In the market for a mortgage, refinance loan, or home equity loan in Northbrook, Illinois?
Your First Step
Your first step is to find a loan officer who will guide you through the loan process. This process will go smoothly if you have a knowledgeable loan officer who you trust with your personal and financial information and who will be available when you have questions. After you find a loan officer to work with you can begin the loan process.
The Loan Process
You will be given a loan application to fill out. You will have to submit pay stubs, tax records, current housing costs, credit history, and information regarding other assets you may have. A Verification of Employment form will be sent to your present and past employers. This will show your job stability for the past two years. A Verification of Deposit form will be sent to the banks you have accounts with to show how well you handle your money. This information along with the loan application will allow the loan officer to determine how much money you will be able to borrow, what interest rate you can get, and the duration of the loan.
Do not be impatient. It takes time to obtain all this information and process it. Keep in contact with your loan officer. If there is a need for extra information or anything that will help speed up the process, you will be informed.
Closing
After you have been approved for your loan, your loan officer will set up closing. You will need to prepare for closing. At this meeting you will need to be able to pay the down payment and any closing costs. This exact figure will be available to you a few days before the meeting to allow time to obtain a certified check. You will be asked to sign multiple documents. Be sure to double check these documents and ask questions if you don’t understand them. Make sure you are not rushed
Refinance Loans
Existing homeowners in Northbrook, Illinois have options when it comes to their financial needs. One of these is to obtain a refinance loan. If the current interest rate is lower than what you have on your existing mortgage, then now would be a good time to refinance. This lower interest rate will lower your mortgage payment. A refinance loan actually replaces your existing mortgage. This means you will go through the same loan process as you did in the past to obtain a loan. Refinancing can be done even if you have refinanced in the past.
Home Equity Loans
Another option for homeowners in Northbrook, Illinois is a home equity loan. If you have lived in your home for a period of time you can use the equity you’ve earned to borrow money. You can choose between receiving a lump sum or a line of credit. You will only pay interest on the amount you borrow. This low interest fixed rate loan usually has a term of 10-15 years.
Celebrate!
If your loan was for a new home, you will receive the keys, the sale is final, and it is now time for you and your family to get ready to move. If your loan was for a refinance loan or a home equity loan, you will now have money available to help pay off credit card bills, medical bills, education costs, remodeling or repair of your existing home, a family vacation, or even a new car.
Contact our office today to discuss your lending needs with one of our experienced loan officers. We look forward to working with you.
