Monday, September 10, 2012

Common Mortgage Mistakes in Illinois

With so many home loan products available, choosing the right mortgage as an Illinois home buyer can be a challenge. It’s a good idea to work with United Home Loans so we can ask you all the right questions to determine your financial goals and tailor a home loan program that meets those needs. When choosing a mortgage in Illinois, there are many variables to consider, such as how long you will stay in the home and how much capital you need to fund other goals.

One of the biggest errors consumers make is choosing a mortgage that qualifies them at a lower interest rate without taking into consideration what the payment will be when interest rates move upward. The higher payment may be more than they can afford, which can lead to an array of long-term financial issues. Another common problem is choosing a fixed rate loan when your plans don’t require one. A first-time home buyer in Illinois, for example, who only expects to stay in his or her home for three years, might look for a 3-year adjustable loan that is fixed for the first three years. The lower payments will help them save for their next home or some other goal.

As a top home loan lender in Illinois, United Home Loans is committed to helping you make the best possible decision when choosing a mortgage product and asking you all the right questions to ensure your success. If you’re interested in an Illinois home loan or getting a Free Illinois Mortgage Quote, contact us today to speak with one of our experienced mortgage professionals.

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