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Review Keywords Analysis

  1. United States
  2. Best Mortgage Brokers
  3. Mortgage Brokers in Illinois
  4. Chicago
  5. Mortgage Affordability Calculator
1 · Your income
2 · Down payment
3 · What you can afford
Step 1 of 3

Mortgage Affordability Calculator Chicago, IL

How much house can you afford in Chicago? See your maximum price, monthly payment and pre-approval estimate. Free, instant, no credit check.

Updated · current rates and lending limits

Add your partner's income if you're buying together.

Car loans, credit cards, lines of credit, student loans. Not rent.

Property tax are for this state.

An estimate, not a mortgage approval or pre-approval. A mortgage broker confirms your real number.

Top-rated mortgage brokers in Chicago

Ranked by TrustAnalytica from verified reviews · see the full Top 10 list →

1

Mike Del Preto-Senior Mortgage Advisor-NMLS 230942

Verified

Known for a clear, educational approach, this mortgage advisor helps clients understand their options for one of life’s biggest investments. The team offers personalized guidance through every step of the mortgage process, with many first-time buyers appreciating their thorough communication and seamless document management. Some find the detailed explanations take extra time but value the… more...

Known for a clear, educational approach, this mortgage advisor helps clients understand their options for one of life’s biggest investments. The team offers personalized guidance through every step of the mortgage process, with many first-time buyers appreciating their thorough communication and seamless document management. Some find the detailed explanations take extra time but value the clarity it provides.

Services & Prices
First Time Home Buyer Assistance, Mortgage Pre-Approval, Home Loan Application Processing)
Rate Comparison and Selection, Refinance Application Processing, Closing Cost Estimation)
Loan Option Review, Interest Rate Advice)
Digital Document Upload, E-signing Services, Document Review and Explanation)
View Profile
(630) 730-0179
Open 00:00 - 23:59
415 N La Salle St #402, Chicago, IL 60654, USA
General Services
Home Mortgage Services
2

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation has been helping homebuyers and refinancers for over 25 years, focusing on personalized support throughout the loan process. Their team assists with purchases and refinancing, often praised for clear communication and problem-solving, though some customers note occasional missed details in correspondence.

Services & Prices
Conventional Loans Quoted per loan
FHA Loans Quoted per loan
VA Loans Quoted per loan
Rate & Term Refinance Quoted per loan
View Profile
(312) 667-7681
Closed Now
415 N La Salle St Suite 402, Chicago, IL 60654, USA
General Services
Home Purchase Loans
3

The Schaff Group

Specializing in refinance options, The Schaff Group helps clients navigate various loan programs to find the best fit for their needs. The team handles everything from first-time purchases to multiple refinances, with many customers appreciating their clear communication and quick, responsive service throughout the process.

Services & Prices
First-Time Home Buyer Mortgage Quoted per loan
Conventional Loan Mortgage Quoted per loan
VA Loan Mortgage Quoted per loan
Mortgage Refinance Quoted per loan
View Profile
(847) 668-7877
Closed Now
20 N Upper Wacker Dr suite 1001, Chicago, IL 60606, USA
General Services
Mortgage Services
4

Kambs Jennings Group of Compass Mortgage

The Kambs Jennings Group of Compass Mortgage specializes in providing loan commitments before home shopping, helping buyers make stronger offers. Their team guides clients through mortgage applications and closings with clear communication and quick responses. Customers appreciate their attentiveness and the confidence they bring to first-time homebuyers.

Services & Prices
First-Time Homebuyer Assistance Quoted per loan
Rate Lock Services Quoted per loan
Cash-Out Refinancing Quoted per loan
Rate and Term Refinancing Quoted per loan
View Profile
(312) 415-6109
Open 00:00 - 23:59
939 W North Ave Suit 750,Chicago, IL 60642
General Services
Mortgage Services
5

Loan Factory - We Dare You to Compare

Loan Factory offers a streamlined mortgage application process with daily updates on current interest rates and personalized rate alerts. Their team assists with purchases and refinancing, guiding clients through document submission and rate locking. Customers appreciate their quick responses and clear communication throughout the loan process.

