Compare Bloomington, IL mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Bloomington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Bloomington. Plus, shopping lenders is free and there is no obligation.
June 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Bloomington. Understand how much you need to earn to afford a home in Bloomington, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bloomington fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bloomington is right for you.
The median home value for Bloomington, IL (McLean County) is $193,553
Based on current mortgage rates and a 10% down payment, you need to make $31,713 per year to buy the median priced home in Bloomington
With this income, you could qualify for a $174,198 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Bloomington is $734
The median household income for Bloomington, IL (McLean County) is $73,148
Based on this income, you can afford a home valued at approximately $446,444
The home price you can afford to buy based on household income in Bloomington is 231% of the median home value which means housing prices are affordable. Bloomington (McLean County) ranks 86 out of 102 counties in Illinois and 1,140 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Bloomington, IL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bloomington (McLean County) below.
Conforming loan limits for Bloomington, IL
FHA loan limits for Bloomington, IL
VA loan limits for Bloomington, IL