Compare Chicago Credit Union Mortgage Rates and Illinois Options

Chicago credit unions offer some of the most competitive mortgage rates in the city. You can save up to 1% in interest by choosing a credit union over a traditional bank.

For example, Navy Federal Credit Union offers a 30-year fixed mortgage rate of 3.5%, while Navy Army Community Credit Union offers a 15-year fixed mortgage rate of 2.75%. These rates are significantly lower than what you'd find at a bank.

If you're a first-time homebuyer, you may be eligible for special programs that offer even lower rates. For instance, the Illinois Housing Development Authority (IHDA) offers a 30-year fixed mortgage rate of 3.25% for first-time homebuyers.

Take a look at this: Mortgage Brokers Are Predicting a Return to Lower Mortgage Rates.

The rates on 30-year fixed-rate mortgages in Chicago are subject to change daily, but you can call Neena Vlamis at (312) 961-4380 for the most up-to-date information.

If you're looking for a shorter mortgage term, you can consider a 60-month mortgage with an APR of 5.50% (5.563% APR), an 84-month mortgage with an APR of 5.60% (5.647% APR), or a 120-month mortgage with an APR of 5.75% (5.785% APR).

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Here are some key rates to keep in mind:

As of today, the rates in Chicago are 7.002% for a 30-year fixed, 6.154% for a 15-year fixed, and 7.441% for a 5-year adjustable-rate mortgage.

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Fixed-Rate Home Equity Loans are a popular option for Chicago Credit Union members looking to tap into their home's equity. You can borrow $25,000 or more.

The rates for these loans are competitive, with as low as 6.99% APR for a 60-month or 84-month term. This can save you money in the long run.

The loans are repayable in equal monthly installments over the term of the loan. This makes it easier to budget and plan your payments.

Here's a breakdown of the monthly payments for a $25,000 loan at 6.99% APR:

The total finance charge and total loan cost will vary depending on the term and APR. For a $25,000 loan at 6.99% APR for 60 months, the total finance charge is $4,692.12 and the total loan cost is $29,692.12.

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If you're considering a mortgage in Chicago, it's essential to know the current rates. Today's mortgage rates in Chicago, IL are 7.002% for a 30-year fixed, 6.154% for a 15-year fixed, and 7.441% for a 5-year adjustable-rate mortgage (ARM).

The average rate for a 5/1 ARM in Illinois is 7.35%, which is a significant consideration if you're planning to sell your home before the low-rate introductory period ends.

If you're looking for a fixed-rate mortgage, your rate will stay the same throughout the term of the loan. Payments remain the same for the life of the loan, providing protection from rising interest rates.

Here are some key Illinois mortgage rates to consider:

Keep in mind that rates are subject to change daily, so it's always a good idea to check the current rates and terms before making a decision.

A Line of Credit, also known as a HELOC, can be a smart financial move for Chicago residents. You can borrow large amounts, potentially up to $500,000 or more.

One of the benefits of a HELOC is that interest rates are often lower compared to unsecured loans and credit cards. This can save you money on interest payments over time.

With a HELOC, you can reuse funds without having to reapply, which is convenient for ongoing expenses or unexpected bills. This flexibility is a major advantage.

You may also be eligible for tax deductions on the interest you pay, which can help reduce your taxable income. Always consult a tax professional to confirm.

Here are some key benefits of a HELOC at a glance:

You can refinance your existing mortgage with Credit Union 1 to take advantage of lower rates or better terms.

Their streamlined home loan process ensures that your mortgage is closed quickly and efficiently.

Credit Union 1 offers a variety of refinancing options to fit your needs.

Whether you're looking to lower your monthly payments or tap into your home's equity, they have a refinancing solution for you.

You can choose from a range of mortgage loan programs to find a payment that fits your budget and meets your financial goals.

Here are some of the refinancing options available through Credit Union 1:

Credit Union 1 offers a wide selection of mortgage loan programs to help you find a payment that fits your budget and achieve your unique financial goals.

Whether you're exploring a mortgage for a home purchase or refinancing an existing mortgage, Credit Union 1's Real Estate Specialists will walk you through their streamlined home loan process to ensure your mortgage is closed quickly and efficiently.

Credit Union 1's Adjustable Rate Mortgage is perfect for purchasers with short-term mortgage goals.

Credit Union 1's mortgage loan process is designed to be efficient, allowing you to achieve your financial goals quickly.

Additional reading: Credit Union 1 Mortgage Rates

Illinois Mortgage Options offer a range of choices for homebuyers and current homeowners. You can choose from fixed-rate mortgages, adjustable-rate mortgages (ARMs), and even get help with down payments through programs like 1STHomeIllinois.

If you're a first-time homebuyer or veteran, you may be eligible for a 30-year fixed-rate mortgage through 1STHomeIllinois, which also offers a $7,500 down payment assistance grant. You can use a conventional loan or a VA, FHA, or USDA loan with this program.

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The Illinois Hardest Hit Program provides assistance to individuals whose income doesn't exceed 120% of the median in the area, helping those who are struggling to make their mortgage payments due to financial hardship.

For those who want more flexibility, ARMs like the 5/1 ARM in Illinois can offer an introductory interest rate as low as 7.35% (as of Jan. 2025), but be aware that the rate can jump after the introductory period ends.

Here are some Illinois mortgage options:

In Illinois, a jumbo loan is a type of mortgage that exceeds the conforming loan limit in a given county.

The average Illinois 30-year fixed jumbo loan rate is 6.84% as of January 2025, according to Zillow.

Jumbo loans typically come with a higher interest rate to compensate the lender for the added risk of lending extra money.

From the lender's perspective, this higher interest rate is a fair trade-off for taking on more risk.

A loan that's $806,500 or less is considered a conforming loan in most counties across the country and in every county in Illinois.

For another approach, see: 30 Year Mortgage Rates San Diego

An adjustable-rate mortgage is a loan with an interest rate that can change during the mortgage term. The introductory interest rate for an ARM can last from one to 10 years.

The average rate for a 5/1 ARM in Illinois is 7.35% as of January 2025. This type of loan can be a good option for people who think they'll sell their home before the low-rate introductory period ends.

The Illinois Housing Development Authority (IHDA) offers the 1STHomeIllinois program in select counties, providing a 30-year fixed-rate mortgage and a $7,500 down payment assistance grant.

To be eligible, you must be a first-time homebuyer, a veteran, or someone who hasn't owned a home in the last three years.

You can use a conventional loan or a VA, FHA, or USDA loan with this program.

You'll need to contribute $1,000 or 1% of the purchase price of the home, whichever is greater.

The IHDA also offers the IHDAccess Forgivable mortgage, the IHDAccess Deferred mortgage, and the IHDAccess Repayable mortgage, all available in all Illinois counties.

These loans offer a 30-year fixed-rate mortgage and can be used with a VA, FHA, USDA, or conventional loan.

The Repayable loan offers up to $10,000 in down payment or closing cost assistance.

Maximum household income and purchase price limits vary by county, household size, and type of home.

If you're struggling to make mortgage payments, the Illinois Hardest Hit Program may be able to provide assistance to individuals whose income doesn't exceed 120% of the median in the area.

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Illinois has a median home value of $239,100, according to the U.S. Census Bureau.

The loan funding rate in Illinois is 51.80%, as reported by the Consumer Financial Protection Bureau (CFPB).

With a homeownership rate of 67.8%, Illinois residents are well on their way to achieving the American dream of owning a home.

Here are some key statistics about homeownership in Illinois:

The median monthly homeownership costs in Illinois are $1,950, a significant expense that many residents must consider when planning their budgets.