Why a 15 year mortgage?
- Fixed monthly payment
- Pay less interest
- Pay home off faster
Why United Home Loans?
- Local to Chicagoland
- Work with a dedicated loan expert
- Independent, family-run firm
What are People Saying?
- "Don't mess with other companies."
- "UHL makes mortgages stress free."
- "Every employee is attentive."
What is the conventional 15-year fixed mortgage limit in the Greater Chicago area?
Effective January 2017, the limit for a conforming or conventional loan (Fannie Mae or Freddie Mac) for a one-unit property in the Greater Chicago market is $424,100. The loan limit does not vary by loan program.
When is a 15-year fixed loan the best option for me?
This is the best option if you can afford the higher fixed monthly payments, and want to pay off your loan balance at a fast pace. Make sure you do not need to free up monthly cash flow for expenses such as tuition, investments or other debts.
When is a 15-year fixed not the right choice?
If you are purchasing your first home, you need to be absolutely certain you can afford the higher payments for the life of the loan. Also, make sure you look several years down the road as well. Do you plan on having children and possibly going from two wage earners to one? Do you earn variable income such as bonus or commissions that could be lower in the future? If there is any doubt, go with a 20 or 30-year fixed which offers a lower fixed payment. You can always pay extra if you have it.