Homewood , Illinois is a quiet suburban town offering many educational, cultural, and recreational facilities. It is a small, friendly hometown that has many of the luxuries of a large city. Homewood is situated 25 miles south of the Chicago Loop with its cultural, commercial, and educational opportunities.
Homewood has a nationally acclaimed high school district and parochial school options. It is conveniently close to nearby Prairie State College and South Suburban. Governors State University is also easily accessible by automobile or public transportation.
The local Parks and Recreation Department here offer special activities for all age groups. These activities include racquetball and fitness clubs, an ice arena, a local community center, and many parks, including two swimming pools.
Outdoor activities include picnicking, birding, participating in league sports, or walking along the five miles of beautiful, scenic trails at the local preserve. There are ancient sand dunes, woodlands, native prairies, fishing lakes, and wetlands to explore.
Are you looking for a mortgage, refinance, or home equity loan in Homewood, Illinois? If so, then we are here to help. You can begin by looking some of the basics you need to get your loan. Finding a good lender might be the best way to start.
Choosing a Lender
In order to choose the right lender, you should look for someone who is willing to review the different types of home loans available to you. Fixed rate loans and adjustable rate loans are those most commonly used. The fixed rate loan offers you an interest rate that is set and doesn’t change. If you are expecting your current income to remain the same, this may be the loan that will be right for you. Of course, you may need more choices when it comes to monthly mortgage payments. You many also need a way to get established in your new home with a lower interest rate. You might even be expecting your income to rise in the near future. In any of these cases, an adjustable rate loan may be a better bet. Your lender should be able to review your situation with you and offer some options.
Documentation
To qualify for your loan and even to determine which loan may be best suited for your situation, the lender will need some paperwork from you. Be prepared to show your last two years of federal tax returns. These are used to establish your household income. You will also need your last two years of W-2 or 1099 forms to show the lender a steady work history. Finally, you need the last two months of bank statements, cancelled mortgage or rent checks, and pay stubs. The lender will also be running a credit check.
Closing
If all goes well and you are approved for the loan that you are looking for, on the day of your closing, you will have to provide a check for the down payment and closing costs for your loan. If you are refinancing or getting a home equity loan, you may not need to provide any money at the loan closing. Either way, you will have a lot of papers to read over and sign. You will get a HUD-1 Settlement Statement that will look much like your Good Faith Estimate. The costs listed are now final instead of just an estimate. You will be signing a Truth in Lending Act statement if you have not already done so or your APR has changed. You will also be signing the mortgage note, which is your written promise to repay the lender.
The loan process can be complicated, which is why a good lender can help you. If you are looking for a new mortgage, refinance, or home equity loan in Homewood, Illinois, we would like to help you. To begin today, just fill out the short form below.
