Your   homeownership journey starts here

The mortgage process simplified.
Fast approvals, local experts, trusted results.

Professional headshot of Shaughnessy Rice, mortgage expert at Preferred Rate.
Shaughnessy Rice, mortgage specialist at Preferred Rate, providing expert financial advice.
Beautiful modern craftsman house with landscaped front yard and double garage.
A stunning modern craftsman-style house featuring a landscaped front yard, large windows, and a spacious double garage.

NMLS: #763729

Shaughnessy Rice

Mortgage Advisor

With more than 25 years of experience in mortgage lending, I am passionate about helping clients achieve their homeownership goals. I am committed to delivering both speed and service while helping clients secure competitive financing tailored to their needs.

I specialize in all aspects of residential mortgage lending, from custom construction projects to loans that may require creative solutions. No matter the situation, I enjoy finding the right path forward and helping clients navigate the process with confidence.

I am supported by an experienced team, including my wife and sales partner, Michelle, who works alongside me to ensure a smooth and efficient experience from start to finish.

If you are ready to get started or have questions, feel free to call or text me at 217-721-0197 or email me at [email protected]. I look forward to helping you find the right home loan solution.

Licensed in:

IL and IN

Specialties:

First-Time Homebuyers

VA Loans

Renovation Loans

Investment Property Loans

Debt Consolidation Loans

Conventional Loans

Lending Specialties

First-Time Homebuyers

VA Loans

Renovation Loans

Investment Property Loans

Debt Consolidation Loans

Conventional Loans

Shaughnessy Rice's team

Michelle Rice smiling, professional portrait for Preferred Rate.
Michelle Rice, a dedicated professional at Preferred Rate, showcasing expertise in financial solutions.
Michelle Rice
Loan Officer Assistant

1801 S. Meyers Rd., Suite 500
Oakbrook Terrace, IL 60181 Branch NMLS# 1962205

Why work with me?

4.9/5 Rating

45 reviews

Real clients. Real results.

The best decision ever!!! Self-Employed and an Independent Contractor is nearly impossible to get a loan/funded or taken serious sometimes. Though Shaughnessy and Michelle welcomed the challenge and not only got me funded and now living in my first house… but at a rate that my friends are surprised about!!! They are Stellar!!! A Power Duo!!! Hands Down!!! I’d recommend anyone to work with them. They’re One In A Million… Preferred Rate!!!

Martice H

The best decision ever!!! Self-Employed and an Independent Contractor is nearly impossible to get a loan/funded or taken serious sometimes. Though Shaughnessy and Michelle welcomed the challenge and not only got me funded and now living in my first house… but at a rate that my friends are surprised about!!! They are Stellar!!! A Power Duo!!! Hands Down!!! I’d recommend anyone to work with them. They’re One In A Million… Preferred Rate!!!

Martice H

Super easy to work with, and Shaunessy and Michelle helped me with the entire process

Riyash P

Excellent work, kind people, very professional 

raissa l

Shaughnessy and his team were AWESOME! They worked very hard to ensure my family and I were able to get our home. They made us feel like we were a priority at all times. The home buying process is overwhelming and they were very patient with us and they were outstanding in walking us through the process. Their continued support and optimism helped my wife and I feel at ease. Shaughnessy is extremely knowledgeable and I would absolutely recommend him and his team to my family and friends. Thanks again for all of your help! 

Octavio M

Cool officer, help and support clients 24/24.

RUDICK B

Shaughnessy met with us and helped us make a financial plan a year prior to us finding our new home as being self-employed it can be a tricky process. And then with the support of Michelle getting in all of our paperwork to underwriting they helped us execute the loan and purchase. There was bumps at the end due to the title of the seller but Shaughnessy updated us effectively through the process. We appreciated their patience with everything. Thank you!

Anthony N

Shaughnessy met with us and helped us make a financial plan a year prior to us finding our new home as being self-employed it can be a tricky process. And then with the support of Michelle getting in all of our paperwork to underwriting they helped us execute the loan and purchase. There was bumps at the end due to the title of the seller but Shaughnessy updated us effectively through the process. We appreciated their patience with everything. Thank you!

Anthony N

We were referred to Shaughnessy and Michelle by another loan officer and they have been nothing but wonderful. They took care of our loan needs and treated us like family. They were patient with us, as first time home buyers, and answered all our "silly" questions. We highly recommend them!

