7 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.
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.
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.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Chicago Mortgage Lenders
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | Top 3 most visited 🏆 Learn more at Guaranteed Rate | ||
 Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage | N/A | N/A | Learn more at Fairway Independent Mortgage | |
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 620 | 5% | LEARN MORE on NerdWallet | |
 Citibank: NMLS#412915 LEARN MORE on NerdWallet | N/A | 3% | LEARN MORE on NerdWallet | |
 US Bank: NMLS#402761 LEARN MORE on NerdWallet | 620 | 5% | LEARN MORE on NerdWallet | |
 Bank of America: NMLS#399802 LEARN MORE on NerdWallet | 660 | 5% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | 700 | 3% | LEARN MORE on NerdWallet |
Guaranteed Rate: NMLS#2611
620
3%
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Fairway Independent Mortgage: NMLS#2289
National
N/A
- 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.
- 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.
- Offers a variety of repayment terms.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
Citibank: NMLS#412915
National
3%
- Average interest rates are among the lowest compared to other lenders’, according to the latest federal data.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Borrowers with existing Citi accounts may receive discounts.
- Customized mortgage rates are not available without contacting the lender.
- HELOCs and home equity loans are not currently available.
- No live chat feature on the lender’s site.
- Offers a range of loan types, including FHA loans, VA loans and home equity options.
- Lists sample mortgage rates and APRs for many of its products online, including a breakdown of estimated monthly payments.
- Their mobile app is highly rated in the App Store.
- Sample mortgage rates are not customizable, and many estimated conventional and jumbo rates assume a down payment of at least 25%.
- We were unable to contact a representative by phone.
- Lender site does not have a live chat feature.
Bank of America: NMLS#399802
660
5%
National
- 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.
- Doesn't offer renovation or construction-to-permanent mortgage loans.
- Must enroll in online banking to access Home Loan Navigator.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
- 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.
- Home equity loans are geographically limited.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
» 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.
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.
NerdWallet's Best Chicago Mortgage Lenders of 2022
- Guaranteed Rate: Best for government loans
- Fairway Independent Mortgage: Best for jumbo loans
- loanDepot: Best for government loans
- Citibank: Best for traditional lenders & first-time home buyers
- US Bank: Best for traditional lenders
- Bank of America: Best for first-time home buyers
- Flagstar: Best for home equity
