The payment on a Chicago home mortgage is so much lower today than just a few years ago.  In 2007, we started the year just over 6%.  That’s about $1200/month on a $200,000 loan.  We’re currently at 5% which is about $1,073/month.  We almost saw 7% rates in 2007 and that would push payments up about 25% from today’s levels.  You can take a look at current Chicago mortgage rates.

Getting a Chicago home loan these days requires a very strong credit profile, sufficient down payment, and income strong enough to keep the debt-to-income ratio below 45%.   Still, there are plenty of loan programs available and it is a great time to buy.    Here is a good summary of the recent changes to home loan approval guidelines.

For all the talk about home prices, it is actually the mortgage that has the bigger impact on home payment.  In any given year or set of years, it’s almost a given that mortgage rates will move 1-2%.  That equates to 10-25% variances on housing payments.

Find an expert for your Chicago Home Mortgage.

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