Chicago Financial Services Mortgage Rates, Fees & Info

Chicago, IL

LEI: 549300BNF25IPYUUCT31

Tax ID: 36-3679626

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Chicago Financial Services is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Chicago Financial Services has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Phoenix, Niles, Indianapolis, and Miami among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chicago Financial Services has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Chicago Financial Services is typically a low 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 about average 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.59%	11/17/24
30 Year Conventional Refi	6.29%	11/17/24
30 Year Cash-out Refi	6.71%	11/17/24
30 Year FHA Purchase	7.32%	11/17/24
30 Year FHA Refi	6.27%	11/17/24
30 Year VA Purchase	6.27%	11/17/24
15 Year Conventional Purchase	5.99%	11/17/24
15 Year Conventional Refi	5.92%	11/17/24
15 Year Cash-out Refi	5.92%	11/17/24
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 Financial Services Mortgage Calculator

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This is not an official calculator from Chicago Financial Services. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

376

Origination Dollar Volume (All Markets)

$99,320,000

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	349	$92,935,000	$266,289	$3,510	4.63%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	6	$1,200,000	$200,000	$3,351	4.81%
NILES, MI (FHA\|USDA\|VA)	3	$735,000	$245,000	$3,191	4.71%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	2	$650,000	$325,000	$2,556	4.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$455,000	$455,000	$4,136	3.88%
Whitewater, WI (FHA\|USDA\|VA)	1	$455,000	$455,000	$3,545	4.75%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$395,000	$395,000	$5,035	4.63%
ST. LOUIS, MO-IL (FHA\|USDA\|VA)	2	$370,000	$185,000	$2,714	4.56%
Outside of Metro Areas	2	$300,000	$150,000	$1,867	4.06%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA\|USDA\|VA)	1	$285,000	$285,000	$3,320	4.25%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$275,000	$275,000	$3,899	4.88%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	1	$255,000	$255,000	$2,742	5.50%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	4.00%
Galesburg, IL (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,375	4.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,901	4.88%
APPLETON, WI (FHA\|USDA\|VA)	1	$175,000	$175,000	$1,760	4.99%
Platteville, WI (FHA\|USDA\|VA)	1	$145,000	$145,000	$2,657	5.13%
MICHIGAN CITY-LA PORTE, IN (FHA\|USDA\|VA)	1	$75,000	$75,000	$2,392	5.25%

Chicago Financial Services's top markets include Chicago, Phoenix, Niles, Indianapolis, and Miami among others.

Their top states include:

Illinois (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Chicago Financial Services based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

UNITED
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Similarity Rank: 60

Liberty Bank for Savings
Similarity Rank: 104

Sno Falls Credit Union
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We Florida Financial
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Natbank
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PACIFIC GLOBAL BANK
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POWER FINANCIAL
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The Equitable Bank, S.S.B.
Similarity Rank: 533

TECH Credit Union
Similarity Rank: 759

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	376	$99,320,000	$264,149	$3,467	4.63%

For 2018, Chicago Financial Services's most frequently originated type of loan was Conventional, with 376 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	244	$62,700,000	$256,967	$4,473	4.65%
Cash Out Refi	79	$21,465,000	$271,709	$1,850	4.76%
Refi	53	$15,155,000	$285,943	$1,231	4.37%

For 2018, Chicago Financial Services's most frequently cited loan purpose was Home Purchase, with 244 originations. The 2nd most popular reason was Cash Out Refi, with 79 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	320	$86,210,000	$269,406	$3,601	4.70%
15 Year	38	$9,410,000	$247,632	$2,736	4.16%
20 Year	11	$2,645,000	$240,455	$2,643	4.56%
10 Year	5	$895,000	$179,000	$1,990	4.10%
Other	2	$160,000	$80,000	$3,794	4.63%

