When obtaining a home loan, you’ll receive two important documents from your lender: a loan estimate and a closing disclosure. On the surface, these documents are very similar, but they both serve different purposes. Here’s what you need to know about the differences between these two forms and what each means for you:
New Plan for Refinancing Your Mortgage, Illinois
Recently FHA came out with a new plan for individuals who are interested in refinancing their mortgage in Illinois, specifically for FHA Streamlines. However, this plan will not help everybody; only the people who meet the requirements. This will not benefit anyone who has refinanced their mortgage in Illinois recently.
Even though rates are at an all-time low, most FHA homeowners are not able to refinance their mortgage in Illinois. The high mortgage insurance cancelled out the advantage of a low rate. This new program solves this problem, however only for individuals who have closed a loan before June 1, 2009. This eliminates anybody who has bought with FHA in the last three years.
If you feel you may qualify for this new program, don’t hesitate to contact a Cornerstone professional. We will answer any questions you have and find the best option for refinancing your mortgage in Illinois. Visit our website or call us today; we are here to help you any way we can with your financing needs. Don’t feel discouraged if you do not meet the requirements for this new plan. We will help educate you on options that fit your individual financial situation.
Cornerstone is ranked 64th fastest growing mortgage banker in America according to Inc. 500/5000 List. Cornerstone professionals average 15+ years of mortgage experience. They are licensed in Missouri, Illinois, and California. Contact us today so we can help find the right loan for you.The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.