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Compare Mortgage Refinance Offers
Lower Your Interest Rate
If eligible, you can lower your interest rate. This could lead to lower payments and less money paid towards interest.
Why should I lower my rate? |
Save money |
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Lower Payments |
Shorten Your Loan Term
Shorten your loan term when refinancing from a 30-year term to a 15-year term. You may also lower your rate.
Why should I shorten my term? |
Become mortgage-free quickly |
 |
Pay less interest |
Leverage Your Home's Equity
Take cash out of your home to apply to improvements, renovations, or other necessary expenses.
Why should I cash out? |
Renovations |
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Pay for other debts or emergencies |
Illinois Mortgage Rates
From the gorgeous Chicago penthouse once occupied by Oprah Winfrey and the McAllister house from Home Alone to the much more modest former home of President Abraham Lincoln, there is an astounding amount of history in the real estate of Illinois.
Whether you are looking for a great place in the city or something a little calmer out in the middle of nowhere, Illinois has plenty of options to see!
Common Illinois Loan Types:
- Illinois conventional mortgages: Illinois mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
- Illinois FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Illinois on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
- Illinois VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Illinois through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.
Illinois Mortgage Rates Compared to National Averages
Interest mortgage rates for homebuyers in Illinois tend to come in just slightly above the national average. However, the difference is negligible in most cases as long as the buyers aren't overpaying for a home.
Illinois refinancing rates are also slightly above the national average, but homeowners looking to refinances have accrued significant equity in their homes in most cases.
