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Purpose: State: Loan Amount: Loan Type: Points:
$ GO
Institution Payments Rates Apr Points Fees Last Update   Phone – A Direct Lender $1140.13 3.625% 3.754% 0.789% $1950.00 10/07/2011
Gateway Capital Mortgage. $1175.59 3.875% 3.875% 0.000% $0.00 10/09/2011 – A Direct Lender $1157.79 3.750% 3.814% 0.000% $1950.00 10/07/2011 – A Direct Lender $1122.61 3.500% 3.703% 1.697% $1950.00 10/07/2011
Data provided by Informa Research Services click here for details

Current Mortgage Rates

Over the past few years the interest rates on new mortgage loans and mortgage loans that are refinanced have been near all time lows. Since these rates are so incredibly low, most people could benefit significantly by refinancing into a new loan. In some situations simply refinancing into a new loan to take advantage of the low national average mortgage rates could save hundreds of dollars in interest charges each month.

While the national average mortgage rates are much lower than they have been in the past, lenders are much harder on prospective borrowers than they were in the past. To qualify for the best rates, most borrowers will need to meet various qualifications. One qualification that will be necessary to obtain the lowest rates would be to have a good credit score. Lenders across the country want borrowers to have very good credit scores in order to qualify for the lowest rates. Getting the best rates today will require a borrower to have a score of at least 740. Those with a score less than that will either not be approved or will have to pay a higher rate.

People looking for a new mortgage will also need to have plenty of equity in their homes. A few years ago lenders were willing to offer mortgages to people even if they had no down payment. Since it has been proven that home prices can decline considerably, most lenders now want borrowers to have some equity in order to get the best rates. To qualify for the lowest rates on either new or refinanced mortgages, a borrower will need 20% equity.

Like the rest of the country, rates in Illinois are quite low. While Illinois lenders have similar underwriting standards as lenders in the rest of the country, getting the lowest Illinois mortgage rates may require working with some different lenders. To get the best Illinois mortgage rates offered to you, the best thing to do would be to work with a lender which specializes in giving Illinois mortgages. Since they are most familiar with the various Illinois laws, an Illinois lender can review your application and see how it compares to the state’s mortgage laws. Since they are most familiar with the laws in the state, lenders specializing in Illinois mortgages cold provide you guidance in how you could improve your application to save even more money on an Illinois mortgage.

4.25% 30 Year Fixed Rate
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