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Mortgage Refinancing Help: Financial Services
“Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
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Mortgage Refinancing Help
: Regional: North America: United States: Illinois: Regions: Northeastern Illinois: Business and Economy
: Financial Services (7)
 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.
 See also:
 First American Bank »
Online banking, loans, services.
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 Standard Bank & Trust »
Online, personal and business banking, along with investment and trust services. Serving the southwest metropolitan Chicagoland area with locations throughout the area and in the western suburbs and Grundy County. Standard Bancshares, Inc.
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 Earthmover Credit Union »
Offers online banking, bill paying, investing and checking. Locations in Oswego, Aurora, and North Aurora.
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 Trust Company of Illinois (TCI) »
Investment services and financial planning firm. Features overview of services, client resources, online account access, and separate 401(k) website. Offices in Glen Ellyn and St. Charles.
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 Streamline Financial Services »
Financial advisory and planning solutions. Research stocks, view accounts, and read financial articles here. Offices in Wheaton and Aurora.
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 DRFunding Inc. »
Features tools, such as mortgage and finance calculators, FAQs, online form submissions, current rates, MLS listings, and jobs. Offices in Chicago and Skokie.
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 First United Bank »
Community banking services for southern Cook and Will counties, including overview of loan and deposit product options. Hours of operation for its Crete, Steger and Frankfort locations are provided.
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 Be specific about the loan you want. The more precise you are, the easier it will be for a loan officer or mortgage broker to find the best rate. For example, do you want a 15-year or 30-year mortgage? Do you need a "jumbo" mortgage (more than $333,700)? Are you willing to pay points to reduce the interest rate? The answers to these questions will depend on several factors, including when you plan to sell the house and how soon you want to retire your debt. Only you know the answers, but the sooner you know them, the better.
When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
If you have equity built up in your home, and you need cash, you have two choices: get a home equity loan or utilize cash-out refinancing. Each has its pros and cons, so be sure to evaluate your situation carefully prior to making a decision.
Mortgage can last a lifetime and that extra 1% can add up to literally thousands of dollars over the years. I have friends that are in their 70s and still paying off their home loans. It'll pay off in the long run to make sure you find the best deal possible. Don't let poor credit stop you from refinancing your home.
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