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Illinois Mortgage - What to Expect When Buying a Home in Illinois
Maybe youre buying your first home in Illinois, or perhaps youre relocating to Illinois from another state. Either way, its important that you educate yourself on Illinois home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Illinois:
The price of homes in Illinois varies widely between zip codes. For example, in Chicago, Illinois, the median price of a home in the summer of 2005 was $305,000; however, the median price of a home in Oak Brook, Illinois, was 1.5 million. Overall, the median price of a home in Illinois in 2004 was $179,000.
The rate of job growth in Illinois is lower than the national average, among the lowest in the nation. Additionally, in the last few years the prices of homes in Illinois have been rising faster than personal incomes. However, the rate of foreclosures and bankruptcies in Illinois are lower than the national average. The rate of home appreciation is lower-than, but close to, the average national rate of home appreciation.
Illinois has certain laws that apply to their mortgages. For example, prepayment penalties are not allowed on either ARMs or fixed-rate mortgages with interest rates higher than eight percent. Additionally, Illinois passed a High Risk Loan Act in 2003 in an attempt to counteract predatory lending practices.
While the High Risk Loan Act does not put limits on interest rates and closing costs, it does prohibit the use of certain loan types. Loans with interest rates that exceed the Treasuries securities rate by more than six percent on a first mortgage or eight percent on a second mortgage and loans in which the total points and fees required to be paid by the borrower at closing exceed eight percent of the total loan amount are subject to certain regulations and limitations.
Lenders may make high-cost home loans, but they must abide by certain restrictions. For example, lenders may not collect repayment penalties after the borrower has owned the home for three years, they may not create a repayment schedule that results in an increase in the principal amount owed, and they must reasonably believe that a borrower will be able to make the payments on their mortgage.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Illinois Mortgage Rates and Loans.
More Useful Resource and Updates on bad credit home loans mortgage refinance 2nd
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A hot line has been set up to help Countrywide mortgage holders find out if they qualify to get their home loans reworked.
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Wall Street gyrations and the mortgage market mess are hammering Dallas' high-end home market. Sales of top-priced homes are falling, and the number of costly houses on the market is growing.
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For sale signs, foreclosures, and cash strapped families have become common with the down economy and housing crisis. Seeing home values shrink, many are turning to mortgage modification as a way to relieve some financial stress.
- TD Canada Trust hikes variable mortgage rates, lines of credit (Canadian Business)
TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.
- Bad mortgage settlement includes Ohio (The Cincinnati Enquirer)
Facing a lawsuit over deceptive mortgage practices, an arm of Bank of America Corp. has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, including Ohio, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.
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