According to a recent Primerates.com survey of Chicago area mortgage rates offered by the largest area banks & credit unions, many of the Chicago area banks lowered their rates. JP Morgan Chase (www.jpmorganchase.com) had the lowest rate of 3.75% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers. PNC Bank National (www.pnc.com) had rates of over half a percentage point higher at 4.38%.
People with an existing mortgage that are looking to refinance have a great opportunity ahead of them. With rates at some of the lowest levels in history they can knock at least a percentage point off their loan. For people a few years into their first mortgage this means they have to start the 30 year period over again. This should not be a problem. Since they are accustomed to paying a higher rate each month, they can now keep paying that higher rate, but have more of their monthly payments go toward principal. For instance, a $200,000 loan at 6% would have monthly payments of principal and interest of $1,199. Refinancing to 4% would lower those payments to $954, a savings of $245 per month. But if that $245 was reapplied to principal it would lower the length of the loan from 30 years, to just a few months over 20 years. Through the length of the loan a total of $51,296 would be saved in interest payments, all without changing the amount out of pocket each month.
|
Top Chicago Area Banks and Credit Unions |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| JP Morgan Chase |
3.75% |
2.88% |
2.25% |
| Fifth Third Bank |
3.88% |
3.13% |
2.50% |
| RBS Citizens National |
4.00% |
3.25% |
2.63% |
| Bank of America |
4.13% |
3.50% |
2.88% |
| Citibank |
4.13% |
3.38% |
NA |
| First Midwest Bank |
4.13% |
3.50% |
3.38% |
| US Bank National |
4.25% |
3.50% |
2.88% |
| PNC Bank National |
4.38% |
3.63% |
NA |
Listed rates for Chicago area mortgage rates come from banks, thrifts and credit union and were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
According to a recent Primerates.com survey of Chicago area mortgage rates offered by the largest area banks & credit unions, many of the Chicago area banks lowered their rates. JP Morgan Chase (www.jpmorganchase.com) had the lowest rate of 3.75% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers. PNC Bank National (www.pnc.com) had rates of over half a percentage point higher at 4.38%.
People with an existing mortgage that are looking to refinance have a great opportunity ahead of them. With rates at some of the lowest levels in history they can knock at least a percentage point off their loan. For people a few years into their first mortgage this means they have to start the 30 year period over again. This should not be a problem. Since they are accustomed to paying a higher rate each month, they can now keep paying that higher rate, but have more of their monthly payments go toward principal. For instance, a $200,000 loan at 6% would have monthly payments of principal and interest of $1,199. Refinancing to 4% would lower those payments to $954, a savings of $245 per month. But if that $245 was reapplied to principal it would lower the length of the loan from 30 years, to just a few months over 20 years. Through the length of the loan a total of $51,296 would be saved in interest payments, all without changing the amount out of pocket each month.
|
Top Chicago Area Banks and Credit Unions |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| JP Morgan Chase |
3.75% |
2.88% |
2.25% |
| Fifth Third Bank |
3.88% |
3.13% |
2.50% |
| RBS Citizens National |
4.00% |
3.25% |
2.63% |
| Bank of America |
4.13% |
3.50% |
2.88% |
| Citibank |
4.13% |
3.38% |
NA |
| First Midwest Bank |
4.13% |
3.50% |
3.38% |
| US Bank National |
4.25% |
3.50% |
2.88% |
| PNC Bank National |
4.38% |
3.63% |
NA |
Listed rates for Chicago area mortgage rates come from banks, thrifts and credit union and were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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