mortgage companies, Illinois IL
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mortgage companies, Illinois IL |
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mortgage companies - Illinois IL: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. A New Advantage For Seniors Who Own Their Homes One way to be able to enjoy the golden years has many seniors reaching for their phones. The reverse mortgage, a type of home equity loan, is fulfilling the financial needs of thousands of seniors across the country, offering them continued security and independence. Will you adjust the amount of my mortgage payment if my tax bill is going to change? We base the monthly tax escrow collection for new loans on the information provided to us at the time your loan closed. For all other loans, we estimate your future tax bills based on the last amount we paid. If you believe the amount we have estimated is incorrect, you will need to contact your tax office for more information. Your tax office can either confirm the amount we have is correct, or provide you with something in writing which shows a different estimate. Check your credit report regularly and review information placed on it, especially if you have had credit problems in the past. Also, consider the following advice from the U.S. Department of Housing and Urban Development when applying for a loan: Be sure to read and understand everything before you sign. Refuse to sign any blank documents. Do not buy property for someone else. Do not overstate your income. Do not overstate how long you have been employed. Do not overstate your assets. Accurately report your debts. Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application. Be truthful about your credit problems, past and present. Be honest about your intention to occupy the house. Do not provide false supporting documents. If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one, refinancing is smart. Refinancing may, however, involve paying many of the same fees paid at the original closing, plus origination and application fees.What is the difference between a Home Equity Loan and a Home Equity Line of Credit?Rate 15 days 30 days 45 days 6.250% 2.000 2.125 2.250 6.375% 1.500 1.625 1.750 6.500% 1.000 1.250 1.375 6.625% 0.500 .625 .875 6.750% 0.000 .250 .375 6.875% (.500) (.250) (.125) 7.000% (1.000) (.750) (.500) 7.125% (1.500) (1.250) (1.000) 7.250% (1.875) (1.625) (1.375) 7.375% (2.125) (2.000) (1.750) 7.500% (2.375) (2.250) (2.000) What is the minimum down payment? Different interest rates, loan terms, and private mortgage insurance are based on your down payment. Some programs require 20 percent down payment. There are special low down payment programs available if you qualify. A home equity loan enables you to borrow money in a lump sum against the equity (the value of your home minus what you owe) you have built up in your home. This loan is subordinate to the existing first mortgage. Buyers commonly use a second mortgage to keep their first mortgage in the conforming range (which keeps the rate lower) and to avoid PMI. Home equity loans are often used to pay off credit card debt, buy a car or to make major renovations to a home.It is important that you review what the closing costs will be with your lender and attorney. This should take place far enough in advance of the closing to allow yourself time to obtain the necessary funds to pay the closing costs. PORTFOLIO LENDERS Portfolio lenders are usually Savings & Loan institutions, and sometimes banks. They are called portfolio lenders because they tend to originate loans for their own portfolio (usually adjustable rate loans), not for resale in the secondary market. The distinction gets blurred because most portfolio lenders also engage in mortgage banking.Ready to find a mortgage? Check rates in your area. Know the score After customers apply and have their credit scores pulled by their lenders, they should ask for those too. Companies have no obligation to share them, but those scores often dictate whether borrowers get loans and how much they have to pay for them. Customers who obtain their scores can get rate quotes tailored to them, rather than receive quotes that may apply only to borrowers with better or worse credit. In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds. When does it make sense to pay points? Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%. You should also make sure your agent sends us proof of the new coverage promptly after you change companies. If we do not receive this information by the time your old policy expires, we may think the property is uninsured, and request lender-placed insurance to cover your home. |
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