Chicago Mortgage Solutions Rates, Fees & Info
Rosemont, ILLEI: 254900HQK1GFTN5BRG15
Tax ID: 36-4485107
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Mortgage Data
Review & Overview
Chicago Mortgage Solutions is a smaller mortgage company specializing in Home Purchase loans. Chicago Mortgage Solutions has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Denver, Chicago, Phoenix, Miami, and Los Angeles among others. We have data for 70 markets. (Some data included below & more in-depth data is available with an active subscription.)Chicago Mortgage Solutions has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Chicago Mortgage Solutions is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.15% | 12/17/24 |
| 30 Year Conventional Refi | 6.17% | 12/17/24 |
| 15 Year Conventional Purchase | 5.65% | 12/17/24 |
| 15 Year Conventional Refi | 5.59% | 12/17/24 |
| 15 Year Cash-out Refi | 5.59% | 12/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Chicago Mortgage Solutions Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
260Origination Dollar Volume (All Markets)
$121,100,000Awards
Chicago Mortgage Solutions - 2023
Chicago Mortgage Solutions is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Chicago Mortgage Solutions's average 30 year fixed mortgage rate was
5.94%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.54%.
Relative Fees (Closing Costs)
Chicago Mortgage Solutions's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,463.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 26 | $13,540,000 | $520,769 | $6,296 | 5.71% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 29 | $11,155,000 | $384,655 | $6,912 | 6.07% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 18 | $6,890,000 | $382,778 | $7,900 | 5.92% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 12 | $6,150,000 | $512,500 | $8,322 | 5.87% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 8 | $5,820,000 | $727,500 | $9,428 | 6.14% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 8 | $5,160,000 | $645,000 | $7,752 | 6.33% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 11 | $5,095,000 | $463,182 | $6,538 | 5.90% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 9 | $5,055,000 | $561,667 | $8,418 | 5.88% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 10 | $4,720,000 | $472,000 | $9,103 | 5.97% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 7 | $4,605,000 | $657,857 | $10,145 | 6.04% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 9 | $3,505,000 | $389,444 | $7,431 | 5.96% |
| GREELEY, CO (FHA|USDA|VA) | 8 | $3,320,000 | $415,000 | $6,815 | 5.88% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 6 | $3,090,000 | $515,000 | $8,502 | 5.83% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 6 | $3,060,000 | $510,000 | $5,815 | 5.56% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 5 | $2,805,000 | $561,000 | $4,799 | 5.73% |
| TUCSON, AZ (FHA|USDA|VA) | 6 | $2,740,000 | $456,667 | $5,056 | 6.17% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 6 | $2,680,000 | $446,667 | $5,224 | 5.77% |
| FORT COLLINS, CO (FHA|USDA|VA) | 3 | $1,895,000 | $631,667 | $11,852 | 5.50% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 4 | $1,680,000 | $420,000 | $8,275 | 5.82% |
| Outside of Metro Areas | 3 | $1,535,000 | $511,667 | $5,003 | 5.78% |
| SALEM, OR (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $10,080 | 6.63% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $6,661 | 6.00% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $1,080,000 | $540,000 | $4,007 | 5.51% |
| Edwards, CO (FHA|USDA|VA) | 2 | $1,010,000 | $505,000 | $7,166 | 6.35% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $1,010,000 | $505,000 | $4,227 | 6.12% |
| BEND, OR (FHA|USDA|VA) | 2 | $990,000 | $495,000 | $4,713 | 5.50% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $7,027 | 5.85% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $5,915 | 5.69% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $9,983 | 6.06% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $6,136 | 5.60% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $5,004 | 6.49% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $5,592 | 5.32% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $21,648 | 5.50% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $5,578 | 5.01% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $7,938 | 5.50% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $6,547 | 5.63% |
| MADISON, WI (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $2,732 | 5.10% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $8,365 | 5.63% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $10,827 | 5.24% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $5,072 | 6.28% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $18,256 | 4.75% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $2,984 | 6.38% |
| Heber, UT (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $8,319 | 5.63% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $15,409 | 6.38% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $10,827 | 5.63% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $7,390 | 5.88% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $2,811 | 5.45% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $26,165 | 4.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $14,962 | 5.49% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,189 | 5.31% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $6,387 | 5.63% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $11,044 | 5.62% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,394 | 5.39% |
| Easton, MD (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,037 | 6.10% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $11,646 | 6.52% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,374 | 5.85% |
| REDDING, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,669 | 6.13% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,858 | 5.54% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $8,941 | 4.88% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,617 | 4.98% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,335 | 5.48% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,704 | 5.50% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $13,823 | 5.50% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,094 | 6.63% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,969 | 5.50% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,687 | 5.69% |
| Jesup, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,379 | 4.57% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,717 | 5.82% |
| Helena, MT (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,364 | 6.07% |
| WACO, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,367 | 5.31% |
Similar Lenders
We use machine learning to identify the top lenders compared against Chicago Mortgage Solutions based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 256 | $119,630,000 | $467,305 | $7,306 | 5.87% |
| FHA | 3 | $1,165,000 | $388,333 | $11,804 | 6.42% |
| VA | 1 | $305,000 | $305,000 | $10,888 | 6.25% |
For 2023, Chicago Mortgage Solutions's most frequently originated type of loan was Conventional, with 256 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 216 | $102,870,000 | $476,250 | $7,700 | 5.88% |
| Refi | 44 | $18,230,000 | $414,318 | $5,760 | 5.85% |
For 2023, Chicago Mortgage Solutions's most frequently cited loan purpose was Home Purchase, with 216 originations. The 2nd most popular reason was Refi, with 44 originations.
Loan Duration/Length
For 2023, Chicago Mortgage Solutions's most frequently cited loan duration was 30 Year, with 238 originations. The 2nd most popular length was 15 Year, with 21 originations.
Origination Fees/Closing Costs
Chicago Mortgage Solutions's average total fees were $7,463, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 76 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 152 | $71,820,000 | $472,500 |
| 6-7% | 78 | $36,390,000 | $466,538 |
| 4-5% | 17 | $6,775,000 | $398,529 |
| 7-8% | 11 | $5,605,000 | $509,545 |
| Over 8% | 2 | $510,000 | $255,000 |
During 2023, Chicago Mortgage Solutions's average interest rate for loans was 5.94%, while their most frequently originated rate bucket for loans was 5-6%, with 152 originations.
Loan Sizing
2023 saw Chicago Mortgage Solutions place emphasis on $400k-600k loans with 118 originations, totaling $56,630,000 in origination value.
Applicant Income
Chicago Mortgage Solutions lent most frequently to those with incomes in the $150k-250k range, with 90 originations. The second most popular income band? $250k+, with 83 originations.
Applicant Debt to Income Ratio
Chicago Mortgage Solutions lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 49 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.01%
Chicago Mortgage Solutions has an average approval rate.
Pick Rate
Approvals leading to origination-13.46%
Chicago Mortgage Solutions has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 260 | $121,100,000 | $465,769 |