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Today's Current Illinois Wisconsin Minnesota Florida
Mortgage Rates
January 27, 2012
Current Illinois, Minnesota, Florida and Wisconsin
mortgage rates are updated daily on our website and our
blog. Rates are updated between 9:00 AM and 10:30 AM CST
Monday through Friday and are effective from the time
published until 5:00 PM CST.
We quote conventional 30, 20, 15 and 10 year fixed
rates, jumbo, ARMs, USDA Rural Housing, VA, FHA mortgage
rates and FHA 203k for all of Wisconsin, Illinois,
Minnesota and Florida including major cities such as
Chicago, Streamwood, Waukegan, Carol Stream, Mount
Prospect, Minneapolis, Bloomington, Eden Prairie, Eagan,
Mankato, Panama City, Gainesville, Pensacola, Tampa,
Fort Myers, Tallahassee, Kenosha, Sun Prairie, Appleton
FHA loans rates, Green Bay, Pewaukee, Waukesha,
Brookfield and Madison.
How to shop mortgage
rates
Mortgage rates trend as of 01/27/2012:
Steady
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VA Joint Loan Options
January 25, 2011
Many couples choose to use only one certificate to buy their first home and reserve the other VA certificate for a larger home purchase later on. If the spouse does not co-sign on the loan then they most likely will not be held responsible for the loan. This is not true in states that observe community property laws like Wisconsin.
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2012 USDA Rural Housing Income Limits Published
January 20, 2012
The USDA has announced the income limits for the Guaranteed Rural Housing (GRH) Program have changed effective January 18, 2012. Since 2009 income limits are based on a two tier income structuring consisting of a 1 – 4 member household and a 5 – 8 member household which replaced the 1 – 8 person structure in 2008.
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entry »
Is a No Cost Refinance Loan Right for You?
January 13, 2012
Some lenders advertise their “no cost refinance” mortgages all over the place in an effort to entice people to apply for a home loan. While it is possible to get a loan in which you do not pay for the closing costs, you will pay more in interest.
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entry »
Education Moment: Everything Escrows
January 09, 2012
If you have a mortgage, chances are you’ve heard this
term but may not have a full understanding of what it
entails and their role in your mortgage loan. An escrow
account is a type of account a lender may or may not
require for your loan. It is used to manage a borrower’s
taxes and insurance payments to help mitigate risk to a
lender. If you have an escrow account, a lender will
simply take your last year’s tax bill and insurance bill
and divide by 12 and add that to the required principal
and interest payment as well as mortgage insurance if
applicable.
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entry »
Are there really that many homes that qualify for USDA
funding?
January 05, 2012
Since the term “rural” is often used to describe the USDA mortgage program many individuals wrongly assume that only the properties located 50+ miles from any type of city will qualify. However, this is terribly wrong.
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entry »
Thank You and Happy New Year!
December 30, 2011
We at Inlanta Mortgage would like to say thanks to you,
our customers. Based upon the events of this past year
it is apparent that people have a variety of needs when
it comes to mortgages. And we want to remind you that we
are still here for you regardless of your needs. Whether
it is a purchase or refinance, a home equity line or a
second mortgage to consolidate debt we have the
resources to help you out.
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entry »
FHA Streamline Refinance is a Good Option
December 27, 2011
What about people who are not loaded down with lots of
extra equity? The FHA streamline refinance is still a
good option. It is possible that this program will not
require a new appraisal, which saves the borrower in
costs. It also does not have the same requirements for
documents, which means less paperwork.
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entry »
FHA 203k: Not Just a Purchase Loan – Refinance Options
Available!
December 20, 2011
Many mortgage companies and banks are advertising their
low rates for FHA 203k purchase loans. There is no doubt
that for people looking to get a home in need of some
modest repairs and updates the FHA 203k is a great
financial move. However, that loan is not a purchase
only type of mortgage. It can also be used for people
who currently own a home and would like to refinance to
a low rate while getting a small amount for some
renovation projects.
We offer FHA 203k loans in Wisconsin, Illinois,
Minnesota and Florida.
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entry »
Most Customers Happy with Reverse Mortgages
December 12, 2011
Between the years 1990 and 2010 over 650,000 people
signed up for a reverse mortgage. The good news is that
the AARP conducted a survey and found that more than 92%
of the customers were happy with the decision. Other
studies have shown similar satisfaction with this type
of loan and that most people are more than happy to
recommend it to their friends.
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Which is better: A Jumbo Loan or an FHA Mortgage with
New Higher Limits?
December 08, 2011
Jumbo mortgages have always been a special situation for
most lenders and borrowers. The rules for the loans are
typically more stringent than other types of loans. And
the deal is much larger than a typical loan, making the
considerations for the borrower a much more important
discussion. For several people, the 5/1 Adjustable
mortgage (ARM) has often been the standard.
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entry »
USDA Raises Upfront Guarantee Fee for Refinance
Transactions
December 05, 2011
EFFECTIVE Wednesday, December 7, 2011: The upfront
guarantee fee for all refinance transactions will
increase from 1 percent to 1.5 percent at this time.
This increase to the upfront guarantee fee for refinance
transactions will make over $1.1 billion dollars in
refinance commitment authority available to eligible
homeowners. Interest rates continue to remain at very
low levels affording responsible homeowners the
opportunity to refinance their existing Single Family
Housing Guaranteed loan, resulting in lower monthly
payments.
