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Illinois Mortgage and Loan
Specialists with your home in mind.

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Will I save money by refinancing my current mortgage?

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Elizabeth Stevenson
Loan Specialist

Hours: 10am-6pm Mon.-Fri. MST
Phone: (877) 511-8811
Fax: (866) 897-2452

Adjustable vs. Fixed Rates
Did you know that the average length of home ownership in the US is only six years? This means that over the course of 30 years, the average person will have 5 separate mortgages!

With this in mind, and with interest rates at all time lows, there has been an emerging refinancing trend toward adjustable rate loans. Since adjustable rate loans are usually most advantageous in the short term (3-5 years), and since the average length of home ownership is only 6 years, adjustable rate loans are a smart strategic move at this point in time.

On the other hand, if you are planning to live in your present home for the next 30 years, or if you are risk adverse, you may want to consider a fixed rate mortgage, but keep in mind that even refinancing an existing fixed rate mortgage by as little as 0.5% can literally save you thousands of dollars over the life of your loan.