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Question:
Re-financing and Home Equity loans - should I?

Overview:
Refinancing your home (or taking out a home equity loan) may be a wise move under some circumstances. But sometimes refinancing and equity loans can leave you vulnerable to extremely high rates and fees that you may not be aware of when you sign the papers.


Links to more information
Bankrate.com: When Not to Refinance
CNN Money- Refinancing Calculator
Chicago Department of Housing: Responsible Lending
Chicago Sun-Times: When is refinancing a mortgage worth it?
Consumer Action - Avoiding home equity loan fraud
Fannie Mae guide - is now a good time to refinance?
Federal Trade Commission - Home equity loan scams
HUD- Predatory Lending Illinois
HUD- Streamline Your FHA Mortage
IRRRL Facts for Veterans
Illinois Office of Banks and Real Estate- What You Should Know About Home Equity
Illinois Pro Bono- Various Articles on Equity Loans
MSN home refinancing


Who to call for information or assistance
 Counseling: Predatory lending counseling
ACORN Housing Corporation  650 S. Clark Street  http://www.acornhousing.org/   Info 
Chicago Department of Planning and Development  121 N LaSalle  312-744-CITY  http://www.ci.chi.il.us/PlanAndDevelop/   Info 
Chicago Roseland Development Corporation  11015 S. Michigan Avenue     Info 
Chicago Urban League Development Corporation  4510 S. Michigan Ave.  http://www.cul-chicago.org/   Info 
Consumer Credit Counseling Service of Greater Chicago  70 East Lake Street #1115  http://www.debtsolver.org   Info 
Consumer Credit Counseling Service of Greater Chicago- EVERGREEN PARK  3317 W. 95th Street, Ste 3  http://www.debtsolver.org   Info 
Consumer Credit Counseling Service of Greater Chicago- MCHENRY COUNTY,  400 Russel Ct Ste A  http://www.debtsolver.org   Info 
Consumer Credit Counseling Service of Greater Chicago- OAK PARK  1515 N Harlem Ave Ste 205  http://www.debtsolver.org   Info 
Consumer Credit Counseling Service of Greater Chicago- SCHAUMBURG  1320 Tower Rd Suite 150  http://www.debtsolver.org   Info 
Consumer Credit Counseling Service of Greater Chicago- WHEELING  212 S Milwaukee Ave Ste D  http://www.debtsolver.org   Info 
DuPage Homeownership Center  1333 N Main St  http://www.dhoc.org/home.html   Info 
Fuller Park Community Development Corporation  331 W. 45th Street  http://www.fullerpark.com   Info 
Genesis Housing Development Corporation: Corp Office  607 East Oakwood Boulevard  http://www.genesishdc.org   Info 
Greater Roseland Community Development Corp.  1000 E. 111th Street, 10th Floor     Info 
Housing Authority of the County of Lake, IL.  33928 North Route 45     Info 
Interfaith Housing Center of the Northern Suburbs  620 Lincoln Avenue  http://www.interfaithhousingcenter.org/   Info 
Joseph Corporation  32 South Broadway Avenue     Info 
Latin United Community Housing Association  3541 W. North Avenue  http://www.lucha.org/   Info 
Leadership Council for Metropolitan Open Communities- Nearwest Suburbs  1127 S. Mannheim Suite 212     Info 
Leadership Council for Metropolitan Open Communities- Northwest Suburb  701 Lee Street Suite 602     Info 
Leadership Council for Metropolitan Open Communities- Southwest  9730 S. Western Avenue, Suite 828     Info 
Little Village Community Development Corporation  2756 S. Harding     Info 
Logan Square Neighborhood Association  2840 N. Milwaukee  http://www.lsna.net   Info 
Neighborhood Housing Services of Chicago  1279 N. Milwaukee Ave. 5th Floor  http://www.nhschicago.org/   Info 
Nobel Neighbors  1345 N. Karlov  http://www.neighborhoodlink.com/chicago/nobel   Info 
Rogers Park Community Council  1530 W. Morse Ave.  http://www.rogerspark.org/   Info 
South Austin Coalition Community Council (SACCC)  342 South Laramie  (773)287-9957     Info 
Spanish Coalition for Housing  4035 W. North Avenue  http://www.state.il.us/dhr/Housenet/private/spanish/   Info 
Suburban Area Agency on Aging  1048 W. Lake St., Suite 300    http://www.s3a.com/about.htm   Info 
The Resurrection Project  1818 S. Paulina  http://www.resurrectionproject.org/   Info