Illinois Rate Map
What are mortgage rates like in your area? Our Illinois Rate Map provides rate information on individual mortgage loans obtained by borrowers just like you all across the state! Each colored marker represents a single loan – click on one to get information on the mortgage rate, loan amount, loan-to-value ratio and more.
To further refine your search, you can use the list of options at left to sort results by credit score and location.
This rate map project is part of our effort to make the mortgage process more transparent for all borrowers. If you found it useful in negotiating a mortgage and would like to anonymously add your own loan information, just click on “Share Your Rate” above the map. Your fellow borrowers will thank you!
NOTE: MortgageLoan.com cannot guarantee the accuracy of the data provided as it is submitted by our visitors.
Home Equity Loans
Existing homeowners who need to raise cash for a one-time expense might look into home equity loans and refinance mortgages. Home equity loans are fixed-rate second mortgages. In Illinois, home equity loan rates will be higher than mortgage refinance rates. If you have a low-rate first mortgage, however, a home equity loan still might be a better choice than a mortgage refinance.
Adjustable-rate mortgages (ARMs) in Illinois are characterized by a low, fixed interest rate that later resets to a variable rate. The rate is tied to a benchmark financial index and moves up or down with macro-economic trends. ARMs might be best for self-employed borrowers whose income fluctuates with the economy, or borrowers who need a low payment in the first one, three, or five years of the loan.
You can find qualified Illinois brokers in our broker directory. Be willing to consult with several so that you have a few different offers to compare. Prepare for these consultations by considering the following:
- How much loan you can afford. This is more complicated than it sounds, because how much you can afford depends on what type of mortgage or refinance you're considering. If you aren't sure, visit our mortgage calculators to test different mortgage rates, amounts, and loan types.
- How long you plan to own the home. This could determine whether an ARM is more appropriate than a fixed-rate mortgage (FRM), or vice versa.
- Any potential changes to your income level.
You'll also benefit by knowing how market rates differ for the various loan types. For example:
- ARMs usually start with a lower rate than FRMs.
- Second mortgages have higher rates than refinances.
- Mortgages with shorter amortization periods have lower rates than the same loans with longer amortization periods.
You don't have to be a mortgage expert-a good lender should walk you through your options. But knowing more makes you better equipped to make the right decisions.