Chicago Financial Services Mortgage Interest Rate and Cost Review

Is Chicago Financial Services a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Chicago Financial Services to those of other lenders for a comparable set of borrowers. Here is our review of Chicago Financial Services nationally:

Review ItemChicago Financial Services
Interest Ratesimilar to other lenders (-0.03%)
Loan Related Closing Costslower than other lenders (-$578)
National Rate and Closing Cost Star Rating(4)

On average, Chicago Financial Services’s interest rates were similar to those of other lenders (-0.03%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$578. Overall, combining interest rates and closing costs we estimate that Chicago Financial Services tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Chicago Financial Services, its website is located at: http://www.cfsmortgage.com.

Chicago Financial Services’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Chicago Financial Services was most active in:

  1. Chicago, IL
  2. Phoenix, AZ
  3. Seattle, WA
  4. Indianapolis, IN
  5. Valparaiso, IN

Chicago Financial Services’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Chicago Financial Services originated Conforming and FHA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHA
Interest Rate Difference+0.01%-0.02%
Loan Related Closing Cost Difference-$98-$180
Cost Adjusted Rate Difference+0.01%-0.04%
National Star Rating(3.5)(3.5)
Refinance MortgagesConformingFHA
Interest Rate Difference-0.05%-0.00%
Loan Related Closing Cost Difference-$911-$110
Cost Adjusted Rate Difference-0.10%-0.01%
Average Star Rating(4)(3.5)

As a summary, Chicago Financial Services is similar to other lenders for Conforming and FHA purchase mortgages. For refinancing, Chicago Financial Services is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Chicago Financial Services:

Registered name: Chicago Financial Services, In
Registered city and state: Chicago, IL, 60642
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Chicago Financial Services’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.