Find my Illinois mortgage rate
Confidently start your journey to owning a home in the Land of Lincoln. If you want to buy a condo by Lake Michigan in Chicago or a home in Naperville, you should know about current Illinois mortgage rates. Having an idea about the local mortgage rate market can help you find options that make sense for your budget and lifestyle.
Available Illinois homebuyer programs*
The Illinois Housing Development Authority offers programs for first-time and repeat homebuyers. These include government-backed loans and regular purchase loans. It also provides options for down payment assistance for all programs.
IHDAccess Forgivable*
First-time and repeat homebuyers with qualifying credit scores can get help up to $6,000 for down payment options or closing costs. You do not have to pay back the money if you keep your home for at least 10 years and continue to live in the property as your primary residence. Income and purchase price limits apply.
IHDAccess Deferred*
First-time and repeat homebuyers with qualifying credit scores can get help up to $7,500 for down payment options or closing costs. You do not have to pay back the money until you sell or refinance the home, or until it is paid off in full after 30 years. Income and purchase price limits apply.
IHDAccess Repayable*
First-time and repeat homebuyers with qualifying credit scores can get help up to $10,000 for down payment options or closing costs. The money will have to be paid back over 10 years with 0% interest. It will have to be paid back in full if you sell or refinance the home in the meantime. Income and purchase price limits apply.
How to find an affordable mortgage rate in Illinois
Your final mortgage rate for your dream home in Illinois will depend on your credit score and history of managing debt. However, there are several ways you can improve your chances of securing an affordable mortgage interest rate.
- Improve your credit score: Pay down credit cards and pay bills on time.
- Make a larger down payment: A larger down payment reduces the loan amount, which could translate into a lower interest rate.
- Keep your debt-to-income ratio low: A lower DTI makes you less risky to lenders, which can help you secure a better mortgage interest rate.
Ready to lock in your mortgage rate? Apply now with Rate and quickly see what you qualify for.
*Income limits and eligibility requirements apply. This program is made available by the Illinois Housing Development Authority and not Rate.
This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs.
Mortgage rates are offered exclusively through Rate, Inc. and are subject to change without notice. The payment amount does not include homeowners' insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment. The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. Refinancing may cause finance charges to be higher over the life of the loan.
Rate, Inc. has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency.