Best of

Best Chicago Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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.

National / Regional

National

Min. Down Payment

3%

Pros

  • Low down payment options.
  • Discounts for Citibank customers.
  • Looks at alternative credit data like rent history and child support payments.
  • Available in all 50 states.

Cons

  • Charges a mortgage application fee.
  • Did not disclose origination fees, which may vary.
  • Can't complete loan online.
Read full review
US Bank

at US Bank

at US Bank

Min. Credit Score

620

Min. Down Payment

3%

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.
  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
  • Offers many products, which might confuse or overwhelm borrowers.
  • Several click-throughs required for personalized rates.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

Pros

  • Offers digital income, asset and employment verification.
  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.
  • Does not offer home equity loans or lines of credit.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Considers nontraditional credit history like rent payments.
  • Online tools help you estimate mortgage payments and track application progress.
  • Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • It's not possible to complete the entire mortgage process online.
  • Offers mortgage loans nationwide, but has branches in only about two dozen states.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Embraces FHA-backed home loans.
  • Offers three construction loan offerings.
  • A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
  • Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
  • Offers home equity loans and home equity lines of credit.

Cons

  • Charges an average $1,000 origination fee.
Read full review
Quicken Loans

at Quicken Loans

at Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for more than 60% of working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Read full review
National / Regional

National

Min. Down Payment

3%

Pros

  • A robust suite of loan products.
  • Licensed in all 50 states.
  • Close in as little as 10 days using the Fairway app.

Cons

  • Limited branch locations.
  • Mortgage rates not posted on website.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Allows borrowers to apply entirely online.
  • Offers down payment and closing cost assistance programs.
  • Accepts alternative credit data for some loan types.
  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Charges an application fee of $1,170, on average.
  • Has a high volume of consumer complaints, even for a big national bank.
Read full review

Summary of Best Chicago Mortgage Lenders of 2019

LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Citibank Mortgage

Citibank Mortgage

traditional lenders & first-time home buyers

National

3%

Read review
US Bank

US Bank

at US Bank

traditional lenders

N/A

3%

at US Bank

Guaranteed Rate

Guaranteed Rate

government loans

National

3%

Read review
loanDepot

loanDepot

at loanDepot

government loans

National

3.5%

at loanDepot

PNC

PNC

home equity

N/A

3%

Read review
Flagstar

Flagstar

home equity

National

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

jumbo loans

N/A

3%

at Quicken Loans

Fairway

Fairway

jumbo loans

National

3%

Read review
Bank of America

Bank of America

first-time home buyers

National

3%

Read review
LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Citibank Mortgage

Citibank Mortgage

traditional lenders & first-time home buyers

National

3%

Read review
US Bank

US Bank

at US Bank

traditional lenders

N/A

3%

at US Bank

Guaranteed Rate

Guaranteed Rate

government loans

National

3%

Read review
loanDepot

loanDepot

at loanDepot

government loans

National

3.5%

at loanDepot

PNC

PNC

home equity

N/A

3%

Read review
Flagstar

Flagstar

home equity

National

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

jumbo loans

N/A

3%

at Quicken Loans

Fairway

Fairway

jumbo loans

National

3%

Read review
Bank of America

Bank of America

first-time home buyers

National

3%

Read 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

Last updated on July 2, 2019

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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 2019