Is Arlington Heights the place for your new home? Or are you just thinking about refinancing your current home? Perhaps you’re looking for a home equity loan. This is the place to start your search with one-stop loan shopping.
If you already have a home here, you know that Arlington Heights is a great place to live and work. If you’re looking to relocate, then let us give you a snapshot of this super community only 25 miles from downtown Chicago . Located in the desirable Northwest suburban corridor, Arlington showcases a growing downtown skyline, expanding shopping areas, and new office parks.
Even though Arlington Heights has a large population, the village still boasts many of the charms that come with a small town. People stay in their homes for decades, are loyal to local merchants and have a sense of community spirit.
Arlington Heights also enjoys a strong business community, which offers a vibrant economic climate. Downtown merchants work together to make the area appealing to shoppers. Business associations on the North and South ends of town provide support. Arlington Heights boasts about 50,000 jobs, so if you’re looking for a new career along with your new home, you’re looking in the right place.
Whether you want to find a new home loan, refinance your current home, or take out a home equity loan, it is important to find the best loan possible. Here are some simple questions that you can ask your lender to help you get the best deal available:
What interest rate can I get? This may be the most important factor in choosing your loan. The interest rate directly affects your monthly payment and the term length of your loan. Getting a lower interest rate can make a big difference in the affordability of your home.
Will the interest rate stay the same? An adjustable rate mortgage can be wonderful for getting you into your new home or lowering your current payments, but remember that your interest rate will change. It’s important to know how often and how much the rate will adjust. Many mortgage and refinance loans have an initial period where the interest rate is fixed, but be prepared for when the rate – and therefore your payments – will change.
How much are the closing costs? Find out exactly what you will be charged for at closing well before it comes time to sign any papers. Be sure to get this in writing, with a detailed listing of all fees. If some of these costs won’t be certain until closing, be sure to get an estimate and be aware that the final amount may adjust.
What are the fees that I will be charged before closing? Some lenders charge various fees, including an application fee, credit report fee, appraisal fee, processing fees, and document preparation fees. You can negotiate many of these fees, and it’s important to know exactly what you are paying for. Ask about them in advance.
Is there a penalty for prepayment? Sometimes lenders require a penalty if you pay your mortgage off early. Find out if there is such a penalty and how much it is. Keep in mind that this fee applies even if you decide to refinance.
Can I lock in the interest rate? Interest rates vary on a daily basis. If you are concerned that interest rates might rise before your loan closes, you may be able to pay an extra fee to lock in the current interest rate. In some cases, you may even be able to negotiate this fee and lock in without it.
Is the Good Faith Estimate (GFE) guaranteed? Lenders must give you a good faith estimate of all the fees involved in your loan. However, there is often no guarantee that it won’t change. Luckily for you, the market for mortgage, refinance, and home equity loans is competitive. That means that some lenders will guarantee the GFE. Get a guarantee if you can. If you can’t get a guarantee then find out exactly which fees are subject to change and why.
Is there a yield spread premium (YSP)? The YSP is a fee the lender pays to the loan officer as a commission. It is included in your costs and will be listed as a fee at closing. This is another cost that you can negotiate if you know how much it is. Ask up front if your lender charges a YSP and how much it will be.
How long will it take until closing, and what might delay things? You are taking a big step when you take out a mortgage, refinance your home, or apply for a home equity loan. Be sure to ask how long the process will take and be aware of how this might affect your plans. Also, find out what unexpected delays might arise.
We want to help you find the best mortgage, refinance or home equity loan available. All you have to do is fill out the form below, and a broker will contact you soon to discuss your individual home financing needs.
