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 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.
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- 50+ mortgage lenders reviewed and rated by our team of experts.
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- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
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Why trust NerdWallet
- 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.
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Explore loans up to $500,000 with no impact on your credit score7 Best Chicago Mortgage Lenders of 2022
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | Learn more at 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 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Citibank: NMLS#412915 Compare More Lenders on NerdWallet | N/A | 3% | Compare More Lenders on NerdWallet | |
 U.S. Bank: NMLS#402761 Compare More Lenders on NerdWallet | N/A | N/A | Compare More Lenders on NerdWallet | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 660 | 5% | Compare More Lenders on NerdWallet | |
 Flagstar: NMLS#417490 Compare More Lenders on NerdWallet | 680 | 3% | Compare More Lenders on NerdWallet |
- Why We Like ItRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
Cons- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
Fairway Independent Mortgage: NMLS#2289
National
N/A
- Why We Like ItGood 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.
- Why We Like ItLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
Cons- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
Citibank: NMLS#412915
National
3%
- Why We Like ItCiti offers solid customer support and a highly rated mobile app. Borrowers need to contact the lender for a customized rate quote or preapproval — but average mortgage rates are among the lowest of lenders we review.Pros
- Very low average interest rates compared to other lenders, according to the latest federal data.
- Closing cost credits and interest rate discounts available.
- Highly rated mobile app.
Cons- Preapproval and application require a phone call to complete.
- Must contact the lender for customized rate quote.
- Doesn’t offer renovation or construction-to-permanent loans.
U.S. Bank: NMLS#402761
N/A
N/A
- Why We Like ItU.S. Bank stands out for online convenience and impressive mortgage options, from government-backed loans to boutique mortgages. Home improvement loans and borrower assistance are available.Pros
- Offers up to $17,500 in down payment and closing cost assistance.
- Wide variety of mortgage types.
- Experienced with construction-to-permanent and renovation loans.
Cons- Assistance programs limited to select cities and states.
- Online rate tool doesn’t customize by credit score.
Bank of America: NMLS#399802
660
5%
National
- Why We Like ItBank of America offers low interest rates, in-person service and plenty of loan options. Current banking customers may be eligible for additional perks.Pros
- Interest rates are lower than most lenders, according to the latest federal data.
- Offers up to $10,000 in down payment assistance to qualified borrowers.
- Banking customers can get discounted interest rates or fees.
Cons- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
- Why We Like ItGood 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.
» 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
- 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
- U.S. Bank: Best for traditional lenders
- Bank of America: Best for first-time home buyers
- Flagstar: Best for home equity
