Illinois Mortgage Rates by Community

Learn About the Illinois Assist Program

                  For first time home buyers, there is a great new program called the Illinois Assist Program. This program is great news for first-time buyers and is a grant that does not have to be paid back, which gives money back at closing towards your down payment and closing costs. If you qualify, you can get up to 5% of the loan amount back, which can be a huge amount. Qualifications for the Illinois Assist Program There are some strings attached – it is not available everywhere in Illinois, but is in a number of areas in the Chicago area: including Cook County, Kendall County, and a number of cities such as Naperville, Schaumburg, and Aurora. There are income caps for the buyer, but they are still relatively high so there is room for you to buy, and there is a cap…

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Average U.S. Mortgage Rate Drops This Week

The average rate for a fixed mortgage in the U.S. fell, yet again, this week making it the fifth week in a row for the drop. Although the home-buying season for spring has gotten off to a slow start, the low rates might just help. On Thursday this week, Freddie Mac said that the “average rate for a 30 year loan came down to 4.12 percent from 4.14 percent last week. On a 15-year mortgage, the average rate dropped to 3.21 percent from 3.25. With Spring in full swing, the warmer weather actually has yet to increase home sales as it usually does. The higher interest rates and rising prices that began mid-2012 made home sales an unattractive market for potential home buyers. However, we find that there are actually less homes with available to purchase with new construction redirecting their focus from single-family homes to rentals. The price of…

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Some Things to Avoid Before Closing on a Mortgage

Once you’ve been pre-approved, you are ready to buy as long as there are no major changes in your financial situation. These are some things you need to avoid before you’ve closed on your new home. Don’t buy or lease a car – Unless you have to, it’s better to put off any big purchases until after you’ve closed on your new home. A large increase in your debt-to-income ratio could be a problem. If you have to buy something, call your loan officer before making any major purchase so they can see how this will affect your mortgage approval. Don’t move assets from one bank account to another – If you do, we will need to have a paper trail to document the source of funds for each new account or large deposit. If you want to consolidate accounts, it’s better to wait until after you have closed. Either…

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Illinois Mortgage Rates by Community – Aurora Mortgage Rates and Aurora Real Estate Profile

This is one in a series of Illinois Mortgage Rates by Community profiles and a look at how the real estate market is holding up in the community. Aurora Illinois is both a far west suburb of Chicago, and the second largest city in Illinois.  The town has grown to 171,000 people, and now is spread into parts of 4 counties, Kane, Dupage, Will and Kendall, anchoring the Fox River Valley. Aurora was at one time a thriving industrial city, but it fell on hard times in the sixties and seventies. It’s revival came about as a result of the suburbs spreading westward, with new subdivisions and housing developments sprouting up past Dupage County and into what was once considered the far reaches of the Chicago area. The downtown area is now benefitting from the Hollywood Casino, and the recently restored Paramount Theatre. Aurora is home to the Fox Valley Shopping…

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Glen Ellyn Mortgage Rates and Glen Ellyn Real Estate ProfileGlen Ellyn Mortgage

This is one in a series of community profiles and a look at how the real estate market is holding up in the community. Glen Ellyn, Illinois is an affluent suburb of about 27,000 people near the center of Dupage county, in Chicago’s western suburbs. Glen Ellyn was once known as a resort town, back in the late 1800s, when a hotel was built alongside picturesque Lake Ellyn. The hotel is long gone and Glen Ellyn is no longer a get away destination, but the town has retained its charm. The tree lined streets of its down town area showcase stately older homes, while the south end of town has more subdivisions built in the sixties and seventies. The downtown business district includes shops and dining as well as the Glen Theatre. The nationally recognized community college, College of Dupage (C.O.D.)  is in Glen Ellyn as well as Glenbard West…

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Wheaton Mortgage Rates and Wheaton Real Estate Profile

This is one in a series of community profiles and a look at how the real estate market is holding up in the community. Wheaton Illinois, a suburb 25 miles west of Chicago, has a population of 55,000 people and is the county seat of Dupage County. Wheaton is known as the City of Churches, and there are over 60 churches inside its city limits. It is also home to Wheaton College, a top ranked Evangelical Christian college. Wheaton was a dry city up until 1985, not allowing any liquor sales within the city at all. This changed when the Danada Shopping complex was being built, as a way to attract more national restaurants. Wheaton still has a small town feel, and a charming down town with shops to fit every need. Wheaton has been listed as one of the best towns to raise a family, and it is known…

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Naperville Mortgage Rates and Naperville Real Estate Profile

This is one in a series of community profiles and a look at how the real estate market is holding up in the community. Naperville Illinois, a city of 145,000 people located 28 miles west of Chicago in Western Dupage County, is one of the largest cities in Illinois. Naperville has consistently been named by national magazines as one of the best places to live and a great place to raise a family. Naperville’s school system is recognized for it’s quality nationwide, and most of the students from its 4 high schools go on to college (the ACT ranking is among the best in the state). Unlike most of the nearby suburbs, Naperville is a destination on its own. It anchors the I-88 high tech corridor, and is home to several Fortune 500 companies and the most lively down town shopping and entertainment district outside of Chicago. The Naperville Settlement,…

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Elmhurst Mortgage Rates and Elmhurst Real Estate Profile

This is one in a series of community profiles and a look at how the real estate market is holding up in the community. Elmhurst Illinois is a city of about 45,000 people located at the Eastern border of Dupage county, in Chicago’s western suburbs. Elmhurst prides itself as the Tree Town, and is home to Elmhurst College and Elmhurst Memorial Hospital and  the Lizzardo Museum of Lapidary Arts. Elmhurst is an affluent area with a median household income of over $100,000 and an average home price of over $400,000. Elmhurst is more of a bedroom community than an employment center, and most of it’s residents work in Chicago or in other suburbs. There is a thriving downtown, and restaurants range from fast food to white linen fine dining. The Elmhurst real estate market ranges from some condos and starter homes, to homes priced well over the one million dollar…

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