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Today’s Raymond, Illinois Mortgage Rates
Refinance Rates in Raymond, IL
30-Year Fixed Rate
Rate 5.25%
APR 5.292%
Points 0
30-Year Fixed Rate FHA
Rate 4.75%
APR 5.483%
Points 0
30-Year Fixed Rate VA
Rate 4.875%
APR 5.104%
Points 0
Rates based on a Loan Amount of $315,000, Loan to Value (LTV) 70%, Credit FICO Score 770
Home Purchase Rates in Raymond, IL
30-Year Fixed Rate
Rate 5.25%
APR 5.281%
Points 0
30-Year Fixed Rate FHA
Rate 4.75%
APR 5.483%
Points 0
30-Year Fixed Rate VA
Rate 4.875%
APR 5.025%
Points 0
Rates based on a Loan Amount of $315,000, Loan to Value (LTV) 70%, Credit FICO Score 770
Here’s what happens next
Step 1
Answer a few questions
Just enough to get you a free quote.
Step 2
Connect with your consultant
Find the best available options.
Step 3
Fast Mortgage Closings
Closings in under 22 Days.
APR vs Interest Rate
- Interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage
- APR is the annual cost of a loan to a borrower — including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as mortgage insurance, most closing costs, discount points and loan origination fees.
Why the difference? The APR is intended to supply the borrower with a more information. Considering the APR is more effective when buying a home or refinancing. The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan. These fees can include broker fees, closing costs, rebates, and discount points. These are often expressed as a percentage. The Federal Truth in Lending Act requires that every Raymond consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. (Remember, though: Your monthly payment is not based on APR, it’s based on the interest rate on your promissory note.)
Shopping for a Raymond, IL Mortgage
When shopping for a Raymond mortgage it is important to research your options. Before a consumer even begins the process, checking a companies ratings and reviews can save a lot of time. Consumers also agree it can be reassuring to work with a local Raymond, Illinois company. Going local gives the opportunity to meet face to face with a licensed Mortgage Consultant. Easy to use online mortgage technology should also be an available option. Online applications, secure document uploads and electronic signatures make the mortgage process simple.
It’s important to evaluate interest rates, APR’s, closing costs and upfront fees when comparing mortgage offers. After applying, the loan estimate supplies consumers with all of these details in writing. Always be aware of companies asking for upfront fees. Companies asking for upfront fees in order to lock a Raymond mortgage should be avoided. Lenders and banks often use this tactic in order to make a consumer feel trapped and upfront fees are often non-refundable.
Being prepared, It’s a great idea to gather all of your personal documents before starting your Raymond home loan. Having your documents together will save you and your mortgage consultant a lot of time. Remember, everyone is working towards the same goal, getting consumers into their new Raymond home or refinancing them quickly. Lastly, it’s always a good idea to work with a company that is local and has in house processing. This can save the headache of having to deal with multiple people throughout the loan. Working local and one on one with the same person gives consumers peace of mind.
Wholesale Mortgage VS Retail Mortgage
Consumers are easily persuaded by corporate advertising, often billion dollar corporations tied to retail banks and or lenders. Corporations make millions each year selling retail mortgage rates, upfront fees and even worse charging excessive closing costs. A major distraction that can easily be diverted by comparing Raymond mortgage quotes. A retail quote comes from big name lenders or banks, wholesale quotes comes from local Raymond, Illinois mortgage brokers like Smart Mortgage Centers. The wholesale broker is able to shop for the lowest Raymond mortgage rate, offer discounted pricing, no upfront fees, and no closing cost options. Even more appealing, wholesale brokers work side by side with consumers from start to finish. Another benefit would include a wide variety of programs, lower credit score options and even finding alternative ways to lend. No matter what your situation, always entertain the idea of getting a quote from a Raymond mortgage broker.
Raymond, Illinois Mortgage Programs
Types of mortgage programs available to Illinois home buyers and those looking to refinance.
620 Credit Scores required with a minimum of 3% down. Conventional loans offer low mortgage rates.
FHA Mortgage Programs
580 credit scores required with 3.5% down payment. FICO scores under 580 can qualify with 10% down. Easier qualifications for less than perfect credit.
VA Mortgage Programs
The VA mortgage program is excellent for service members looking to buy a home with NO money down.
USDA Mortgage Programs
Buy a home with no money down just outside of major cities.
Private grant programs offer consumers help with the down payment for a new home.
Non QM Loans (Alternative Lending)
Bank statement programs, ITIN programs, Foreign National Programs. Finding alternative methods for home buyers.
Manufactured Home Loan
Programs for factory built homes on a permanent chassis, and generally come in single or two-section units.
Rehab Loans
For new home buyers or those looking to refinance. Finance simple upgrades, remodeling or more complex renovation projects, and everything in between.
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