Illinois Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Bordered by Indiana, Wisconsin, Iowa and Missouri, Illinois became a state in 1818. Many famous and well-liked individuals were associated with Illinois including President Reagan, Burl Ives, Rock Hudson, Cindy Crawford, Walt Disney, Ernest Hemingway, Quincy Jones, Bill Murray, and President Obama who served in the Illinois Senate. The state's official bird is the beautiful red cardinal, and the flower is the purple violet. Its largest cities are Chicago, Rockford, Aurora, Naperville, Peoria, Springfield, Joliet, Elgin and Waukegan.

According to numerous banking journals and online financial newspapers, September 2010 was the time to find an Illinois mortgage refinance. Both mortgage rates and mortgage refinance rates were at record lows. In addition, Governor Pat Quinn signed a tax amnesty into effect where those owing back taxes to the state could settle up between October 1 and November 8, 2010 without penalty or interest. On November 9th the penalties would kick in, making it appealing to refinance beforehand in order to pay down outstanding taxes.

Illinois has been aggressive in its attempt to assist residents who are at risk of losing their homes. In fact, Attorney General Lisa Madigan, along with other state attorneys general, recently made a much-welcomed announcement after investigating Wells Fargo Bank who subsequently agreed to a settlement for what was called "deceptive marketing in the POA market". The loans in question were called "payment option adjustable rate mortgages" or POA. Basically, home owners did not understand that when making their payments, they were not covering the costs of interests and thus, their loan amounts were increasing dramatically. The funds from the settlement will provide relief in the way of loan modifications to existing home owners, as well as compensation for those who already lost their homes. Those seeking Illinois mortgage refinance between December 2010 and June 30, 2013 should contact a counselor about eligibility for Home Affordable Modification Program (HAMP), and then inquire about Wells Fargo's new MAP2R program.

Finally, the office of the attorney general has setup a toll-free telephone number called the "Homeowner Helpline" so that residents who own houses can obtain more information about available programs, and to learn how to avoid predatory practices. Also, it should be remembered that Illinois enacted a law in 2007 allowing Illinois residents the ability to place freezes on their credit files including histories and scores in an attempt to circumvent identity theft. Any home owners looking for Illinois mortgage refinance that have instructed credit bureaus to freeze their files may need to temporarily lift the freezes.

With plenty to see and do, both historic and modern, Illinois remains a fun state in which to live and play.

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