Illinois Mortgage Refinance

Mortgage refinance rates in Illinois (population 3,791,789) run from 4.90% APR - 5.33% APR on a 30 year fixed product to 4.17% APR - 4.72% APR for 15 year fixed. Homeowners in the “Land of Lincoln” have a variety of options when it comes to refinancing their mortgage and comparing lenders can be confusing. When comparing Illinois mortgage refinance products understand the difference between a fixed rate product and an adjustable rate mortgage (ARM). Although ARMs typically begin with a lower rate than a fixed mortgage the rate fluctuates, making it difficult to know exactly what the payment is every month. For example, the rate for a 10/1 ARM has a range from 4.03% APR to 4.48% APR. Also, mortgages in Illinois with shorter amortization periods have lower rates. The average home in Illinois values at $165,300, however home values are considerably different depending on the city in Illinois. For example, homes in the Champagne Urbana Metro (60919) area value at $128,500 whereas homes in Glenview (60025) value at $375,300. The median home sale price in Illinois is $187,900; in Chicago (60002) homes sell for an average of $210,000 and in Rockford (61008) they sell for $114,300.