Chicago Financial Services Mortgage Rates, Fees & Info
Chicago, ILLEI: 549300BNF25IPYUUCT31
Tax ID: 36-3679626
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Mortgage Data
Review & Overview
Chicago Financial Services is a smaller mortgage company specializing in Refi loans. Chicago Financial Services 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: Chicago, Seattle, Miami, Phoenix, and Whitewater among others. We have data for 57 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.59% | 4/18/24 |
| 30 Year Conventional Refi | 6.29% | 4/18/24 |
| 30 Year Cash-out Refi | 6.71% | 4/18/24 |
| 30 Year FHA Purchase | 7.32% | 4/18/24 |
| 30 Year FHA Refi | 6.27% | 4/18/24 |
| 30 Year VA Purchase | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 5.99% | 4/18/24 |
| 15 Year Conventional Refi | 5.92% | 4/18/24 |
| 15 Year Cash-out Refi | 5.92% | 4/18/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,310Origination Dollar Volume (All Markets)
$722,440,000Awards
Chicago Financial Services - 2020
Chicago Financial Services is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 2,030 | $631,180,000 | $310,926 | $1,516 | 2.94% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 78 | $30,430,000 | $390,128 | $3,116 | 2.80% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 15 | $5,575,000 | $371,667 | $3,260 | 2.98% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 20 | $5,320,000 | $266,000 | $2,921 | 3.07% |
| Outside of Metro Areas | 12 | $3,670,000 | $305,833 | $2,629 | 2.83% |
| Whitewater, WI (FHA|USDA|VA) | 9 | $2,965,000 | $329,444 | $2,035 | 2.83% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 11 | $2,785,000 | $253,182 | $2,381 | 2.99% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 8 | $2,640,000 | $330,000 | $2,510 | 2.75% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 9 | $2,505,000 | $278,333 | $2,725 | 2.97% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 4 | $1,960,000 | $490,000 | $3,111 | 2.94% |
| NILES, MI (FHA|USDA|VA) | 6 | $1,930,000 | $321,667 | $2,819 | 2.77% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 7 | $1,885,000 | $269,286 | $2,050 | 2.93% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 6 | $1,790,000 | $298,333 | $2,222 | 2.88% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 3 | $1,715,000 | $571,667 | $1,893 | 2.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 6 | $1,670,000 | $278,333 | $2,420 | 3.10% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $1,430,000 | $357,500 | $3,167 | 3.09% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 6 | $1,350,000 | $225,000 | $3,461 | 2.65% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $2,860 | 2.96% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 5 | $1,275,000 | $255,000 | $2,466 | 3.20% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $2,196 | 2.91% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $2,585 | 3.08% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $3,610 | 2.78% |
| MADISON, WI (FHA|USDA|VA) | 4 | $1,010,000 | $252,500 | $2,517 | 2.69% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $940,000 | $235,000 | $3,043 | 2.75% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $2,570 | 2.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $3,509 | 3.03% |
| Steamboat Springs, CO (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $2,580 | 2.50% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $3,010 | 2.87% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $2,743 | 3.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $3,556 | 3.04% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $1,109 | 2.75% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $2,358 | 3.06% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $2,733 | 2.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $6,024 | 2.49% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,677 | 2.75% |
| APPLETON, WI (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $2,337 | 2.87% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $2,509 | 2.75% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $1,532 | 3.38% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,248 | 2.38% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 2.99% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,936 | 2.75% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,318 | 2.99% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,632 | 2.63% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,776 | 3.25% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,127 | 2.88% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.38% |
| ROCKFORD, IL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $1,468 | 2.81% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,148 | 2.63% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,352 | 2.99% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,473 | 2.88% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,155 | 2.75% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,868 | 3.88% |
| Holland, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,865 | 3.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,931 | 2.88% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,431 | 2.75% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,357 | 2.99% |
| Dixon, IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,890 | 2.38% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2,304 | $721,200,000 | $313,021 | $1,657 | 2.93% |
| FHA | 6 | $1,240,000 | $206,667 | $8,297 | 3.21% |
For 2020, Chicago Financial Services's most frequently originated type of loan was Conventional, with 2,304 originations. Their 2nd most popular type was FHA, with 6 originations.
Loan Reason
For 2020, Chicago Financial Services's most frequently cited loan purpose was Refi, with 1,692 originations. The 2nd most popular reason was Home Purchase, with 324 originations.
Loan Duration/Length
For 2020, Chicago Financial Services's most frequently cited loan duration was 30 Year, with 1,691 originations. The 2nd most popular length was 15 Year, with 425 originations.
Origination Fees/Closing Costs
Chicago Financial Services's average total fees were $1,804, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,255 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 1,126 | $358,180,000 | $318,099 |
| 3-4% | 683 | $210,915,000 | $308,807 |
| <2.5% | 460 | $143,410,000 | $311,761 |
| 4-5% | 36 | $8,940,000 | $248,333 |
| 5-6% | 5 | $995,000 | $199,000 |
During 2020, Chicago Financial Services's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,126 originations.
Loan Sizing
2020 saw Chicago Financial Services place emphasis on $200k-400k loans with 1,369 originations, totaling $411,115,000 in origination value.
Applicant Income
Chicago Financial Services lent most frequently to those with incomes in the $150k-250k range, with 729 originations. The second most popular income band? $100k-150k, with 666 originations.
Applicant Debt to Income Ratio
Chicago Financial Services lent most frequently to those with DTI ratios of 20-30%, with 714 originations. The next most common DTI ratio? <20%, with 466 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.62%
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 origination89.00%
Chicago Financial Services has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,310 | $722,440,000 | $312,745 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2,310 | $722,440,000 | $312,745 |