According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, three Chicago institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers. JP Morgan Chase (www.jpmorganchase.com) and the Bank of America (www.bankofamerica.com) offered rates at 3.88%. Five other institutions offered rates above 4.00%. The City Bank (www.citibank.com) offered rates at 4.25%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Chicago Area Banks and Credit Unions | As of | 30 Yr-Rate | 30 Yr-APR | 15 Yr-Rate | 15 Yr-APR | 5/1 ARM-IR | 5/1 ARM-APR |
| JP Morgan Chase | 04/23/2012 | 3.88% | 3.96% | 3.00% | 3.16% | 2.38% | 3.05% |
| Bank of America | 04/20/2012 | 3.88% | 4.02% | 3.13% | 3.39% | 2.75% | 3.23% |
| PNC Bank National | 04/20/2012 | 4.00% | 3.96% | 3.13% | 3.15% | NA | NA |
| City Bank | 04/23/2012 | 4.25% | 4.43% | 3.50% | 3.80% | NA | NA |
| Fifth Third Bank | 04/23/2012 | 3.99% | 4.04% | 3.13% | 3.24% | 2.50% | 2.60% |
| First Midwest Bank | 04/23/2012 | 4.00% | 4.10% | 3.38% | 3.54% | 3.38% | 3.47% |
| U S Bank National | 04/20/2012 | 4.00% | 4.06% | 3.38% | 3.48% | 2.75% | 3.46% |
| RBS Citizens National | 04/20/2012 | 4.13% | 4.16% | 3.38% | 3.44% | 2.75% | 3.11% |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, three Chicago institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers. JP Morgan Chase (www.jpmorganchase.com) and the Bank of America (www.bankofamerica.com) offered rates at 3.88%. Five other institutions offered rates above 4.00%. The City Bank (www.citibank.com) offered rates at 4.25%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Chicago Area Banks and Credit Unions | As of | 30 Yr-Rate | 30 Yr-APR | 15 Yr-Rate | 15 Yr-APR | 5/1 ARM-IR | 5/1 ARM-APR |
| JP Morgan Chase | 04/23/2012 | 3.88% | 3.96% | 3.00% | 3.16% | 2.38% | 3.05% |
| Bank of America | 04/20/2012 | 3.88% | 4.02% | 3.13% | 3.39% | 2.75% | 3.23% |
| PNC Bank National | 04/20/2012 | 4.00% | 3.96% | 3.13% | 3.15% | NA | NA |
| City Bank | 04/23/2012 | 4.25% | 4.43% | 3.50% | 3.80% | NA | NA |
| Fifth Third Bank | 04/23/2012 | 3.99% | 4.04% | 3.13% | 3.24% | 2.50% | 2.60% |
| First Midwest Bank | 04/23/2012 | 4.00% | 4.10% | 3.38% | 3.54% | 3.38% | 3.47% |
| U S Bank National | 04/20/2012 | 4.00% | 4.06% | 3.38% | 3.48% | 2.75% | 3.46% |
| RBS Citizens National | 04/20/2012 | 4.13% | 4.16% | 3.38% | 3.44% | 2.75% | 3.11% |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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