refinancing home loans, Illinois IL

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

Recording and Transfer Charges A record of your home purchase will be on file with your local government , and there is a small fee to cover the cost of paperwork.

There are many other loan options available that allow you to lower your down payment and closing costs. Your mortgage lender can help you find out if you qualify for these loan options.

Should I consider a Flex-Pay (Interest-Only) loan option? Flex-Pay (interest-only) loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Flex-Pay the principal balance NEVER increases.

Stated income mortgage products: In qualifying for these products, the lender will not require you to provide standard explanations of your income, such as tax returns. This means that there is no verification of your income, but you must state the source of your income. Individuals likely to be interested in a stated income loan are typically self-employed or individuals who write-off a large portion of their income such as contractors, waiters & waitresses.

The mortgage insurance on conventional loans is typically referred to as PMI, or Private Mortgage Insurance. This type of mortgage insurance coverage is provided by private companies.

FHA HECM and Fannie Mae Home Keeper reverse mortgages are available in every state except Texas from various lenders.

A home equity line of credit is a set amount of money you are approved to use whenever you like. You access your funds by writing checks. As you repay the balance, you can reuse it up to your approved credit limit. You are charged interest based on the unpaid balance. A line of credit gives you the flexibility to borrow funds when you need them. When the line of credit expires, you need to renew or pay your outstanding balance.

Fixed-rate mortgage products (for 1st mortgage only): Monthly principal and interest payments do not change over the term of the loan, which means your mortgage expenses are easily anticipated. If you believe interest rates are going to increase, this may be the best option for you.

Rental properties If you derive income from rental properties, you will need copies of current lease agreements for each rental property that you own.