Finding Low-Rate Mortgages in Illinois
Perhaps you've chosen Illinois as your home state because of its rich culture and history. Or maybe you've always been a Windy City native. Whatever the reason, when you're on a mission to secure home financing, you're looking for the best deal possible.
Finding the best mortgage or mortgage refinance in Illinois can be challenging. Although you might search high and low for mortgage information, you'll find everything you need at Mortgageloan.com, including: informative articles, mortgage loan rates, mortgage calculators, and contact information for Illinois brokers. Here are some general pointers to get you started:
· It's essential to understand the amortization of your prospective mortgage loan. Amortization refers to how the debt balance is reduced over time.
· A mortgage can have a low monthly payment if the interest rate is low, or if the payment isn't reducing the loan balance.
· The annual percentage rate (APR) helps you compare mortgages that have different closing costs.
Illinois Mortgage Rate Updates
Illinois Mortgage Rates Begin September at 4.652%
Illinois — Monday, November 29, 2010
MortgageLoan.com reports Illinois mortgage rates for 30-year fixed-rate mortgages dropped to 4.652% on Friday. Last week average Illinois 30-year fixed-rate mortgage rates increased by 8 basis points (8/100 of 1%). For borrowers this represents a potential cost of $.80 per year for each $1,000 of loan amount.
15-year fixed rate mortgages increased to 4.277% to begin this week.
Illinois Mortgage Rates Begin September at 4.561%
Illinois — Monday, September 13, 2010
MortgageLoan.com reports Illinois mortgage rates for 30-year fixed-rate mortgages dropped to 4.561% on Friday. Last week average Illinois 30-year fixed-rate mortgage rates dropped by 3 basis points (3/100 of 1%). For borrowers this represents a potential cost of $.30 per year for each $1,000 of loan amount.
15-year fixed rate mortgages dropped to 3.950% to begin this week.
Illinois Mortgage Rates Begin September at 4.590%
Illinois — Monday, September 5, 2010
MortgageLoan.com reports Illinois mortgage rates for 30-year fixed-rate mortgages increased to 4.590% on Friday. Last week average Illinois 30-year fixed-rate mortgage rates increased by 7 basis points (7/100 of 1%). For borrowers this represents a potential cost of $.70 per year for each $1,000 of loan amount.
Home equity loans in Illinois
Existing homeowners who need to raise cash for a one-time expense might look into home equity loans and refinance mortgages. Home equity loans are fixed-rate second mortgages. In Illinois, home equity loan rates will be higher than mortgage refinance rates. If you have a low-rate first mortgage, however, a home equity loan still might be a better choice than a mortgage refinance.
Illinois adjustable-rate mortgages
Adjustable-rate mortgages (ARMs) in Illinois are characterized by a low, fixed interest rate that later resets to a variable rate. The rate is tied to a benchmark financial index and moves up or down with macro-economic trends. ARMs might be best for self-employed borrowers whose income fluctuates with the economy, or borrowers who need a low payment in the first one, three, or five years of the loan.
Comparing Illinois mortgages
You can find qualified Illinois brokers in our broker directory. Be willing to consult with several so that you have a few different offers to compare. Prepare for these consultations by considering the following:
· How much loan you can afford. This is more complicated than it sounds, because how much you can afford depends on what type of mortgage or refinance you're considering. If you aren't sure, visit our mortgage calculators to test different mortgage rates, amounts, and loan types.
· How long you plan to own the home. This could determine whether an ARM is more appropriate than a fixed-rate mortgage (FRM), or vice versa.
· Any potential changes to your income level.
You'll also benefit by knowing how market rates differ for the various loan types. For example:
· ARMs usually start with a lower rate than FRMs.
· Second mortgages have higher rates than refinances.
· Mortgages with shorter amortization periods have lower rates than the same loans with longer amortization periods.
You don't have to be a mortgage expert-a good lender should walk you through your options. But knowing more makes you better equipped to make the right decisions.