Services & Prices
Home Purchase Loans Quoted per loan
Refinance Loans Quoted per loan
Investment Property Loans Quoted per loan
View Profile
Closed Now
6252 N Lincoln Ave, Chicago, IL 60659, USA
General Services
Mortgage Services
Where they are 8 on the map Click a pin for the profile and directions
6

Senior Reverse Mortgage Group, Inc.

Senior Reverse Mortgage Group specializes in helping seniors access reverse mortgages tailored to their unique financial needs. With two decades of experience, the team guides clients through the process clearly and patiently, answering all questions to ease common confusion. Customers appreciate their professionalism and personal approach, though the process can sometimes take longer than… more...

Senior Reverse Mortgage Group specializes in helping seniors access reverse mortgages tailored to their unique financial needs. With two decades of experience, the team guides clients through the process clearly and patiently, answering all questions to ease common confusion. Customers appreciate their professionalism and personal approach, though the process can sometimes take longer than expected.

Services & Prices
Home Equity Conversion Mortgage Quoted per loan
Reverse Purchase Mortgage Quoted per loan
Proceeds Disbursement Quoted per loan
View Profile
(312) 588-7140
Closed Now
161 N Clark St Ste 1600, Chicago, IL 60601, USA
General Services
Reverse Mortgage
7

A and N Mortgage Services, Inc.

Known for securing competitive mortgage rates, A and N Mortgage Services, Inc. helps Chicago homebuyers and refinancers navigate the loan process with clear communication and attentive support. The team guides clients through paperwork and timelines, making what can be a stressful experience feel smoother and more manageable.

Services & Prices
Mortgage Origination Quoted per loan
Refinancing Quoted per loan
Pre-Approval Quoted per loan
View Profile
(773) 305-5626
Closed Now
1945 N Elston Ave, Chicago, IL 60642, USA
General Services
Mortgage Services
8

Smooth Mortgage Company, LLC

With 18 years of experience, Smooth Mortgage Company offers a single point of contact to guide you through home loans, refinancing, and renovation financing. Their services also include tax preparation and accounting to provide a full financial picture. Customers appreciate the team's clear communication, responsiveness, and efficient process, though some note occasional delays with lenders.

Services & Prices
Home Purchase Loan Quoted per loan
Refinancing Quoted per loan
View Profile
(708) 669-7458
Closed Now
4001 W Devon Ave #321, Chicago, IL 60646, USA
General Services
Mortgage Services

Latest reviews of Chicago Mortgage Brokers near you

Written on TrustAnalytica by clients of the businesses in this list
  • Judith

    My husband and I have worked with Sean and Danielle couple times, they are extremely professional, reliable, communicative, very efficient, always available to answer questions and always get the job done. It’s truly a "smooth" process every time. Look forward to working with Smooth Mortgage Company…

  • Kellee

    Sean was so wonderful to work with! He was extremely helpful/knowledgeable and always available to answer any questions we had throughout our home buying process. I will highly recommend Smooth Mortgage to my peers. Thanks Sean!

Chicago Mortgage Statistics

Home-purchase lending in Cook County and home costs in Chicago, IL (latest HMDA and Census data)

Lenders made 45,513 home-purchase loans in Cook County in 2025 (average about $408,000) and denied 7,193 — 14% of decided applications, compared with 12% across Illinois, according to federal mortgage data (HMDA, CFPB). In Chicago, the median home is worth $334,100 and 65% of owners have a mortgage, paying a median $2,339 a month (Census ACS 2020–2024).

Home-purchase loans, 2025
45,513▼ 3%46,797 in 2024
Denial rate
14%IL 12%
Median home value
$334,100IL $263,300
Monthly cost with a mortgage
$2,339median · IL $1,987
Refinance loans made (Cook County, 2025)
24,114 · 16,166 in 2024
Home-improvement loans made (2025)
5,682
Average home-purchase loan
$408,000 (IL $322,000)
Owners with a mortgage
65% · 33% of them spend 30%+ of income on housing
Median household income
$77,902 (IL $83,390)

Source: CFPB / FFIEC Home Mortgage Disclosure Act (HMDA) data, 2024–2025 loan applications in Cook County (originated vs denied); home values and costs: U.S. Census Bureau ACS 2020–2024. Compiled by TrustAnalytica.

