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mortgages - Illinois IL: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Your Down Payment Funds for down payment normally are required to be documented and verified as your own. Securities with the current market price can be used. Bonds can be used. Funds secured by collateral can be used. Money from family can be used in FHA loans as long as it does not have to be repaid. Checking and saving accounts will be reviewed for stability. This is so that you cannot borrow money to satisfy a certain down payment requirement. Each program has its own requirements and each borrower has his/her own circumstances.

Check to see if your credit line has a pre-payment penalty clause Many NO FEE credit lines have a pre-payment penalty clause, which can be very expensive if you are planning to sell or refinance your home in the next three to five years.

Escrow

Wholesale Lenders Most mortgage bankers and portfolio lenders also act as wholesale lenders, catering to mortgage brokers for loan origination. Some wholesale lenders do not even have their own retail branches, relying solely on mortgage brokers for their loans.

Mortgage Bankers A true Mortgage Banker is a lender that is large enough to originate loans and create pools of loans which they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. They can very greatly in size. Some may service the loans they originate, but not all of them will. Most true mortgage bankers have wholesale lending divisions.

Amortization

One way you used to be able to distinguish a direct lender was from the fact that the loan documents were drawn up in their name, but this is no longer the case. Even the tiniest mortgage broker can make arrangements to fund loans in their own name.

Do you invest in the stock market? Or put money into Certificates of Deposit? These are two different ways of handling money. Depending on your answers to these questions, and others that may be asked by your lender, you will be able to choose the mortgage that is right for you.

Low Down Payments

Deduct that amount from the total the lender wants you to spend on housing costs and consumer debt combined. Now you know the maximum the lender wants you to spend for housing costs, unless the figure is greater than 33% of your monthly income (there are exceptions, of course).

Most often, your home purchase signals the beginning of a long relationship with a financial institution. You should not only look for a lender with competitive rates, but one you will be compatible with -- and who can take care of your needs over the years.