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Joilet

Current Mortgage Rates in Joilet, Illinois

Compare mortgage rates and fees for leading lenders in Joilet, 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 Joilet.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Joilet. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Joilet, IL as of February 22, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Joilet, IL Mortgage Rates Compare?

February 22, 2020

The current average rate for a 30 year fixed rate mortgage in Joilet 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%

Mortgage Program
Today's
Joilet, IL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Joilet, Illinois?

Below we provide helpful information on the real estate market, home prices and housing affordability in Joilet. Understand how much you need to earn to afford a home in Joilet, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Joilet 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 Joilet is right for you.

The median home value for Joilet, IL (Will County) is $251,482

Based on current mortgage rates and a 10% down payment, you need to make $45,260 per year to buy the median priced home in Joilet

With this income, you could qualify for a $226,334 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 Joilet is $1,048

The median household income for Joilet, IL (Will County) is $85,196

Based on this income, you can afford a home valued at approximately $473,379

The home price you can afford to buy based on household income in Joilet is 188% of the median home value which means housing prices are average. Joilet (Will County) ranks 96 out of 102 counties in Illinois and 1,800 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Joilet, IL is average

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Loan Limits for Joilet, Illinois

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Joilet (Will County) below.

Conforming loan limits for Joilet, IL

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Joilet, IL

1 unit: $368,000
2 units: $471,100
3 units: $569,450
4 units: $707,700

VA loan limits for Joilet, IL

1 unit: $510,400

Additional Mortgage Resources for Joilet, IL Residents

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