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Refinancing in Illinois
Looking to refinance in Illinois? Compare the latest IL mortgage rates, lower your monthly payments, and access cash from your home with our simple refinance options.
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Best Mortgage Loan Programs in Illinois | Lower Your Rate
Explore the best Illinois home loan programs for purchase or refinance. Flexible options for first-time buyers and experienced homeowners alike.
01
30 Year Fixed Rate
Reliable refinancing with steady monthly payments and long-term stability. The 30-year fixed rate is the most popular mortgage option for homeowners.
02
15 Year Fixed Rate
Pay off your home faster with lower interest costs. A 15-year fixed rate provides stability, savings, and quicker equity growth.
03
FHA Loans
Low down payments and flexible terms make FHA loans ideal for first-time buyers and refinancers. Affordable and accessible.
04
Adjustable-Rate (ARM)
Start with lower monthly payments and flexible terms. ARMs offer 5-, 7-, or 10-year options for an affordable refinance or purchase.
05
Jumbo Loans
Start with lower monthly payments and flexible terms. ARMs offer 5-, 7-, or 10-year options for an affordable refinance or purchase.
06
VA Loans
Exclusive benefits for veterans and military families. VA loans offer low rates, no PMI, and trusted refinancing or purchase solutions.
Illinois' Real Estate Market
Illinois' housing market shows steady growth, with the median home price reaching approximately $320,600, marking a 3.7% increase year-over-year . Homes are selling faster, with a median of 45 days on the market, up from 43 days last year. Inventory levels have risen slightly, providing buyers with more options, though competition remains in certain areas. The market is transitioning towards a more balanced state, offering opportunities for both buyers and sellers. Affordability challenges persist, particularly in high-demand areas like the Chicago metro region, where prices continue to rise
About American Federal Mortgage
American Federal Mortgage, founded in 1987 in Clifton, NJ, has grown into one of the nation’s largest privately held mortgage bankers by combining award-winning service with some of the most competitive rates available. For over thirty years, our honest, efficient, and low-cost approach has earned a reputation for excellence and helped countless Illinois homeowners achieve the American Dream. While technology now allows borrowers to complete the mortgage process entirely online, our experienced loan officers still deliver personalized guidance every step of the way.
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