Mortgage Brokers of Illinois
NMLS #232324
NMLS #252837
Mortgage Programs
Navigating the complex landscape of mortgages becomes a seamless and informed journey when exploring options on our realtor's website. With a user-friendly interface and comprehensive tools, prospective homeowners can effortlessly find the right mortgage to suit their unique needs. Buckeye Mortgage offers a curated selection of mortgage options, empowering users to compare interest rates, terms, and payment plans. We prioritize transparency, ensuring that clients make well-informed decisions with confidence. Trust our platform to simplify the mortgage search, transforming the dream of homeownership into a reality.
Adjustable Rate
Mortgage
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Adjustable rate mortgages are loans that have interest rates that change on a schedule throughout the length of the loan. When a loan is first established, the interest rate of an ARM is lower than the average market rate at that time. Most commonly, buyers get an adjustable rate mortgage and then refinance when the “schedule” changes or the “fixed” period ends. Why? While an adjustable-rate mortgage initially gives buyers a lower interest rate — that interest rate can and will change throughout the life of your loan.
Other than a plan to refinance in the future, buyers might also choose an ARM loan because they don’t plan on living in their home for very long (shorter than the fixed rate period usually) or they know they’ll earn significantly more money in coming years.
So how does this “fixed rate” period work before the interest rate is adjusted? Typically, the interest rate changes every six to twelve months, but it can change as often as every month! Often, a loan will have a larger chunk of time where it’s fixed initially. So, five years of fixed and then a rate that changes yearly would be signified as 5/1. A fixed loan for three years and then changing every year would be a 3/1 and so on. The most common ARM loan periods are 1/1, 3/1, 5/1, 5/5 (adjusting every five years), 7/1, and 10/1.
Time and money are the key factors for deciding if an adjustable-rate mortgage works for you and we will work with you to make sure we make the best decision.
15-Year Fixed
Mortgage
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Want to own your home faster? Buying a property well within your budget? A 15-year fixed mortgage might be right for you!
A 15-year fixed mortgage offers the same benefits of a 30-year loan — a fixed rate, set monthly payments, etc. but is paid in full in half the time. That means you own your home in 15 years! That also means — your monthly payments are much higher. This may not be a bad thing though for some buyers! If purchasing a home well within budget and with smart financial planning; 15 years can be perfect timing!
There can be minimal interest rate differences also between 30-year and 15-year loans which is another selling point for 15-year loans. While 30-year loans are by far the most popular, it’s worth taking a look at 15-year mortgages. Interestingly enough, the cost at the end of the day between a 15-year and 30-year loan ends up being lower for a 15-year loan because of the double amount of time that the interest has to grow for a 30-year loan.
If one can afford the monthly payments for a 15-year loan — that’s often the best bet. It’s important either way though to look at your finances and future financial goals to decide what length of mortgage is best for you.
30-Year Fixed Mortgage
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Probably the most common of all conventional mortgages: the 30-year loan. Thirty years is a long enough time for buyers of multiple ages to be able to consider the loan and also it makes monthly payments much more manageable!
A 30-year fixed-rate loan is exactly what it sounds like. The length of the loan is thirty years and the interest rate doesn’t change during the life of that loan 1(30 years). These loans are very popular, especially for those looking to purchase their forever home as the life of the loan is so long.
One issue that arises is qualifying for said loans as they’re not under any sort of program. The fixed part of the loan is also hard to swallow sometimes when interest rates are high. However, the stability the loan offers often outweighs the minimal cons!
Because the interest rate for this loan is fixed for three decades, buyers need to do what they can to lower their interest rates as much as possible. The two factors buyers have control over are their down payment and their credit score. So, when buyers are looking to purchase a home and utilize this common loan type, it’s best to put down as large of a down payment as one can afford and work on keeping their credit score as high as possible.
That being said, take time to get prepared and ready to make the best purchase possible and settle into your home and mortgage for the next several years!
Reverse Mortgage
Retrieval
Reverse mortgages are in place for owners ages sixty-two and older. These loans allow owners to pull out the equity in their home to pay off their mortgage sooner — and if there’s money left over, it’s theirs!
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Oftentimes, one’s net worth is largely caught up in their home, and by pulling out their equity in either one lump sum or monthly payments — owners can pay down their mortgage and gain more flexibility.
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Reverse mortgages are a certain type of FHA loan which means they’re backed federally, giving these owners more security. The way it works is that when an owner moves or dies — the reverse mortgage funds go to the lender and whatever is left over goes either to the still-living owner or to their beneficiaries.
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To qualify, owners need about 50% equity in their home to typically secure a HECM (Home Equity Conversion Mortgage) which is the most common type of reverse mortgage. HECM is offered for homes $765,600 and below — homes valued above that require a jumbo reverse mortgage or a proprietary reverse mortgage.
Reverse mortgages can be great options for elderly clients who need more flexibility and we can walk you through every step of the way to see what works best for you!
Do You Qualify?
For A USDA Loan
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Purchasing a home in a rural area
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Low to moderate income
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US Citizenship or Permanent Residency
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Lower debt-to-income ratios or a credit score of about 680
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A steady job
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USDA Loans are for those who are purchasing a home or property in a rural area. These loans can offer up to 100% financing but depend, of course, on the buyer and the home in question!
USDA loans are backed by the U.S. Department of Agriculture. These loans are designed for those who live in rural areas, often with livestock (but not required), and who make a living wage on the low to average side with credit scores in the mid-six-hundreds or higher! Grant money and gifted money can also apply towards buying a home with a USDA loan, which opens even more doors.
97% of the United States is USDA eligible so don’t be discouraged thinking your desired area may not qualify. Rates and loan amounts also change based on where you’re looking to buy as they fluctuate with the market one is looking at.
There are multiple types of loans buyers can apply for under a USDA loan and all fall under three main categories:
Home Improvement Loans and Grants: these can be combined and offer buyers financial help up to 27,500 to upgrade or repair their homes in rural areas.
Direct loans: Geared towards low-income borrowers, these loans have interest rates as low as 1%.
Loan guarantees: The most standard option. The USDA backs loans given by lenders with low-interest rates and low to no down payments.