Getting the right mortgage for a Illinois home a little more difficult than you thought? Annoyed with WebPages that don’t help you find what you are looking for? That is why Mortgage-Info.us is here. So if you are looking for lenders, Mortgage Rates, or Mortgage Brokers – we got it. Plus when you fill out a mortgage quote form from Mortgage-Info.us, we will get you offers from 2-4 different lenders, meaning you will be able to choose the rate that you want.
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Featured Mortgage Lenders in Illinois
Illinois Mortgage Quick Facts
Illinois State Population: 12,419,293*
Median Illinois Home Price: $130,800*
Illinois House Ownership Rate: 67.3%*
Types of Loans Available in Illinois
- Cash out Mortgage Loans
- Refinance Mortgage Loans
- Second Mortgage Loans
- Home Purchase Mortgage Loans
- Reverse Mortgage Loans
- Home Equity Line of Credit Mortgage Loans (HELOC)
- Fixed Rate Mortgage Loan
- Adjustable Rate Mortgage Loan (ARM)
- Interest Only Mortgage loan
- LIBOR Mortgage Loan
- Home Equity Loan
- Other Special Mortgage Loans
How Your Credit Score Affects Your Mortgage Rate
To start, you need to know what your current credit score is. You should compare that against the average Illinois consumer credit score which is 683. The average national credit score is 677. Your credit score will impact what your home mortgage rate will be. Historically, home mortgage rates have ranged from 5% to over 13%. Illinois and national mortgage lenders create their home mortgage rates by using the Federal Discount Interest Rate (FDIR) and then raising it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, but your credit is a very important factor.
Illinois Mortgage State Laws
Judicial foreclosure is the preferred method in Illinois.
“Power of sale” non-judicial foreclosures are not allowed.
There are two methods of judicial foreclosure that may be pursued: strict foreclosure or foreclosure under the Illinois Mortgage Foreclosure Law. The second method is generally preferred because of the new procedure it allows called “consent foreclosure.” It is a speedier method.
If the property must be sold, it will be sold by sheriff’s auction. The notice of the sale must be published in the county newspaper once a week, for three weeks before the auction.
In July 2005, Gov. Blagojevich signed Bill 4050 in hopes of eliminating the high level of foreclosures Cook County had been experiencing.
The pilot program that the bill proposed was designed to inform potential homebuyers about loans and mortgages, and to prevent them from falling prey to predatory mortgage brokers.
White Collar Crime Supervisor
Everett McKinley Dirksen FOB
219 S. Dearborn Street, Rm 905
Chicago, IL 60604-1702
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