Refinance in Chicago, IL — Lower Your Rate or Cash Out

Homeowners in Chicago refinance for two reasons — to lower their monthly payment or to pull equity out of their home. Either way, wholesale rates give you access to pricing most retail banks can't match.

Rate-and-Term Refinance

A rate-and-term refinance replaces your current mortgage with a new one at a lower rate, shorter term, or both. No cash out — just a better deal on the loan you already have. This makes sense when rates have dropped or your credit has improved since your original loan.

Cash-Out Refinance

A cash-out refinance lets you tap your home equity by replacing your mortgage with a larger one and taking the difference in cash. Common uses include debt consolidation, home improvements, or funding investments. Most lenders allow up to 80% LTV on a cash-out refi.

When Does Refinancing Make Sense?

• Your current rate is 0.75%+ higher than today's wholesale rates.
• You want to drop PMI by refinancing to 80% LTV.
• You need cash from equity for a specific purpose.
• You want to shorten your term (30-year to 15-year).
• Break-even on closing costs is under 18 months.