Refinance Your Home With The Lowest Interest Rates In Decades In Chicago, Dupage Or Will Counties

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"With interest rates reaching the lowest they have been in years, it may be time to think about refinancing your home," stated Loan Officer, Carmen Zuniga. This decision could help you decrease monthly loan payments and build equity in your home faster. If you are asking yourself whether you should refinance your home here are some reasons why it may be right for you.

• To get out of a high interest rate loan, and take advantage of low rates.

If you are looking to stay in the same home for at least three years now may be the time to refinance. It is ideal to secure a rate at least 1 percent lower than you are currently paying for refinancing to be beneficial. Therefore, if you plan on staying put for a while and are currently financed at 6 percent or higher refinancing could definitely save you money.

• If you currently have an adjustable rate mortgage (ARM) and want a fixed rate loan to have the assurance of knowing exactly what the mortgage payment will be for the life of the loan.

A fixed rate can provide you with the comfort of knowing that your rates will remain low no matter what happens in the market. If you switch to a fixed rate right now you will be locked in at a low rate and your monthly payments will be stable. This can save you a considerable amount of money for the life of your loan if you plan on staying in your home for the foreseeable future.

• To build up equity quickly by converting to a loan with a shorter term.

Refinancing with a shorter term mortgage may enable you to lower your total interest costs considerably, since you are paying off your loan sooner. Your monthly mortgage payments might not increase at all, depending on your initial rate. By making your term shorter, you may be able to build up equity faster.

• Lower your monthly mortgage payments.

There are a few different ways you can lower your monthly mortgage payment. One way to do this is to simply refinance to a lower interest rate. A lower rate usually means a lower monthly payment. Another method you can use is to change the term of your mortgage. For instance, if you have a 15 year mortgage, you can extend it to 30 years. Since the balance of your mortgage is spread out over a longer period of time, your payment will be lower.

• Get cash from your home by doing a cash-out refinance.

The equity you have in your home can act like a savings account that you could access through a cash out. This is usually done when you want to finance important home improvements, pay for college, or pay off high interest credit card debt. Whatever your reason, this may be the right option for you.

Zuniga stated, "Deciding if it is time to refinance your mortgage will depend on your situation; how long you´ll be in your home; what your financial goals are, etc."

Where can you find the best loan rate in the Chicagoland area? George Washington Savings has been doing business for over 100 years. This community bank continues to help thousands of families with their banking needs focusing on helping them meet their dream of owning and refinancing their homes.

Please visit any George Washington Savings Bank and speak with a personal banker or visit www.gwsbank.com. George Washington Savings Bank can help you determine which refinancing option is best for you.

www.gwsbank.com