,190 |
| Waukegan | $191,638 |
| Galesburg | $81,534 |
Illinois remains relatively affordable, with an average home price over $100,000 cheaper than the national average, and just under $100,000 cheaper than Minnesota. Moreover, you can find cheap housing options in smaller towns like Galesburg and Waukegan.
All settled on your perfect Illinois town? Lovely — you just need to decide on the best loan types for your mortgage.
Best Home Loan Mortgages Options in Illinois
The most popular of all loan types in the USA is likely the conventional mortgage. But not everybody can qualify for one— but that’s no bother if other loan types offer cheaper monthly payments!
Here are some mortgages you might consider from an Illinois mortgage and home loans company:
ARM (adjustable rate mortgages): Interest rates fluctuate with the market, and so will yours if you opt for an ARM. The bright side is that should the market dip down, you’ll experience a decrease in interest amount as well.
Government-insured mortgages (FHA, VA, and USDA-backed mortgages): Sometimes, borrowers might not qualify for reasonably rated mortgages because of poor credit history. The idea is lenders don’t want to cover the risk – that’s where government-backed mortgages come in. Insured by the US government, FHA, VA, and USDA loans allows Americans who might not achieve traditional mortgages to find a loan that works for them.
Specifically, the Federal Housing Agency (FHA) backs FHA Loans to allow cheaper down payments, closing costs, and more competitive interest rates. The VA Loan is similar, only it’s for veterans. The USDA-backed mortgage is dedicated to Americans that plan to buy rural homes — of which there’s no shortage in the Illinois countryside!
Fixed-rate mortgages: Fixed-rate mortgages offer stability and certainty for your monthly mortgage payments. For five years (usually), you’ll know exactly what you’re paying toward your interest and principal.
Conventional mortgages: Conventional loans aren’t government-backed mortgages, but have adjustable or fixed interest rates. We offer flexible conventional mortgages that range from 5-30 year loan terms.
Here at The Home Loan Expert, we offer countless mortgage loan types to fit every financial situation. Just talk to us about your needs, and we’ll help you find something from our full list of home loan options.
Now, you’ll need to explore lenders for mortgages before securing your dream Illinois home. We’ll share some of the state’s top mortgage lenders and tell you about each one’s application requirements, loan types, and other fun facts.
Best Mortgage Lenders in Illinois
The Home Loan Expert
Here at The Home Loan Expert, the transaction is one small component of our mortgage services. We value people, and take great pride in really connecting with our clients to understand their needs. Customer experience and flexibility remain top of mind for every consultation and sale.
A mortgage should be stable and reliable, which we offer our esteemed borrowers. Every single one of our home equity loans comes with unparalleled service from our dedicated consultants. We don’t pass the buck to brokers, other mortgage companies, or lenders. We’ll walk you through the process from the moment you contact us to the day you take possession of your home.
If you have a unique financial scenario, we can support you with home equity loans for mortgages, debt consolidation, cash-out refinance, and more.
Here’s how we strive everyday to surpass our competitors:
Our mission is to switch the confusing, inaccessible nature of home loans with affordable, accessible loan products and consultations. You deserve your dream home, and predatory lenders and out-of-reach qualifications shouldn’t stop you from getting it.
Ready to experience home ownership without the fuss? Complete a 5-Minute Loan Approval* application.
Loans & Services:
- Adjustable-Rate Mortgages
- Bank Statement Mortgages
- Cash-Out Refinance
- Conventional Loans
- Debt Consolidation
- FHA Loans
- First Responder Loan Program
- Fixed-Rate Loans
- Home Purchase Loan
- Jumbo Home Loans
- No Income Verification Loans
- Union Loans
- USDA Loans
- VA Loans
- Zero Dollar
Pros:
- Extensive mortgage lending experience in Illinois
- Cheapest closing costs
- One-team process offering reliability and communication
- Friendly and non-judgmental attitude
- Dedicated and skilled professionals
- Incredible customer experience
- Flexible loan and mortgage options
- Down payment assistance
Cons:
- Too many loan options to choose from! You might contact a team member to discuss your needs and best fits.
Minimum down payment: Ranging from 3% to 0% (for VA members)
Begin the approval process at The Home Loan Expert today!
Hero Loan
Are you a veteran or related to one? The US government and Hero Loan recognize your service — that’s why this US and Illinois mortgage and home loans company specializes in mortgages for veterans, military officers, and their families. Hero Loan is a direct-endorsed VA Lender and offers quick closing periods (under two weeks).
This lender also takes care of appraisal costs and underwriting in-house, which means you’ll save on fees and mortgage rates.
Some common loan types they offer in addition to the VA Loan include:
- VA Streamline Refinancing
- Conventional Loan Refinancing
- VA Cash-Out Refinancing
- FHA Loans
The process is pretty straightforward — all you need to do is answer a few questions and apply online.
