Which mortgage lender in the Chicago, IL area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Chicago, IL area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Chicago, IL area in terms of interest rate is Educators Credit Union, with an average “Rate Difference” of -0.50%. This means that, comparing similar borrowers, Educators Credit Union provided a -0.50% lower interest rate for its customers than other lenders in the area. Educators Credit Union has a market share of 0.1%. On the other hand, the most popular lender in the Chicago, IL area is Guaranteed Rate, with a larger market share of 11.0%. Guaranteed Rate is an average lender in terms of the interest rate it offers, with a “Rate Difference” of -0.05% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Chicago, IL area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Chicago, IL is Educators Credit Union. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Citibank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Bank of America. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.