Illinois Mortgage Lenders and Rates (IL)

Getting the right mortgage for a Illinois home a little more difficult than you thought? Annoyed with WebPages that don’t help you find what you are looking for? That is why is here. So if you are looking for lenders, Mortgage Rates, or Mortgage Brokers – we got it. Plus when you fill out a mortgage quote form from, we will get you offers from 2-4 different lenders, meaning you will be able to choose the rate that you want.

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Featured Mortgage Lenders in Illinois

Illinois Mortgage Quick Facts

Illinois State Population: 12,419,293*
Median Illinois Home Price: $130,800*
Illinois House Ownership Rate: 67.3%*

Types of Loans Available in Illinois

How Your Credit Score Affects Your Mortgage Rate

To start, you need to know what your current credit score is. You should compare that against the average Illinois consumer credit score which is 683. The average national credit score is 677. Your credit score will impact what your home mortgage rate will be. Historically, home mortgage rates have ranged from 5% to over 13%. Illinois and national mortgage lenders create their home mortgage rates by using the Federal Discount Interest Rate (FDIR) and then raising it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, but your credit is a very important factor.

Illinois Mortgage State Laws


Judicial foreclosure is the preferred method in Illinois.

“Power of sale” non-judicial foreclosures are not allowed.

There are two methods of judicial foreclosure that may be pursued: strict foreclosure or foreclosure under the Illinois Mortgage Foreclosure Law. The second method is generally preferred because of the new procedure it allows called “consent foreclosure.” It is a speedier method.

If the property must be sold, it will be sold by sheriff’s auction. The notice of the sale must be published in the county newspaper once a week, for three weeks before the auction.

Bill 4050

In July 2005, Gov. Blagojevich signed Bill 4050 in hopes of eliminating the high level of foreclosures Cook County had been experiencing.

The pilot program that the bill proposed was designed to inform potential homebuyers about loans and mortgages, and to prevent them from falling prey to predatory mortgage brokers.

Illinois (IL) Mortgage Fraud Office
White Collar Crime Supervisor
Everett McKinley Dirksen FOB
219 S. Dearborn Street, Rm 905
Chicago, IL 60604-1702

Illinois Counties:

Alexander County, Bond County, Boone County, Brown County, Bureau County, Calhoun County, Carroll County, Cass County, Champaign County, Christian County, Clark County, Clay County, Clinton County, Coles County, Cook County, Crawford County, Cumberland County, DeKalb County, DeWitt County, Douglass County, DuPage County, Edgar County, Edwards County, Effingham County, Fayette County, Ford County, Franklin County, Fulton County, Gallatin County, Greene County, Grundy County, Hamilton County, Hancock County, Hardin County, Henderson County, Henderson County, Henry County, Iroquois County, Jackson County, Jasper County, Jefferson County, Jersey County, Jo Daviess County, Johnson County, Kane County, Kankakee County, Kendall County, Knox County, Lake County, La Salle County, Livingstone County, Logan County, McDonough County, McHenry County, McLean County, Macon County, Macoupin County, Madison County, Marion County, Marshall County, Mason County, Massac County, Menard County, Mercer County, Monroe County, Montgomery County, Morgan County, Moultrie County, Ogle County, Peoria County, Perry County, Piatt County, Pike County, Pope County, Pulaski County, Putnam County, Randolph County, Richland County, Rock Island County, St. Clair County, Saline County, Sangamon County, Schuyler County, Scott County, Shelby County, Stark County, Stephenson County, Tazewell County, Union County, Vermillion County, Wabash County, Warren County, Washington County, Wayne County, White County, Whiteside County, Will County, Williamson County, Winnebago County, Woodford County

-US Census

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.

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