Pros:
- No appraisal or out-of-pocket fees
- Completes VA paperwork for clients
- Underwrites VA loans in-house
- Close VA Loans within 2 weeks
Cons:
- All loan types are reserved only for active-duty military, veterans, and their families
Minimum down payment:
$0 down payment
Carrington Mortgage Services
Founded in 2007 and headquartered in California, Carrington Mortgage Services is a fairly new player in the home loan game.
Do you have more debt than you make? Poor credit? The Carrington Mortgage Advantage offers a small selection of home loan types to make homeownership accessible.
Carrington also offers a specific Prime Advantage program. It’s meant for consumers that don’t qualify for home loans despite having good credit—in these cases, they have old credit stains on their reports.
Loans & Services
- Conventional Loans
- FHA Loans
- USDA Loans
- VA Loans
- Adjustable-Rate Mortgages
- Carrington Flexible Advantage
Pros:
- Loans for low-credit borrowers
- Calculator for loan comparison and monthly payments
Cons:
- Doesn’t offer Home Lines of Credit
- High fees
Minimum down payment:
Ranging from 3% down to 0% (for VA members)
NBKC Bank
Formerly National Bank of Kansas City, NBKC is a bank tailor-made for small businesses and individuals.
Through its website, you can access useful tools like a detailed and layered mortgage calculator and a refinancing savings calculator. Costco members also have an extra edge with lower interest rates and $500 fee savings.
Despite the company’s excellent customer service and experience in the field, NBNC ranks low on many rebivie
Loans & Services:
- Conventional Loans
- VA Loans
- FHA Loans
- Adjustable-Rate Mortgages
- Jumbo Loans
- New Construction Loans
- Pilot Program
Pros:
- Visually appealing and intuitive interface
- Solid customer service
Cons:
- Doesn’t provide USDA or mobile home loans
- Only four physical branches in Kansas City.
Minimum down payment:
Ranging from 3% down to 0% (for VA members)
Best Local Chicago Mortgage Lenders
Dreaming of living in the trendy West Loop or wholesome Hyde Park? Take me to mortgage lenders near me, stat! You’ll want a mortgage lender that knows Chicago inside and out.
The Home Loan Expert has staff all over the country, including in Chicago. Choosing us as an Illinois mortgage and home loans company offers a local, tailored experience — with the low interest rates and benefits of a big-time lender.
We’ve forged incredible relationships in our industry, allowing us to create innovative new home loan programs and keep fees low.
Don’t be afraid to dip your toes in the bustling Chicago housing market. We’ll be with you every step of the way, from the application to the day you walk through the doors of your new home.
Here are some additional Chicago lenders you might consider:
CrossCountry Mortgage
CrossCountry Mortgage is a mortgage lender in Chicago. The company values customer service and tries its best to make homebuyers feel comfortable from start to finish.
Loans & Services
- Fixed-rate Mortgages
- FHA Loans
- VA Loans
- USDA Loans
- Jumbo Loans
- Conventional Loans
- Adjustable-rate Mortgages
Draper & Kramer
Draper & Kramer has served Chicago prospective homeowners for over a century, founded in 1893. The company keeps its entire mortgage process in-house and boasts quick closing times and flexible home loan solutions.
Loans & Services
- Conventional Loans
- Non-warrantable Condos
- VA Loans
- FHA Loans
- Fixed-Rate Mortgages
- Jumbo Loans
- Renovation Loans
- Reverse Mortgages
- Adjustable-Rate Mortgages
- Home Lines of Credit (HELOC)
BlueLeaf Lending
BlueLeaf Lending has offices all across Illinois, including in Chicago. The company specializes in all sorts of lending offerings, including business, commercial and, of course, residential. With customized loan solutions, Chicago homebuyers will enjoy the personalized experience and low rates made possible by BlueLeaf’s 50 years of experience in the industry.
Loans & Services
- Cash-out Refinance
- Down payment Assistance
- VA Loans
- FHA Loans
- Fixed-Rate Mortgages
- Jumbo Loans
- Rehab Loans (Construction)
- Adjustable-Rate Mortgages
- Home Lines of Credit (HELOC)
People’s Home Equity Mortgage Lending
People’s Home Equity originated in Nashville, Tennessee, but has offices all over the country — including Chicago. The company has decades of experience in the lending game, priding itself on offering personalized home loan solutions for every customer.
Loans & Services
- Conventional Loans
- Down Payment Assistance
- Disaster Relief Loans
- Unique Home Financing
- Construction Home Loans
- FHA Loans
- VA Loans
- Jumbo Loans
Illinois Mortgage Brokers
In your mortgage search, you may have encountered the term “mortgage broker.” Lender, broker — same thing, right? Not quite. Here at The Home Loan Expert, we’re direct mortgage lenders. That means we don’t outsource your mortgage application to anyone else.
A broker is a mortgage professional that helps you find a direct lender. They act as a mediator between consumers and lenders, assisting you in picking loan programs that meet your financial situation and needs. One pro about brokers is that they help you collect and compare mortgage rates across different lenders. However, exercise caution while using their services – they might not act in your best interest.
