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At Best Rates Mortgage, we know that the mortgage process can seem overwhelming.  With so many different loan types and configuration choices, it can be hard to make the right decision.  Our team will educate you on the offerings, and provide simplified advice about the loan that best fits your needs.  Browse our selection of loan types below.

Loan Types


Loan:
FHA Streamline
FHA loans are backed by the federal government and designed for first time home buyers. This is a 30 year fixed rate loan with no appraisal necessary, and no credit check. FHA loan applicants must be current on their mortgage for the past 12 months.
Minimum Down Payment
N/A
Minimum Credit Score
0
Minimum Credit Score
0
Key Advantage
NO APPRAISALNO INCOME
Loan:
Purchase
A purchase loan is a home loan used to purchase a piece of property. Our purchase loans require 3% of the loan amount down and you must prove your income. Loan rates vary, but the rate is 3.25% with good credit.
Minimum Down Payment
3%
Minimum Credit Score
600
Minimum Credit Score
600
Key Advantage
Mortgage:
30 Year Fixed
As the most common home loan structure, 30 year fixed rate loans are ideal for people who intend to be in the home for a long time, and want a consistent payment at a lower monthly cost than 15 year fixed loans. Borrower must provide income verification.
Minimum Down Payment
3%
Minimum Credit Score
600
Minimum Credit Score
600
Key Advantage
FIXED RATELOW DOWN PAYMENT
Mortgage:
15 Year Fixed
15 year fixed rate mortgages work the same way as a 30 year fixed rate mortgage, but the shorter duration causes higher monthly payments. In turn the loan is paid off more quickly, costing the borrower less in total interest payments over the duration of the loan.
Minimum Down Payment
3%
Minimum Credit Score
600
Minimum Credit Score
600
Key Advantage
LOW DOWN PAYMENTPAY OFF MORTGAGE QUICKER
Loan:
ARM
The ARM program allows you to take advantage of low rates in the mortgage market. Find out if you qualify today by filling out the application.
Minimum Down Payment
10%
Minimum Credit Score
600
Minimum Credit Score
600
Key Advantage
LOWEST RATE & PAYMENT
Loan:
203A
With a Full FHA 203k mortgage, you get the money you need to purchase the home but you also get extra money to help cover the cost of repairs.
Minimum Down Payment
3.5%
Minimum Credit Score
580
Minimum Credit Score
580
Key Advantage
COVER THE COST OF REPAIRS
Loan:
VA
Best Rates Mortgage takes pride in providing America's service men and women with excellent VA loan rates, with NO DOWN PAYMENT. Elite loan terms for Chicago's finest.
Minimum Down Payment
N/A
Minimum Credit Score
620
Minimum Credit Score
620
Key Advantage
no down payment
Loan:
Jumbo
Jumbo loans are a great solution for people who need to borrow over $417,000, making them ineligible for traditional fixed rate financing. If you need to borrow larger amounts, we can help.
Minimum Down Payment
10%
Minimum Credit Score
700
Minimum Credit Score
700
Key Advantage
low rate

get pre-qualified today! Call 312-690-4202 or get a FREE Online Assessment.