Mortgage Refinansing Help

Mortgage Refinancing Help: Illinois

“If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term. ”

Mortgage Refinancing Help : Business: Financial Services: Mortgages: Regional: United States : Illinois (18)

If you know that you will be moving in 3 to 5 years, you might want to consider refinancing to a 3 or 5 year ARM (adjustable rate mortgage). These loans typically have a much lower rate that a traditional fixed rate loan such as a 30 year fixed, but they do have a fixed rate for the first 3 or 5 years of the loan. This will enable you to benefit from the lower rate, but you won't ever have to worry about the risk of a rate adjustment because you will be selling the home before the fixed-rate period ends.

See also:

James Tillman, Prism Mortgage Company. »
Provides residential mortgage financing for Chicago, Illinois.

Commonwealth United Mortgage »
Chicago-based lender providing full service mortgage lending.

Chicago Financial Services, Inc. »
Provides residential mortgage financing for the greater Chicagoland area.

Corby Mortgage Services Inc. »
Provides residential mortgage financing for Chicago and all of Illinois.

Presidential Preferred Funding L.L.C. »
Provides residential mortgage financing for Illinois, Colorado and Michigan.

Jerry Tribuzio - American Home Mortgage »
American Home Mortgage - Consultant provides residential mortgage financing. Includes loan programs, homebuyer information, rates, calculators. Based in Mount Prospect IL.

First Cosmopolitan Mortgage Inc. »
Mortgage lender offers residential financing to the Illinois market.

ARCS Commercial Mortgage »
A nationwide provider of multi-family mortgages.

Forum Mortgage Bancorp. »
Provides residential mortgage financing for the state of Illinois.

David Bernat, CRMS »
Professional mortgage banker serving realtors, buyers and sellers.

Air Mortgage »
Provides residential mortgage financing for Chicago and all of Illinois.

Compass Mortgage, Inc. »
Provides residential mortgage financing primarily in the Chicagoland area.

Illinois Mortgage Bankers Association »
Service to the residential and commercial real estate finance industry.

Security Mortgage, Inc. »
Illinois mortgage licensee providing financing in Illinois, Indiana and Wisconsin.

Accunetmortgage.com »
Provides residential mortgage financing for both Illinois and Wisconsin.

Acclaim Mortgage Corp »
Specializes in financing residential purchases and refinancing within the state of Illinois.

Sterling Home Mortgage Corporation »
Providing loans in Illinois, Arkansas, Colorado, Georgia, Wyoming, Michigan and Indiana.

Hartford Financial Services »
Providing mortgage and finance services for Illinois, Wisconsin, Iowa and Indiana.

You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.

Ask the lender or broker for a comparison of the up-front costs, principal, rate, and payments with and without this rate trade-off.

Many financial advisers caution against cash-out refinancing to pay down unsecured debt (such as credit cards) or short-term secured debt (such as car loans). You may want to talk with a trusted financial adviser before you choose cash-out refinancing as a debt-consolidation plan.

Be Ready. After your loan is approved, you'll need to sign your loan documents and provide a check for any out-of-pocket closing costs. Make sure the funds are available in your account, and be ready to make room in your schedule to read and sign your loan documents as soon as possible.