BEST OF

9 Best Chicago Mortgage Lenders of 2022

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.

Jan 6, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Mortgage shopping means making head-spinning choices, which is why NerdWallet reviews, rates and compares lenders to help with your decisions. Whether you’ve got your eye on a frame two-flat in Lincoln Square, a Bridgeport brick condo or a Hyde Park bungalow, these lenders are a solid place to start your search.

Here, we’ve included national and local lenders that lead the pack in Chicago, including some of the best for traditional lending, government loans, home equity borrowing, jumbo mortgages and first-time home buyers.

Best Chicago Mortgage Lenders

PNC: NMLS#446303

5.0

NerdWallet rating 
PNC

National / regional

National

Max LTV

84.9%

Min. credit score

620

Min. credit score

620

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

  • Posts current mortgage rates on its website.

  • Has an online application for mortgage preapproval and a digital tool to track application progress.

  • Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.

Cons

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

Read Full Review
Guaranteed Rate
Learn more

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. credit score

620

Min. down payment

3%
Learn more

at Guaranteed Rate


Why we like it

Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience.

Pros

  • Displays detailed sample rates for many of its loan products.

  • Offers a wide variety of loans, including jumbo and interest-only products.

  • Offers low rates compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home equity loans.

Read Full Review
Quicken Loans
Learn more

at Quicken Loans

Quicken Loans: NMLS#3030

4.0

NerdWallet rating 
Quicken Loans

Min. credit score

N/A

Min. down payment

3%
Learn more

at Quicken Loans


Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.

  • Estimates the loan amount you’ll qualify for within minutes.

  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.

  • Doesn't offer home equity loans or lines of credit.

  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

Read Full Review
Fairway Independent Mortgage
Learn more

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

3.0

NerdWallet rating 
Fairway Independent Mortgage

National / regional

National

Min. down payment

N/A
Learn more

at Fairway Independent Mortgage


Why we like it

Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans.

Pros

  • Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage rates for different types of loans aren't posted online.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Read Full Review

loanDepot: NMLS#174457

4.0

NerdWallet rating 
loanDepot

Min. credit score

620

Min. down payment

5%

Why we like it

Good for: borrowers who want an easy online application and a variety of loan types to explore.

Pros

  • Has branches across the country for customers who prefer face-to-face service.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

  • Mortgage interest rates tend to be on the lower end, according to the latest federal data.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Doesn't offer home equity loans or lines of credit.

Read Full Review

Citibank: NMLS#412915

4.5

NerdWallet rating 
Citibank

National / regional

National

Min. down payment

3%

Why we like it

Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option.

Pros

  • Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.

  • Offers low rates compared with other lenders, according to the latest data.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Requires help from a loan officer to complete an online mortgage application.

  • Customized mortgage rates not available without making contact.

  • Doesn’t offer renovation loans.

Read Full Review

US Bank: NMLS#402761

4.5

NerdWallet rating 
US Bank

Min. credit score

620

Min. down payment

5%

Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

Read Full Review

Bank of America: NMLS#399802

4.5

NerdWallet rating 
Bank of America

Min. credit score

660

Min. down payment

5%

National / regional

National

National / regional

National

Why we like it

Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit.

Pros

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Doesn't offer renovation loans that roll costs into a mortgage.

Read Full Review

Flagstar: NMLS#417490

4.5

NerdWallet rating 
Flagstar

National / regional

National

Max LTV

89%

Min. credit score

680

Min. credit score

680

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Borrowers can apply and track loan status online.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Read Full Review

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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 January 6, 2022

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. 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 2022