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Illinois Mortgage Rates

Written by Rachel Arieff
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Illinois mortgage rates can be easily obtained and compared using the internet. Nowadays, hundreds of lenders are out there, competing for your business for new home loans. They want you to find them by offering competitive mortgage quotes online, and even offer the option for you to complete applications for online home loans.

Illinois mortgage rates will vary depending on the kind of mortgage choose. Mortgage rates will also depend on who the lender is, and what kind of deal they're offering. Of utmost importance, though, is to know exactly what you want before you enter into a mortgage agreement with any lender.

Basics of Illinois Mortgage Rates

First of all, what kind of mortgage do you want? There are two main types of Illinois mortgage rates: fixed-rate, and variable, or adjustable-rate. The fixed-rate mortgage is just that: a fixed interest rate that will never change no matter what the ups and downs of the market.

Fixed-rate mortgages are a great option when the interest rates are low, and are therefore the most popular choice among buyers. Locking in that low rate, you'll have the predictability of paying the same amount with every monthly payment. Adjustable-rate mortgages are attractive to risk-takers who are willing, and can afford to, weather the ups with the downs of fluctuating interest rates.


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