For 2018, Chicago Financial Services's most frequently cited loan duration was 30 Year, with 320 originations. The 2nd most popular length was 15 Year, with 38 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	214	$51,960,000	$242,804
$<1k	134	$40,010,000	$298,582
$2k-3k	15	$3,155,000	$210,333
$3k-4k	7	$1,745,000	$249,286
$5k+	4	$2,010,000	$502,500
$4k-5k	1	$335,000	$335,000

Chicago Financial Services's average total fees were $3,601, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 214 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	273	$71,815,000	$263,059
5-6%	53	$13,915,000	$262,547
3-4%	47	$13,175,000	$280,319
6-7%	3	$415,000	$138,333

During 2018, Chicago Financial Services's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 273 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	205	$59,225,000	$288,902	$3,528	4.57%
$100k-200k	101	$16,055,000	$158,960	$3,478	4.75%
$400k-600k	42	$18,660,000	$444,286	$2,869	4.57%
$100,000 or less	23	$1,725,000	$75,000	$3,634	4.82%
$600k-1MM	5	$3,655,000	$731,000	$5,013	4.67%

2018 saw Chicago Financial Services place emphasis on $200k-400k loans with 205 originations, totaling $59,225,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	101	$28,025,000	$277,475	$3,323	4.52%
$150k-250k	72	$23,370,000	$324,583	$3,315	4.61%
$75k-100k	72	$16,600,000	$230,556	$3,473	4.75%
$50k-75k	62	$12,210,000	$196,935	$3,773	4.73%
$250k+	36	$14,160,000	$393,333	$3,183	4.53%
$50k or less	33	$4,955,000	$150,152	$3,961	4.73%

Chicago Financial Services lent most frequently to those with incomes in the $100k-150k range, with 101 originations. The second most popular income band? $150k-250k, with 72 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	88	$23,490,000	$266,932	$3,376	4.61%
30-36%	73	$19,925,000	$272,945	$3,488	4.62%
49%	28	$7,300,000	$260,714	$3,863	4.83%
<20%	23	$6,865,000	$298,478	$3,039	4.35%
41%	19	$4,345,000	$228,684	$4,718	4.59%
43%	19	$4,115,000	$216,579	$4,065	4.77%
38%	17	$4,395,000	$258,529	$3,122	4.42%
44%	16	$4,120,000	$257,500	$2,709	4.59%
42%	14	$2,890,000	$206,429	$3,703	4.63%
47%	13	$3,295,000	$253,462	$3,104	4.64%
37%	11	$2,325,000	$211,364	$4,192	4.85%
48%	10	$3,810,000	$381,000	$2,649	4.76%
45%	10	$2,630,000	$263,000	$2,920	4.90%
46%	10	$2,470,000	$247,000	$2,368	4.55%
40%	8	$2,650,000	$331,250	$2,385	4.66%
39%	8	$2,180,000	$272,500	$4,680	4.81%
36%	8	$2,340,000	$292,500	$4,401	4.55%
50-60%	1	$175,000	$175,000	$1,917	4.88%

Chicago Financial Services lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 73 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	321	$85,885,000	$267,555	$3,409	4.62%
Asian	27	$6,875,000	$254,630	$3,277	4.58%
Black	21	$4,375,000	$208,333	$4,405	4.89%
Asian Indian	5	$1,615,000	$323,000	$4,314	4.50%
Other Asian	1	$395,000	$395,000	$3,482	5.38%
Korean	1	$175,000	$175,000	$4,145	4.49%

Approval Rates

Total approvals of all applications
99.44%

Chicago Financial Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
61.44%

Chicago Financial Services 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	376	$99,320,000	$264,149

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	376	$99,320,000	$264,149

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	10	$2,830,000	$283,000	$1,885	4.27%
40-60%	51	$13,365,000	$262,059	$2,550	4.51%
60-80%	156	$44,340,000	$284,231	$3,336	4.69%
80-100%	157	$38,455,000	$244,936	$3,978	4.64%
Over 100%	1	$215,000	$215,000	$3,331	4.38%
Under 20%	1	$115,000	$115,000	$6,688	5.00%