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 and Home Purchase 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 Orlando 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% | 11/22/24 |
| 30 Year Conventional Refi | 6.29% | 11/22/24 |
| 30 Year Cash-out Refi | 6.71% | 11/22/24 |
| 30 Year FHA Purchase | 7.32% | 11/22/24 |
| 30 Year FHA Refi | 6.27% | 11/22/24 |
| 30 Year VA Purchase | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 5.99% | 11/22/24 |
| 15 Year Conventional Refi | 5.92% | 11/22/24 |
| 15 Year Cash-out Refi | 5.92% | 11/22/24 |
| 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
1,692Origination Dollar Volume (All Markets)
$535,860,000Awards
Chicago Financial Services - 2021
Chicago Financial Services is a 2021 , due to their low .
For 2021, 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) | 1,465 | $461,805,000 | $315,225 | $2,883 | 2.75% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 32 | $13,360,000 | $417,500 | $3,125 | 2.72% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 14 | $5,970,000 | $426,429 | $5,026 | 2.82% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 19 | $5,565,000 | $292,895 | $3,330 | 2.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 21 | $4,655,000 | $221,667 | $3,543 | 2.90% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 13 | $3,955,000 | $304,231 | $2,356 | 2.81% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 6 | $3,180,000 | $530,000 | $2,855 | 2.94% |
| Outside of Metro Areas | 9 | $2,625,000 | $291,667 | $2,570 | 2.78% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 5 | $2,505,000 | $501,000 | $2,894 | 2.62% |
| Whitewater, WI (FHA|USDA|VA) | 6 | $2,380,000 | $396,667 | $2,715 | 2.58% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 7 | $2,165,000 | $309,286 | $3,025 | 2.70% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $2,010,000 | $335,000 | $4,871 | 3.14% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 5 | $1,885,000 | $377,000 | $3,140 | 2.80% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $1,505,000 | $301,000 | $3,941 | 2.78% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 4 | $1,470,000 | $367,500 | $3,155 | 2.59% |
| Holland, MI (FHA|USDA|VA) | 5 | $1,425,000 | $285,000 | $2,943 | 2.85% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $1,270,000 | $317,500 | $2,300 | 2.69% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $5,159 | 2.59% |
| NILES, MI (FHA|USDA|VA) | 4 | $1,000,000 | $250,000 | $2,958 | 2.69% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $3,740 | 2.56% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $3,264 | 3.13% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $2,670 | 3.04% |
| ROCKFORD, IL (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $3,695 | 3.13% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $2,687 | 2.75% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $2,774 | 2.50% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $2,689 | 2.88% |
| TUCSON, AZ (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $3,209 | 2.71% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $3,016 | 2.92% |
| MADISON, WI (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $3,129 | 2.94% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,440 | 2.49% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,836 | 2.75% |
| RACINE, WI (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,187 | 2.50% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $6,581 | 2.75% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $3,759 | 3.00% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,122 | 2.63% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,179 | 2.75% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,446 | 2.63% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,209 | 3.31% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,157 | 3.25% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,337 | 2.75% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,282 | 2.75% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,492 | 2.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,797 | 2.50% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,079 | 2.63% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,290 | 3.38% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,123 | 2.50% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,152 | 2.49% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,973 | 2.99% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,437 | 2.75% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 3.25% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,568 | 2.49% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,677 | 2.75% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,522 | 3.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,537 | 3.13% |
| WALLA WALLA, WA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,397 | 2.49% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,924 | 2.75% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,490 | 2.63% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,689 | $535,235,000 | $316,895 | $2,933 | 2.75% |
| FHA | 3 | $625,000 | $208,333 | $7,453 | 3.08% |
For 2021, Chicago Financial Services's most frequently originated type of loan was Conventional, with 1,689 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
For 2021, Chicago Financial Services's most frequently cited loan purpose was Refi, with 994 originations. The 2nd most popular reason was Home Purchase, with 458 originations.
Loan Duration/Length
For 2021, Chicago Financial Services's most frequently cited loan duration was 30 Year, with 1,216 originations. The 2nd most popular length was 15 Year, with 317 originations.
Origination Fees/Closing Costs
Chicago Financial Services's average total fees were $3,217, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,578 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 853 | $275,595,000 | $323,089 |
| <2.5% | 528 | $163,740,000 | $310,114 |
| 3-4% | 308 | $95,840,000 | $311,169 |
| 4-5% | 3 | $685,000 | $228,333 |
During 2021, Chicago Financial Services's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 853 originations.
Loan Sizing
2021 saw Chicago Financial Services place emphasis on $200k-400k loans with 900 originations, totaling $263,590,000 in origination value.
Applicant Income
Chicago Financial Services lent most frequently to those with incomes in the $150k-250k range, with 531 originations. The second most popular income band? $100k-150k, with 436 originations.
Applicant Debt to Income Ratio
Chicago Financial Services lent most frequently to those with DTI ratios of 20-30%, with 546 originations. The next most common DTI ratio? 30-36%, with 342 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.56%
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 origination85.58%
Chicago Financial Services has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,692 | $535,860,000 | $316,702 |