Vivian and E

We were referred to Shaughnessy and Michelle by another loan officer and they have been nothing but wonderful. They took care of our loan needs and treated us like family. They were patient with us, as first time home buyers, and answered all our "silly" questions. We highly recommend them!

Vivian and E

Shaughnessy and Michelle were great! They were patient and easy to communicate with. Thank you for your thoroughness and making it happen for us, we appreciate all the effort it took!

Jonathon H

Shaughnessy and Michelle were great! They were patient and easy to communicate with. Thank you for your thoroughness and making it happen for us, we appreciate all the effort it took!

Jonathon H

Shaughnessy was great. He and his wife did a wonderful job in helping me get through my first home purchase. They were professional and took time to answer my questions, and there were plenty of them! They were easy to get a hold of and made sure to check in with me throughout the process. They are a wonderful team that felt like were true advocates for me!

Shamika J

Shaughnessy was great. He and his wife did a wonderful job in helping me get through my first home purchase. They were professional and took time to answer my questions, and there were plenty of them! They were easy to get a hold of and made sure to check in with me throughout the process. They are a wonderful team that felt like were true advocates for me!

Shamika J

I have rented for years and preferred it that way. My husband decided it was time to buy. A friend referred me to Shaughnssy. It was a great experience from beginning to end. Him and his team explained everything step by step. We have been in our home for a month and it feels like it’s always been my home.

Tonia k

I have rented for years and preferred it that way. My husband decided it was time to buy. A friend referred me to Shaughnssy. It was a great experience from beginning to end. Him and his team explained everything step by step. We have been in our home for a month and it feels like it’s always been my home.

Tonia k

Once the Rice team got back involved it went great.

April H

Shaughnessey and his team were thorough from beginning to end. He made sure to explain the whole process, and when challenges came (as they do in many closing processes), Shaughnessey would go out of his way to help overcome.

Sam

Shaughnessey and his team were thorough from beginning to end. He made sure to explain the whole process, and when challenges came (as they do in many closing processes), Shaughnessey would go out of his way to help overcome.

Sam

Things started off well however we were thrown a curve ball. Student loans can be tricky through the approval process. Shaughnessy and additional Fairway staff assisted my family and I until the job was done. For that, we are appreciative of your efforts and are now settling in our new home.

S. M

Things started off well however we were thrown a curve ball. Student loans can be tricky through the approval process. Shaughnessy and additional Fairway staff assisted my family and I until the job was done. For that, we are appreciative of your efforts and are now settling in our new home.

S. M

We have known Shaughnessy for some years now and he’s always been a beautiful person. Smart, kind and considerate. Our new home purchase was a challenge with a few ups and downs but Shaughnessy was there with encouragement every step of the way. Through Shaughnessy we were introduced to another great person; Phil LaMonaco who explained and guided us through the signing, faxing and the emailing of the many documents. They both along with our Realtor made this a wonderful buying experience.

user0328920

We have known Shaughnessy for some years now and he’s always been a beautiful person. Smart, kind and considerate. Our new home purchase was a challenge with a few ups and downs but Shaughnessy was there with encouragement every step of the way. Through Shaughnessy we were introduced to another great person; Phil LaMonaco who explained and guided us through the signing, faxing and the emailing of the many documents. They both along with our Realtor made this a wonderful buying experience.

user0328920

Shaughnessy was very helpful in calming my anxious nerves throughout the process. Where our previous lender said it wasn't possible, Shaughnessy was able to get us approved for the exact loan structure we were needing, which allowed us to build our dream home for our family.

k n

I didnt have to deal with all the stress of getting a lot of paperwork...My loan originator was very quick on answer all my questions and my doubts about my new mortgage loan .Highly recommended!!We did it !!!

Rodolfo L

The team at PrimeLending, Shaughnessey and Meredith, make a daunting and stressful process seem easy. They communicated with updates constantly, told us exactly what they needed and everything was online and quick to process. It was very convenient to e-sign documents and submit them. They went above and beyond to help us get our financing and put us at ease if we had worry. It's wonderful that prime lending was able to help us achieve our financial goals.

