It may not make sense to refinance your Chicago mortgage
In 2011, Chicago's start-up technology companies raked in a median income of only $3.4 million compared to the $7 million raised by organizations in Silicon Valley. However, the local tech and start-up industries have picked up speed over the past few months in conjunction with real estate in Chicago finally finding stable ground. With a new surge in companies like Clearstream, which was founded last November, picking up steam in 2012, job creation may be the leading trend that encourages people to remain in the Chicago area or consider relocation to the city.
As a current Chicago resident, you may find it more difficult to remain in the area and look to refinance your mortgage. However, you must carefully consider your options before taking that route, as it's not always a lucrative choice to refinance, especially when you have only a few years left on your current loan, The Chicago Tribune reports.
Journalists Ilyce Glink and Samuel Tamkin recently answered a question from a Tribune reader about his or her options on refinancing a mortgage with only 10 years of payments remaining. Glink and Tamkin suggest that it may be worthwhile to pay the loan off faster than refinance, as it won't help the homeowner save money down the line.
Current homeowners looking to secure their future in the Chicago area may be able to benefit from refinance options, but in some instances, paying it off in bigger installments may prove to be a better financial decision.