Chicago Home Mortgages

Chicago Real Estate

Chicago’s population is nearly 3 million people, and the median home value is more than $400,000. There are many choices when it comes to selecting a home in the Greater Chicago area. Many residents choose to reside within the city limits of Chicago, and others choose to live in a suburban area.

It’s a good idea to begin investigating mortgages as soon as decide to buy a home. Getting pre-approved for a mortgage can help you make sound decisions about what price range you should target. Additionally, sellers often look favorably upon pre-approved buyers and may be more willing to negotiate if they know you will be able to qualify for financing. The first step in getting pre-approved is to select a mortgage company.

Finding Chicago Home Mortgages

Chicago Skyline

There are many options for financing a home in Chicago. The following mortgage companies and banks offering Chicago home mortgages are members of the Chicagoland Chamber of Commerce.

• Associated Bank (312) 861-1000
• Bank of America (312) 828-2638
• Bank of Montreal (312) 750-4303
• Charter One Bank(312) 777-3628
• Cole Taylor Bank (312) 442-5054
• Community Savings Bank (773) 685-5300
• Community South Bank (773) 290-6406
• Fifth Third Bank Chicago (312) 704-6200
• Home Start Mortgage (312) 251-1889
• HSBC Bank USA, NA (312) 357-3990
• Hyde Park Mortgages (773) 955-7300
• Lakeside Bank (312) 567-1011
• LaSalle Bank (312) 633-9370 or (312) 904-8400
• Loan Depot, Inc. (773) 378-0001
• Mobium Mortgage Group (312) 440-4007
• Mortgage Consulting Group, Inc. (708) 366-4854
• National City Bank (312) 384-4660
• New Century Bank (312) 944-5400
• Park National Bank (312) 493-0742
• Townstone Financial (312) 896-2111
• Wells Fargo Home Mortgage (312) 919-4749

Chicago Home Loan Assistance

The City Mortgage Program provides down payment assistance and 30-year fixed rate mortgages for eligible first time homebuyers purchasing property within the City of Chicago.

Qualified homebuyers may be eligible for the TaxSmart Mortgage Credit Certificate (MCC) program which can reduce annual federal income tax liability by up to 20 percent of the amount of mortgage loan interest. This program is open to both first time home buyers and individuals purchasing homes in targeted areas.

Additional assistance programs for Chicago homebuyers include:

• Employer Assisted Housing Resources (EAH)
• Public Safety Officer Homeownership Incentive Program
• Teacher Housing Resource Center

About Chicago Real Estate

Prior to finalizing a home loan you must first find the home that you want to purchase. Resources for learning more about the Chicago real estate market include:

• Chicago Association of Realtors
• Chicago For Sale By Owner Listings
• Homes By Owner - Chicago
• Illinois Association of Realtors
• Multiple Listing Service of Northern Illinois

Making a Decision Your Chicago Mortgage

Choosing a mortgage lender and home loan program are important decisions. Don't sign an agreement until you conduct sufficient research and consider all the facts. It is very important to search for the best interest rate and repayment terms available to you.

While interest rates and terms are important when selecting a mortgage lender these issues are not the only factors to consider. It is important to select a reputable lender who will act in your best interest. One of the best ways to identify qualified mortgage brokers and originators is by asking your friends, family, and business associates for referrals. Your Realtor may also be able to refer you to an acceptable lender. You may also want to view the Better Business Bureau Reliability Reports on mortgage firms in the Chicago area. Reports are available at Chicago BBB Online for both member and non-member firms.

Making Your Decision

Only you can decide which mortgage option is preferable to your situation. By taking the time to conduct thorough research about home loans you can find the best program available to you within the Chicago area.