VA Certificate of Eligibility

The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 4-1/4 percent.

Finding Low-Rate Mortgages in Illinois

Perhaps you've chosen Illinois as your home state because of its rich culture and history. Or maybe you've always been a Windy City native. Whatever the reason, when you're on a mission to secure home financing, you're looking for the best deal possible.

Finding the best mortgage or mortgage refinance in Illinois can be challenging. Although you might search high and low for mortgage information, you'll find everything you need at Mortgageloan.com, including: informative articles, mortgage loan rates, mortgage calculators, and contact information for Illinois brokers. Here are some general pointers to get you started:

· It's essential to understand the amortization of your prospective mortgage loan. Amortization refers to how the debt balance is reduced over time.

· A mortgage can have a low monthly payment if the interest rate is low, or if the payment isn't reducing the loan balance.

· The annual percentage rate (APR) helps you compare mortgages that have different closing costs.

Home equity loans in Illinois

Existing homeowners who need to raise cash for a one-time expense might look into home equity loans and refinance mortgages. Home equity loans are fixed-rate second mortgages. In Illinois, home equity loan rates will be higher than mortgage refinance rates. If you have a low-rate first mortgage, however, a home equity loan still might be a better choice than a mortgage refinance.

Illinois adjustable-rate mortgages

Adjustable-rate mortgages (ARMs) in Illinois are characterized by a low, fixed interest rate that later resets to a variable rate. The rate is tied to a benchmark financial index and moves up or down with macro-economic trends. ARMs might be best for self-employed borrowers whose income fluctuates with the economy, or borrowers who need a low payment in the first one, three, or five years of the loan.

Comparing Illinois mortgages

You can find qualified Illinois brokers in our broker directory. Be willing to consult with several so that you have a few different offers to compare. Prepare for these consultations by considering the following:

· How much loan you can afford. This is more complicated than it sounds, because how much you can afford depends on what type of mortgage or refinance you're considering. If you aren't sure, visit our mortgage calculators to test different mortgage rates, amounts, and loan types.

· How long you plan to own the home. This could determine whether an ARM is more appropriate than a fixed-rate mortgage (FRM), or vice  versa.

· Any potential changes to your income level.

You'll also benefit by knowing how market rates differ for the various loan types. For example:

· ARMs usually start with a lower rate than FRMs.

· Second mortgages have higher rates than refinances.

· Mortgages with shorter amortization periods have lower rates than the same loans with longer amortization periods.

You don't have to be a mortgage expert-a good lender should walk you through your options. But knowing more makes you better equipped  to make the right decisions.

If you have questions or would like to apply for a home loan, contact Zech Gilbert:  630 788-6081 or email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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BUSH ADMINISTRATION ANNOUNCES $44.1 MILLION IN HOUSING COUNSELING GRANTS TO NEARLY 400 NATIONAL, STATE AND LOCAL AGENCIES

WASHINGTON - Approximately 700,000 families will have a greater opportunity to find housing or keep the homes they have because of more than $44 million in housing counseling and counseling training grants announced today by Housing and Urban Development Secretary Alphonso Jackson.

Housing counseling grants will assist families in becoming first-time homeowners and remaining homeowners after their purchase. Renters and homeless individuals and families will also benefit from the counseling offered by the grants. These grants, totaling over $41 million, were awarded to 19 national and regional organizations and nearly 370 state and local housing counseling agencies.