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Illinois Mortgage With Illinois mortgage rates becoming more affordable than ever, local applicants should feel confident they are getting the best rate possible for buying or refinancing a home. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. Illinois mortgage loans of all types are available to qualified borrowers. If you are buying a home, talk with a Illinois lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.
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Mortgage Terms to Know for the Loan Process |
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Conventional Loan |
Second Mortgage |
Home Equity Line of Credit |
A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com |
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans. | A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation. |
| HUD I Settlement Statement | Fixed Rate Mortgage | Refinance |
A form utilized at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development. |
A mortgage loan with an interest rate that is fixed for the term of the loan. Monthly payments are fixed evenly for a specific term. | Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property. |
| FICO score | Good Faith Estimate |
Negative Amortization |
A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Scoring has become widely accepted by lenders as a reliable means of credit evaluation |
A written estimate of closing costs which a lender must provide you within three days of submitting an application. |
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan. |
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| Recommended Mortgage Pages: |
Nationwide Mortgage Lender | Company Profile | Loan Programs | Bad Credit Mortgage News | Contact Us | Apply Now | Privacy Nationwide Mortgages 701 Palomar Airport Road, Carlsbad, CA 92009 |