The mortgage broker profession isn’t tightly regulated, and their compensation is directly linked to your loan amount — meaning it’s in their best interest for you to pick certain loans over others. They also may be subtly affiliated with specific mortgage lenders and push you to choose those ones.
Our advice? Go with a direct lender. You always know what you’re getting. But if you’re curious about Illinois brokers, here are a few to consider:
Resonate Mortgage
Resonate Mortgage is an intimate team of five mortgage brokers serving the Chicago area. The team has a good reputation that rivals the common sentiment about mortgage brokers.
You can find a wide selection of home loan types with Resonate, including conventional mortgages, cash-out refinance, and government-backed mortgages.
eClick Lending
eClick Lending is headquartered in Oakbrook Terrace, Illinois, but the company services its customers completely online. This brokerage uses advanced technology to find efficiencies in the brokerage process, helping clients find realistic loans fast.
Common loan products they connect you with include government-backed mortgages, down payment assistance, first-time homebuyer loans, refinance loans, and conventional mortgages.
Molitor Financial Group
Molitor Financial Group is a boutique mortgage brokerage group with Chicago and Champaign brick-and-mortar locations. They help you secure government-backed mortgages like VA Loans, USDA Loans, and FHA Loans, along with conventional mortgages.
Refinancing in Illinois
Already have a mortgage in Illinois? Congratulations, you’re already a homeowner. But do you have the best possible mortgage for your financial situation? Consider your loan term, mortgage insurance, monthly payments, and interest rates — do you feel stretched paying for it all?
You could find some financial relief by refinancing your home loan. The process entails switching your existing mortgage for a new one with either:
- Better interest rates
- No mortgage insurance (PMI)
- Longer loan terms (smaller monthly payment)
- Extra cash (cash-out refinance)
The extra cash sounds like a good option. With home prices increasing drastically in the last few years, your home may have also appreciated. That means you could take on more mortgage debt in exchange for cash. Many homeowners undergo this process to pay for things like:
- Debt consolidation
- Renovations
- New down payments
- College tuition
Here at The Home Loan Expert, we offer many refinancing options to help consumers find more savings, one way or another. A popular goal for refinancing is to lower monthly payments, which you can achieve with longer loan terms or better interest rates.
If you’re considering refinancing, check out our refinancing calculator! Play around with the numbers and explore the possibilities!
You can use mortgage calculators to find other valuable insights as well.
Illinois Mortgage Calculators
How budget-savvy are you? Can you keep track of your spending each month? Childcare, rent, groceries, entertainment — it adds up and becomes hard to track. Add on a monthly mortgage, insurance, and property tax, and you might not know what you’re spending. Mortgage calculators help determine your mortgage payment and break down that payment into individual expenses such as taxes, insurance, and HOA fees.
You can calculate your monthly mortgage payment for a home in Illinois by inputting your loan term, home price, and down payment into the corresponding box on the mortgage calculator.
Interested in exploring refinancing costs or comparing rent vs. mortgage payments? There are calculators for that as well! We offer a loan comparison calculator, rent vs. buy calculator, and refinance calculator. among others.
So, what’s the point of all these calculators? We want to make our borrowers more informed throughout the mortgage process. Calculators are invaluable tools to help you feel confident about your home loan.
The Home Loan Expert in Illinois
We provide Illinois mortgage services in:
- Chicago
- Aurora
- Joliet
- Rockford
- Naperville
- Springfield
- Peoria
- Elgin
- Waukegan
- Champaign
- Cicero
- Bloomington
- Arlington Heights
- Evanston
- Bolingbrook
- Decatur
- Skokie
- Orland Park
Our home loan options in Illinois include:
- Adjustable-Rate Mortgage
- Bank Statement Mortgage and No-Income Verification Loans
- Cash-out Refinance
- Conventional Loan
- FHA Loan
- Debt Consolidation
- First-Responder Loan Program
- Fixed-Rate Loans
- Home Purchase Loans
- Jumbo Home Loan
- Rate and Term Refinance
- Refinance
- Teacher Appreciation Program
- Union Loan
- USDA Loan
- VA Loan
- Zero Dollar Down Loan
Our Journey To Illinois
Illinois has always been our unofficial second home. Not long after our St. Louis-based company was founded in 2015, we started advertising on 101 ESPN Radio. As everyone in Illinois knows, this station’s airwaves carry right over the Mississippi. So it didn’t take long for the buzz we created on the Missouri side of the river to reach the Illinois side.
We opened our first Illinois office in the fall of 2015—and since then, our Illinois customers have taught us a lot. For one thing, if you’re gonna do business in this state, you’d better be able to talk Illini basketball (and keep your opinion of the Cubs/Cardinals rivalry to yourself)!
Today, we’re proud to serve homeowners in Chicago, Aurora, Joliet, Rockford, Naperville, Springfield, Peoria, Elgin, Waukegan, Champaign, Cicero, Bloomington, Arlington Heights, Evanston, Bolingbrook, Decatur, Skokie, Orland Park, and many more fantastic neighborhoods.
So if you’re considering buying or refinancing a home in Illinois, start the approval process with The Home Loan Expert today!
