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Mortgage Rates Won’t Be This Low Forever

Three reasons to consider refinancing today.

What if mortgage rates go up? Will you have missed your opportunity to refinance while the rates are so attractive? Chicago mortgage refinance rates are the lowest they’ve been since 2013, and remain close to the lowest level in 50 years. No one knows how long rates will stay this low, but it won’t be forever.

Why Refinance?

  1. Eliminate the risk of an adjustable rate mortgage (ARM):
    If you have an ARM it may be time to consider your conversion options. Mortgage rates are expected to go up in coming years and you can lock in a low fixed rate now. This will eliminate the risk of having to refinance at a significantly higher interest rate at the end of your adjustable rate period.
  1. Shorten your 30-year mortgage term and pay it off sooner:
    Today’s low rates are especially beneficial to homeowners seeking to shorten their mortgage term with a 10 or 15 year fixed rate term. Paying down a mortgage faster is more feasible when rates are this low.
  1. Finance home improvements:
    Does your kitchen need remodeling? Is it time to finish your basement? Want to create an outdoor living space or add a pool? With today’s low rates you can draw on your equity to finance major home improvements or remodeling projects that may increase the value of your property.

Equal Housing LenderWhile we’ve seen consistently low mortgage rates in recent years, there’s no guarantee that this trend will continue. Let us help you get ahead of any rate hikes by getting the application process started and putting our flexible and personal approach to work for you.

Please contact Lee Williams at (312) 408-1375 or lwilliams@burlingbank.com to discuss your mortgage options today.

A Farewell To Arms

David Goldberg (on right) Burling Bank Founder & Chairman

David Goldberg (on right) Burling Bank Founder & Chairman

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CHICAGO - MARCH 30:  Traders signal offers in the corn futures pit at the Chicago Board of Trade following the release of the USDA crop report March 30, 2007 in Chicago, Illinois. In response to the potential boom ethanol fuel U.S. farmers are expected to plant more acres in corn this year than any year since 1944.  (Photo by Scott Olson/Getty Images)

After more than a century and a half, the arm-waving frenzy of open outcry trading fell silent today when the CME Group closed most of its trading pits. Burling Bank has been pleased to partner with the firms and individuals who were the lifeblood of the Chicago trading floors and we honor their pioneering spirit and contribution to the City of Chicago.

While the personalities and players may have changed, the relationships will endure and move this community forward together through innovation, performance, and perseverance. Just as traders have had to adapt and incorporate technology into how they transact business on the exchanges, Burling Bank has developed and implemented systems that allow our clients to access their accounts regardless of location or time of day. We are well equipped to serve our clients in a rapidly evolving marketplace and uniquely positioned to welcome a new generation of traders.

Onward.

Holiday Hours: July 3rd

chicago-board-of-trade-flagIn honor of Independence Day, the bank will close at 12:00 noon on Friday, July 3, 2015.

All of us at Burling Bank wish you a very safe and happy holiday.