First time home buyer questions

Well as for where to find a lender, looks like you are already here. I believe there are several lenders here (me being one) who lend in IL. What is GOOD interest rate really depends on several things: your loan amount, your loan type (fixed vs adjustable), your credit score, your Loan-to-Value ratio, your property type, how much u are paying down, etc... There are several online calculators (I think this site has ione too) that can help you find out how much house you can afford. What I recomend is to get with a professional who can run different scenarios for you and give you a good set of options.

Getting a mortgage loan is a very personal process and it's important you find a lender that is competent and that you like. You are already making a good decision, by seeking out someone local that understands local traditions has relationships with the local Real Estate community. If you have a Realtor, that would be a great person to ask. If not, talk to friends or co-workers who have recently purchased. Good luck, I'm sure you will find someone great. =Mike