Natalie R

S Rice and Prime lending were some of the friendliest, most dedicated people we worked with on this home purchase. He worked hand in hand with my realtor, the seller's realtor, and kept us updated every step of the way. They answered every question we had respectfully and thoroughly, morning, noon, and night from the moment we contacted them until the final closing.

LaDiAb

Very smooth and quick process, Shaugnessy and Meredith were a joy to work with! They answered all of my questions (and there were plenty) and were more than willing to go above and beyond to work around obstacles I had. This entire process could not have gone better and even with hiccups (Which were on my side, not theirs) I still have an amazing home and would recommend them to anyone!

19pamelathompson55

Shaughnessy and Meredith were fantastic to work with. I am very, very satisfied. From the moment we had our initial meeting for pre-approval all the way through closing, I never felt like I was on my own. It is a very reassuring feeling having someone in your corner every step of the way. I couldn't be more grateful to Shaughnessy and the rest of the PrimeLending team.

Nathan I

We almost lost the house. When the original financing fell apart, I thought my daughter’s first home was gone for good. Then our mortgage broker stepped in and completely turned the situation around. They moved with lightning speed, problem-solved at every turn, and guided us through so I could co-sign without a shred of doubt. Their expertise, determination, and steady communication saved the deal—and my daughter’s dream. I’ll never forget what they did for us.

Shawn Love M

Shaughnessy and his team are extremely helpful and do a great job keeping you informed from start to finish of the mortgage process. I have now used his services to get into two homes and have enjoyed working with him each time. I highly recommend going to Shaughnessy to anyone I meet that is considering the home buying process.

Tristan R

Loan Programs

Spacious living room with comfortable seating, large windows, and stylish decor.
A bright, inviting living room featuring a blue sofa, wooden chairs, and a fireplace with logs, perfect for relaxing or entertaining.
DSCR Loans (Investment Loans)

Featured

Beautiful modern craftsman-style house with a landscaped front yard and garage.
A stunning craftsman-style home featuring a welcoming porch, modern design, and the 1% Home Loan Program.
1% Home Loan Program

Featured

Man using smartphone at home, exploring conventional loan options.
Man reviewing mortgage options on his phone in a cozy living room setting.
Conventional Loans

Featured

Comfortable living room featuring a fireplace, wall-mounted TV, and stylish decor for a welcoming ho.
A welcoming living room with a fireplace, wall-mounted TV, and elegant decor, ideal for relaxing and entertaining in a cozy home setting.
Down Payment Assistance (DPA)

