A Clearer Way to Refinance Your Chicago-Area Mortgage

Your mortgage should work for your financial goals. Whether you want to lower your payment, shorten your term, access your equity or gain more predictability, we’ll help you understand your options and decide if refinancing makes sense.

SEE IF REFINANCING MAKES SENSE FOR YOU

Here is how to know if the timing is right

Refinancing should work for you, not just for your lender. Our goal is to make sure you walk away with confidence in your decision.

Here is what we factor in to help you decide if the timing is right:

Your Rate: If refinance mortgage rates are meaningfully lower than what you are paying now, refinancing may save you money in the long run. A common rule of thumb is to consider refinancing when rates are around 1% lower than what you’re paying now, but a smaller difference may still make sense depending on your situation.
Your Timeline: The longer you plan to stay in your home, the more time you have to recoup closing costs.
Your Break-Even Point: Refinancing typically comes with closing costs. Your break-even point is how long it takes for your monthly savings to make up for those costs. We can help you calculate it so you know how long you may need to stay in your home for refinancing to pay off.
Your Situation: The numbers and timing need to make sense for your financial situation.

The best way to know if refinancing makes sense is to look at your numbers.

Give us a call and we’ll help you do just that

Get a No-Obligation Rate Quote

What the Right Mortgage Refinancing Can Change for You

There are different reasons to refinance, depending on what you want your mortgage to do for you.

Lower your monthly payment. A lower rate can mean extra money towards savings.
Put your home equity to work. A shorter term can mean you get the deed in your hands sooner.
Access your equity. Access to your equity can mean a new renovation, paying off debt, or any other financial goal – because it’s yours.
Gain more predictability. If you have an adjustable-rate mortgage, refinancing to a fixed-rate mortgage can give you a more predictable rate and monthly principal-and-interest payment.

Making Homeownership a Reality for More Than 125 Years

Liberty Bank isn’t some faceless big bank. We were formed back in 1898 when a group of Chicagoans got together to help each other buy homes. Each month, members contributed money to the building & loan association and made home loans to one association member at a time.

Today, we still have no corporate owners and no stockholders. Profits are returned to customers in the form of higher savings or lower mortgage rates. And we are still guided by our original, customer-centric mission – to help families save money and buy homes.

“When my wife and I were renters, we needed help with the home mortgage process.”

Thankfully, we found Liberty Bank for Savings.

The Sharpe Family

Why do Chicago homeowners choose mortgage refinancing with Liberty Bank?

You will have a local mortgage team by your side from your first call to your closing day. Here’s what Chicago mortgage refinancing looks like at Liberty:

In-house processing and underwriting so that you get faster answers.
30-, 60- or 90-day rate locks with a float-down option that ensures your rate fits your needs
No surprises — we believe the rate and costs you see at the beginning should be what you see at closing.

Already have a refinance quote from another lender? We’ll help you compare the rates, costs and terms apples to apples so you can make an informed decision.

What to Expect When You Refinance

We’ll guide you through the process from your first conversation through closing.

Talk through your goals
Review your options and numbers
Apply
Appraisal and underwriting
Close on your new mortgage

Our local mortgage team will be there along the way to answer questions and let you know what to expect next.

See if refinancing your mortgage with Liberty Bank makes sense for you

Let’s work together to see the benefits of refinancing your mortgage are to you with no obligations.

SCHEDULE A CALL WITH OUR MORTGAGE TEAM