Illinois Mortgages

Written by Beth Hrusch
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Illinois home mortgages come in all shapes and sizes, each designed to meet a specific financing need. Lenders familiar with state law regarding lending practices can assist borrowers in finding the right loan. A wise borrower, for his part, can research and prepare all necessary information before applying for a home mortgage, and online resources, as well as electronic applications, can make the process quick and easy.

Illinois Mortgage Companies

State law regulates the lending costs incurred with taking out a home loan. Predatory lending laws protect the borrower from high-cost loans by placing a limit on the fees that can be charged. Illinois mortgage companies and brokers are aware of these restrictions, but the consumer should read the law and go into the transaction armed with the facts.

If the Illinois borrower is interested in a commercial or investment loan, there are creative programs that assist in community development projects, particularly ones that involve the hiring of local workers. Illinois commercial loans allow the investor to borrow up a certain percentage of the value of the property being mortgaged.

Home loans, FHA, VA, refinance and reverse mortgages are example of loan programs and products that Illinois lenders offer to both residents and non-residents. The key to finding the right loan is in doing the research on Illinois lenders at their websites, or by talking to loan officers in the area. Illinois is a key state in the mortgage industry, and is at the forefront of lending law and the development of new loan products that benefit all consumers.

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