Featured

Refinance Loan
Child on Veteran's shoulders with American flag, symbolizing VA loan benefits.
Supporting veterans and families with VA home loan options and resources.
VA Loans
USDA loan approval process for rural home financing.
A couple stands outside a new house, symbolizing rural homeownership with USDA loans.
USDA Loans
FHA loan approval process with Preferred Rate for homebuyers.
Happy couple discussing FHA loan options at home.
FHA Loans
Beautiful blue house with landscaped yard, ideal for low down payment mortgage options.
Charming blue home surrounded by lush greenery, perfect for those seeking low down payment loan solutions.
Low Down Payment Loans
Beautiful house exterior with porch, windows, and landscaped yard.
A charming two-story house featuring a spacious front porch, large windows, and a well-maintained lawn, ideal for HELOC loan considerations.
HELOC Loans
Happy couple working on home renovation inside a room with construction tools.
A smiling couple during a home renovation project, standing on stairs with construction supplies around them.
Home Renovation
Luxury home with a spacious driveway and well-maintained landscaping for jumbo loan financing.
Explore jumbo loan options for financing high-value homes like this beautiful property.
Jumbo Loans
Man using a laptop on a bean bag chair, promoting flexible bank statement loans.
Comfortable man working on a laptop at home, highlighting flexible bank statement loan options for homebuyers.
Bank Statement Loans
Construction financing solutions for building your dream home or project. Expert guidance for seamle.
Two workers in safety helmets working on a construction site, focusing on woodwork and project progress.
Construction Financing
Beautiful manufactured home with a welcoming porch and landscaped yard.
A charming manufactured home featuring a spacious porch and lush landscaping, ideal for comfortable living.
Manufactured Home Loans
Colorful Victorian-style condominiums with detailed architecture and lush greenery.
Beautiful Victorian-style condominiums with intricate details and vibrant colors, perfect for condominium loan options.
Condominium Loans
Healthcare professional loan options for doctors and medical staff. Secure funding to grow your medi.
Image of a smiling doctor holding a clipboard in a medical office setting. Perfect for promoting medical professional loan services.
Medical Professional Loans
Nurse smiling with tablet, promoting first responder loan programs.
A nurse smiling while holding a tablet, highlighting loan options for first responders, teachers, and nurses.
First Responders | Nurses | Teacher Loans
Affordable community lending options for homebuyers.
Aerial view of a new residential property in a friendly neighborhood.
Community Lending
Buydown mortgage rates with temporary payment reductions.
Learn how temporary buydowns can lower your mortgage payments during the initial years of homeownership.
Temporary Buydowns
Modern two-story house with garage, ideal for bridge loan financing.
A contemporary two-story home with a spacious garage, perfect for real estate bridge loans and investment opportunities.
Bridge Loans
Expanded Income Loans for Home Improvements.
Modern house with landscaped yard and garden.
Expanded Income Loans
Loan options for international clients seeking financial solutions.
A smiling woman using a tablet near a window, representing accessible loan services for foreign nationals.
Loans for Foreign Nationals
Home loan options for quick approval and competitive rates.
Simplify your home buying process with Preferred Rate's SmartBuy program.
Click n’ Close SmartBuy National DPA
Expanded Credit Loans living room with modern furniture and cozy decor.
Comfortable living room featuring yellow armchairs, a fireplace, and a flat-screen TV, ideal for home improvement financing options.
Expanded Credit Loans
Senior couple exploring reverse mortgage options on laptop.
Elderly couple discussing reverse mortgage benefits using a laptop at home.
Reverse Mortgages
Seller PreLock Program for homeowners to secure home sale options.
A woman reviews her home sale options on a tablet in a bright, modern kitchen, highlighting the Seller PreLock Program benefits.
Seller PreLock Program
Preferred Rate Pathway DPA Program interior design.
Spacious living room with contemporary furniture and a sleek kitchen setup.
Pathway DPA Program
Rhyze HELOC
Secure lock program for home safety and security.
Beautiful blue house featuring a secure lock program for enhanced home safety.
Secure Lock Program

Refinance With Purpose

Every refinance starts with a goal. Whether you want to lower your payment, shorten your term, or access equity, we’ll build a strategy around
what matters most to you.

Consolidate Debt

Simplify what you owe. Use your home’s equity to combine high-interest debt into one  payment.

Lower Payments

Improve monthly cash flow. Even a small rate adjustment can create  savings over time.

Get Cash Out

Access equity with intention. Turn your home’s value into funds for renovations, education, retirement, or financial goals.

Change to Fixed Rate

Stabilize your payment. Move from a variable rate to predictable payments built for long-term planning.

Refinance VA Loan

Use a VA refinance program to improve your terms, access cash, or reduce your monthly payment.

Discover your home’s value instantly.

Get a personalized home value report powered by real market data. Track equity, explore trends, and stay informed about your property and mortgage loan.

Home loan approval process with competitive rates at Preferred Rate. Secure your mortgage today with.
Beautiful suburban house at sunset, showcasing a cozy home with a well-maintained lawn and welcoming entrance.
Preferred Rate logo with financial graph and rate drop notification.
A logo for Preferred Rate featuring a financial graph and a notification about interest rate drops.

We'll watch the market for you

Set your target interest rate and we’ll notify you when it hits. No spam, just smart alerts.

Mortgage Loan Calculator

Estimate your monthly payment in seconds.

$400,000

$50k $2M+

Customize taxes, insurance & HOA

Not required (Down payment ≥ 20%)
Estimated Monthly Payment

$0

Principal & Interest Mortgge Loan
$0
Property Tax Estimated
$0
Home Insurance Estimated
$0
HOA & PMI Fees
$0
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes.

Frequently asked
questions

With short and easy to understand answers.

Couldn’t find your answer?

[email protected]

Couldn’t find your answer?

[email protected]

Home Loan Guides
& Checklists

View all

Ready to take the
next step?

Set your target interest rate and we’ll notify you when it hits. No spam, just smart alerts.

  • Competitive rates
  • Expert support
  • Easy process