Understanding Chicago Mortgage Loans(1)
Understanding Chicago Mortgage Loans
Only the most organized and financially knowledgeable mortgage borrowers can locate the lowest Chicago mortgage rates without additional assistance. Luckily for the average person, there is my blog available to help out. Your search for the most premium mortgage loan can be described in the following steps:
With the information and tips provided on my website, you can gain insight about the types of Chicago mortgage loans and rates, getting you ready for your first Chicago mortgage loan.
Fixed Rate Chicago Mortgage Loans
For people with a low tolerance risk, a fixed-rate mortgage loan (FRM) could be the right choice. Many Chicago area borrowers favor the fixed-rate mortgage structure because of the security of a locked-in rate and the predictability of the monthly payment amount. FRMs are also wholly remunerating, so there are no balloon payments that need to be refinanced. Often times, FRM’s mature in 30 years, but there are shorter and longer terms obtainable. Through understanding your budget, you can obtain the lowest rate fixed-rate Chicago mortgage by choosing one with the shortest payoff term.
Comparing Chicago Mortgage Loans
The best way to save money on your mortgage loan is to collect a set of written offers. Start by contacting any qualified and knowledgeable mortgage broker, including myself, and find out what kinds of services they are offering.
Don’t make your final loan decision based on just the payment amount. Sometimes a low payment works well for a budget, but only up to a point. A low payment usually means a slower rate of payoff. Belated debt payoff commonly raises interest costs and reduces the build-up of home equity. Since the penalties may not be directly obvious, you should sort your mortgage offers by loan type primarily. Review any FRM quotes together, and then individually look over your adjustable-rate mortgage (ARM) offers. Make sure you are finalizing your decision based on carefully assessing your personal needs and what your budget constraints are.
To summarize, build a collection of mortgage loan offers and carefully look over them to make the right decision based on your own needs. Your top priority should be to fully understand the different types of fixed-rate and adjustable-rate mortgages available in Chicago.
Article author Gus Dahleh of Bridgeview Bank is a proficient mortgage expert dedicated to bringing his readers important and also useful information. Would you like a free mortgage quote? Check out the following website for a no-cost quote and expert suggestions on helping you discover the best Chicago mortgage loans.
How to Get the Best FHA Streamline Rates(17)
So you’ve had your FHA loan on your home for at least six months and now you’re eligible for an FHA streamline refinance but how do you go about getting the best FHA streamline rates?
FHA Streamline Rates and the Recent Guideline Changes:
Beginning June 11, 2012, homeowners that have an FHA mortgage that was originated prior to May 31st 2009 can qualify for a significantly lower monthly MI rate (mortgage insurance), making it all the more beneficial to refinance in light of today’s historically low mortgage rates. For those FHA mortgage that fall within this category of having closed prior to 5/31/09, the monthly MI rate is only 1 basis point or .001 rather than the significantly higher rate that is charged on newer FHA loans. Its best to fill out our free mortgage quote form to be put in touch with one of our preferred lenders who are best equipped to provide you with the best fha streamline rates.
FHA Streamline Rates – Are all lenders the same?
When in search for the best FHA Streamline Rates, you may be asking yourself whether its better to go with one of the “big banks” such as Wells Fargo, Bank of America, Chase, or even a Lending Tree type portal company. The fact is that the “big banks” generally have much higher overhead costs and therefore their rates come in and out of being competitive. Local or regional mortgage bankers such as Chicago-based Bridgeview Bank typically have very low rates and can provide the very same FHA streamline refinance as the big banks can. Because the FHA program is governed by the Federal Government, the guidelines are virtually identical regardless of which bank you originate the loan with.
Perhaps the most attractive features of the FHA streamline refinance program is that the guidelines are much more aggressive than a conventional mortgage and even that of a newly-originated purchase FHA mortgage, including no income qualification, no appraisal, and no employment verification.
In conclusion, it’s best to talk to a few different lenders and compare their interest rates, total closing costs, as well as how long it will take them to close the loan. Due to the popularity of this program in today’s market, some of the “big banks” are not taking any refinance applications with less than a “90 day rate lock”. Generally speaking, the longer your rate needs to be guaranteed for, the worse your interest rate will be. This is another factor to keep in mind when shopping around.
Author Joe Karns of Bridgeview Bank is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information on how to compare mortgage rates. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on getting you the best FHA streamline rates.
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