Chicago Mortgages

Written by Beth Hrusch
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In the Chicago area, there are many lenders who provide mortgages for every type of need and situation. Even those with bad credit can usually be accommodated. Chicago lenders have the expertise to handle any kind of home loan as well as make sure that a borrower with special needs gets the right loan for the situation. This could apply to the person who needs a jumbo loan or one who can't get financing due to past credit troubles.

The Right Chicago Mortgage

There are many choices in home mortgages, some of which are not well known. A Chicago mortgage company will know the law regarding home lending and will be able to present options that fit each situation. For example, an elderly person may want to consider a reverse mortgage, in which the loan is paid with the equity in the home. This type of loan is not paid back as long as the person lives in the home, and only comes due upon the borrower's death, sale of the home or if the borrower moves out permanently.

Another type of mortgage is the jumbo loan, in which the loan amount is above conventional loan limits. Currently, the limit set by Fannie Mae and Freddie Mac is about $360,000. If additional money is needed, it is considered a jumbo loan. A Chicago lender can also tell you which mortgage term is more advantageous. A 30-year mortgage will usually have a higher interest rate than a 15-year mortgage, but there are many factors to consider.

A Chicago mortgage company is the best resource for local lending needs. A Chicago lender will know the state laws governing mortgages, and the rights and responsibilities of both parties. Another option is a Chicago broker, who can also find the right lender for your needs and help you navigate an area in which many people lack the expertise to go it alone.

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