Chicago Mortgage Brokers near you stats: 8 businesses compared side by side · updated
# Business Rating Reviews Starting price Phone Website
1 Mike Del Preto-Senior Mortgage Advisor-NMLS 230942 5.0 100 — (630) 730-0179 Visit
2 Fairway Independent Mortgage Corporation 4.9 100 Quoted per loan (312) 667-7681 Visit
3 The Schaff Group 5.0 78 Quoted per loan (847) 668-7877 Visit
4 Kambs Jennings Group of Compass Mortgage 5.0 64 Quoted per loan (312) 415-6109 Visit
5 Loan Factory - We Dare You to Compare 5.0 45 Quoted per loan — Visit
6 Senior Reverse Mortgage Group, Inc. 5.0 31 Quoted per loan (312) 588-7140 Visit
7 A and N Mortgage Services, Inc. 5.0 30 Quoted per loan (773) 305-5626 Visit
8 Smooth Mortgage Company, LLC 5.0 29 Quoted per loan (708) 669-7458 Visit

How this Chicago mortgage affordability calculator works

Lenders look at your debt-to-income ratio. Housing costs (principal and interest, property tax, homeowners insurance and mortgage insurance) should stay under about 31% of your gross monthly income, and housing plus your other monthly debts under 43%. The calculator finds the highest home price that passes both tests with your down payment, on a 30-year fixed loan.

Illinois rules and numbers this calculator uses

Debt-to-income
31% for housing and 43% total, the FHA standard and the long-time Qualified Mortgage limit. Some conventional loans go higher with strong credit and savings.
Down payment
At least 3% on a conventional first-time buyer loan (3.5% on FHA). Under 20% down, private mortgage insurance of about 0.6% of the loan a year is added to the payment.
Property tax
About 1.79% of the home's value a year, the Illinois average for owner-occupied homes (2024 Census ACS).
Insurance
Homeowners insurance assumed at $150 a month; it varies a lot by home and location.
Rate
Starts at 7.40% (Freddie Mac 30-year average, October 2026). Change it to the rate you have been quoted.

An estimate, not a mortgage approval or pre-approval. Your credit, income type, the property and the lender all change the answer; a mortgage broker confirms your real number. Sources: Freddie Mac Primary Mortgage Market Survey (October 2026), U.S. Census Bureau American Community Survey 2024 property tax data, FHA and CFPB debt-to-income guidance.

Frequently asked questions

9 questions
How does the mortgage affordability calculator work?
It estimates the highest home price you can afford based on income, debts, down payment, interest rate, and first-time buyer status.
How accurate is the mortgage affordability calculator?
The calculator provides an estimate; a lender's pre-approval is needed for accuracy, verifying income, debts, credit, and down payment.
What is the debt-to-income ratio for mortgages?
Lenders often limit housing costs to 31% of gross income and total debts to 43%, though some loans allow more with strong credit.
What is the minimum down payment for a mortgage in Illinois?
First-time buyers need at least 3% down on conventional loans and 3.5% on FHA loans; VA and USDA loans may allow 0% down.
How do interest rates affect mortgage affordability?
Higher interest rates increase monthly payments, reducing the maximum home price you can afford. Rates change weekly.
How do debts impact how much mortgage I can get?
Higher monthly debts reduce the mortgage amount you qualify for, as lenders consider total debt payments in their calculations.
What is the property tax rate in Illinois?
Illinois property tax averages about 1.79% of the home's value annually, based on 2024 data for owner-occupied homes.
What's the difference between pre-approval and pre-qualification?
Pre-approval involves verifying income and credit, while pre-qualification is an initial estimate without verification.
How does PMI affect my mortgage in Chicago?
With less than 20% down, PMI is added, costing about 0.6% of the loan annually. It can be removed when the balance is below 80%.

General information, not financial advice — consult a qualified professional.