Located just inside the beltway west of Chicago is the beautiful suburb known as Melrose Part, Illinois. Melrose Park means different things to different people, depending on who you ask. For most kids and teenagers, Melrose Park is home to one of the Windy Cities’ best known attractions, Kiddieland Amusement Park. To older folks, Melrose Park has been the home of a large and colorful Italian-American population for generations. Commuting to and from Melrose Park to Chicago is simple thanks to the local train station that stops there. It is no wonder than that Melrose Park is one of the fastest growing parts of both the Chicago Metro area and of all of Illinois. If you already call this great community home, you might be interested in a helpful refinance that could save you hundreds per month on your mortgage payments or maybe a home equity loan that can give you the cash you need to finish those home renovations. If you are thinking of relocating to Melrose Park, you might be in need of a first mortgage. Here is a helpful guide to walk you though the bank loan process.
Refinancing
One way to tell that you have made the right choice when it comes to picking out a lender is the good faith estimate. A good faith estimate is a handy document that is now required by law to be given to every new mortgage applicant. The good faith estimate is just that, a good faith estimate of all of the costs the bank is going to charge you through the loan process. While there may be other small fees that crop up that are not common, the good faith estimate should give you a complete list of everything that the lender is going to ask for during the loan process. If your lender never mentions the good faith estimate, it is a good sign that you are dealing with a sub prime lender that is being less than honest with you. If you can, break off the loan right away and talk to another lender. One thing to watch for, however, is that some lenders charge one fee and call it one thing while another lender may charge the exact same fee and call it something else. If you are comparing good faith estimates side by side to see which lender is charging less, make sure you take this into account. Also, do not base your decision solely on the good faith estimate. Things like terms and interest rates are far more important over the life of the loan.
First Mortgages
If you are applying for your very first mortgage and you are like most people and you do not know much about the bank loan process, the good faith estimate will seem like a gift from heaven. You will find every expense that you will be responsible for listed there, and your loan officer can help you figure out anything else you might be liable for along the way. Lenders know how scary buying a home can be the first time, so they are use to answering questions from people that seem a bit overwhelmed. It is never good to make a pest of yourself, but if you have a series of questions you need to ask, do not be afraid to bother your loan officer once in a while to get some answers.
Home Equity Loans
The thing about home equity loans that confuses so many people is figuring out exactly how much equity they have. This determination is actually up to the appraiser that the bank sends to you home. You do have the right to challenge any appraisal if you feel that it was too low.
If you would like more information on getting a home equity loan, a refinance or a first time mortgage, please fill out the form below and one of our experts will contact you.
