Illinois at a Glance
Population
12,582,032
12,582,032
Average Household Income
$100,719
$100,719
#2 State in the Nation for
Corporate Investment
Corporate Investment
Top 3 Industries: Advanced
Manufacturing, IT, Life Science
Manufacturing, IT, Life Science
The first step in having a successful home loan experience is finding the right mortgage lender.
NewFed Mortgage Corp. is a top-rated mortgage company in Illinois, offering exceptional service and competitive rates to their clients. With a team of experienced mortgage professionals, NewFed Mortgage Corp. is dedicated to helping individuals and families secure the right mortgage product for their unique financial situation. They offer a wide range of mortgage products, including conventional, FHA, VA, and USDA loans, as well as refinancing options. With a focus on transparency and communication, NewFed Mortgage Corp. ensures that their clients are informed and involved throughout the mortgage process. Whether you are a first-time homebuyer or a seasoned homeowner in Illinois, NewFed Mortgage Corp. is committed to making your home financing experience as smooth and stress-free as possible.
Illinois is a diverse state with a variety of cities and towns offering unique lifestyles and attractions. Chicago, the state’s largest city, is known for its vibrant arts scene, world-class museums, and iconic architecture. Other popular urban centers include Springfield, the state capital, and Champaign-Urbana, home to the University of Illinois. For those seeking a quieter lifestyle, smaller towns like Galena, Geneva, and Quincy offer historic charm and picturesque scenery. The state also boasts beautiful natural areas such as Starved Rock State Park, Shawnee National Forest, and the Great River Road along the Mississippi River. Ultimately, the best place to live in Illinois depends on individual preferences and priorities, such as proximity to work, school districts, cost of living, and community atmosphere.
Mortgage Property Types
The most common property types available in Illinois are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