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entry »
Is the Mortgage Tax Credit Going Away?
November 30, 2011
The financial crisis of the past few years has left an indelible mark upon most parts of society. Lawmakers are faced with the largest national debt in the country’s history. Although mortgage interest rates are at all time lows home sales are still sluggish. Cuts are coming to all parts of the government and some members of Congress are wondering if the credit for mortgage interest should be eliminated.
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entry »
VA Funding Fee Explained
November 23, 2011
The VA funding fee is intended to enable the veteran who
obtains a VA home loan to contribute toward the cost of
this benefit, and thereby reduce the cost to taxpayers.
I’d also like to add that a veteran can use their home
loan benefit more than once but may be required to pay a
higher funding fee for subsequent use. First and second
time users who make a down payment of at least 5 percent
or more will pay a reduced funding fee.
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entry »
Make Small Home Improvement with a VA Interest Rate
Reduction Loan
November 15, 2011
The Veterans Administration
(VA)
has offered the Interest Rate Reduction Refinance option
(IRRRL) for several years. The loan is touted as a way
to streamline a refinance of an existing VA loan. The
vast majority of the time homeowners choose this option
to lock in a lower rate than their current loan. But
there are often overlooked features of this loan that
can help veterans make small improvements to their home.
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How Does a Conventional Loan Work?
With all the talk about FHA, VA and USDA loans people
may be surprised to find that conventional loans are
still the majority of all loans currently in the market.
People that meet the conventional loan requirements are
still savvy about interest rates and stay alert to the
changes in the market. But what is a conventional loan?
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How the New, Lower Mortgage Rates will Impact Customers
October 26, 2011
The Federal Reserve recently made an unprecedented
announcement that the current mortgage rates that are at
an all time low will not be changing any time soon. The
basic message was that the fed has no intention of
raising rates and inhibiting new mortgage loans.
How will this impact the majority of consumers? First
and foremost it is a slight indication the powers that
be feel the economy will take considerable time to
rebound. Slow growth means that jobs will also be slow
to return.
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»
Top 3 No Money Down and Low Down payment Mortgage
Options
October 20, 2011
Purchasing a home is becoming an easier task compared to
just two years ago. At the peak of the housing crash
bankers and mortgage brokers struggled to get any loan
approved. The good news is that certain loans are still
open to qualifying borrowers who do not have money for a
down payment.
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»
If You Are Looking for a Mortgage with No Down Payment,
Drive Outside the City
October 14, 2011
Any home secured by a USDA loan must be located in an
area labeled “rural” by the USDA. In addition the
borrowers must meet certain requirements. Their income
cannot be greater than a benchmark level for their area
and they usually need a credit score of 620 or above to
qualify.
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»
First time home buyer – Understanding Home Owner’s
Insurance
October 11, 2011
For the first time home buyer there is a lot of
information to learn and understand before signing a
mortgage. One item of importance is the home owner’s
insurance policy. Getting this right will not only help
you on your monthly payments but can also provide you
great protection in the event of a natural disaster or
some other event.
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entry »
Items to Consider for First Time Home Buyers
September 30, 2011
First time home buyers or people who have either lived at home or rented for a few years are usually shocked at some of the expenses associated with owning a home. This is not intended to discourage people from purchasing a home. Rather this is a concerted effort to properly inform people of some of the unexpected items that come with owning a home.
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The Benefits of Conventional Mortgage Insurance versus
FHA Mortgage Insurance
September 27, 2011
If a potential home-buyer is interested in obtaining a
loan with less than a 20% down payment they have a few
options. The minimum requirement for down payment with a
conventional loan is 3% or 3.5% for a FHA mortgage. When
a buyer looks at these options, they will wonder why not
always use the 3% down option, its cheaper right? That’s
exactly correct considering there isn’t up front
mortgage insurance on a conventional loan and a buyer
could get into the home for less down payment.
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The Push for No Money Down Mortgage Options
September 26, 2011
Real Estate agents are campaigning across the country to keep down payments low. The National Association of REALTORS® (NAR) is using a decorated bus to tour various cities in an effort to build up grassroots support of no money down mortgages or low down payments.
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Property Condition Information for FHA, VA and USDA
Loans
September 13, 2011
When purchasing a home with one of these loan programs
it’s important to understand that a lender is taking
higher risk because of the lack of down payment. They
are going to be a little more strict on the condition of
the property being purchased. When we take your
application for this type of loan we will ask questions
to you and your realtor to make sure the property is
eligible. The bottom line is that lenders do not want to
finance a property that has major issues that could
cause the borrower financial strain. It greatly
increases the chance of them defaulting on the loan or
walking away from the property all together if problems
arise.
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USDA Rural Housing Refinance: Program Information
August 11, 2011
This program is for those that already have a
USDA Rural Development Loan in place. The USDA Refinance is designed to lower the interest rate on a current USDA mortgage and is only available with 30 year fixed rates. Generally, these refinances are streamlined and can be done with ease. In some cases we won’t need an appraisal if the borrower is willing to pay their closing costs out of pocket.
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Setting up a Realistic Budget for a Home Purchase
July 11, 2011
First time home buyers
usually start searching for a home with wide eyes and
big dreams. Dreams are great and should be pursued with
great gusto. But this does not mean that people should
get a house at the very end of their income. Here are
some guidelines for setting up a budget for that first
home purchase.
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