Compare mortgage rates and fees for leading lenders in Elgin, IL. 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 lender offering the best mortgage rates in Elgin.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Elgin. Plus, shopping lenders is free and there is no obligation.
August 22, 2019
The current average rate for a 30 year fixed rate mortgage in Elgin is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Elgin, IL (Kane County) is $249,060
The median household income for Elgin, IL (Kane County) is $77,151
Based on current mortgage rates and a 10% down payment, you need to make $46,208 per year to buy the median priced home in Elgin
The home price you can afford to by based on household income in Elgin is 167% of the median home value which means housing prices are average
Elgin (Kane County) ranks 98 out of 102 counties in Illinois and 2,254 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Elgin, IL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elgin (Kane County) below.
Conforming loan limits for Elgin, IL
FHA loan limits for Elgin, IL
VA loan limits for Elgin, IL
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index