- IL Loan Products - Interest Rate Buydowns

In an interest rate buydown from IL Mortgage Loan .com the interest rate is reduced for a number of years of the home loan and then it slowly grows to the final interest rate. The reduction that takes place in a 2-1 buy down is 2% less than the final mortgage rate for the first year of the loan and a reduction of 1% for the second year. By the third year the interest rate returns to the final rate for the remaining term of your IL home loan. The 3-2-1 buydown is another variation on the 2-1 buydown and works in the same way but the reduction lasts for a longer period of time. Interest rate buydowns can reduce the amount paid by the borrower on a monthly basis but the payments will increase when the period of reduction ends. Contact your IL Mortgage Loan .com representative to find out more about your buydown options with home loans in IL.

Adjustable Rate Mortgage
Jumbo Loans
Interest Rate Buydowns
Balloon Mortgages

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IL Mortgage Loan .com offers all the information you need to help you in obtaining a home loan or mortgage in the state of IL. IL Mortgage Loan .com is locally owned and operated to ensure you a friendly and hospitable environment, therefore IL Mortgage Loan .com is IL's professional mortgage broker of choice. We are also licensed to provide IL mortgages and home loans, IL jumbo loans, stated income and self employed in IL, IL second mortgages and IL refinance loans, IL fixed rate mortgages, IL Debt Consolidation loans, and home mortgage loans in IL.

- We Help those who have trouble Stating Income

Stated income home loans allow those who are self employed or do not have documentation of their earnings, to state a wage and qualify for a mortgage based on that stated income. The advantages of a stated income loan are that the borrower does not need to verify income and approval is generally faster than with traditional home loans. The disadvantages of this type of loan are that interest rates and the required down payments are often higher than with traditional home loans. Call one of our mortgage professionals at IL Mortgage Loan .com to find out if a Stated Income Mortgage is the right option for you and your needs.

More Stated Income Information

- Real Estate for IL

At IL Mortgage Loan .com we offer mortgage and real estate in these areas listed, we work for the whole state of IL, so if the area you are searching for is not on the list below then call one of our mortgage and real estate experts at IL Mortgage Loan .com for more information.

Chicago Real Estate
Springfield Real Estate
DeKalb Real Estate
Rockford Real Estate
Schaumburg Real Estate
Evanston Real Estate
Aurora Real Estate
Lombard Real Estate
Oak Brook Real Estate