There aren't quite as many loan programs as there were just a year ago but the major difference is in the availability of "No Income Doc" or "Stated Income" loans. All of the Conventional / Conforming loan programs are still available, and at historically low rates! This is a great opportunity to lower your interest rate and payment or switch to a 15 Year Fixed to pay-off your mortgage sooner.
This is also a great time to consider consolidating your credit card debt (they're killers!). Reducing your monthly payments will increase your cashflow dramatically. Saving hundreds of dollars every month will enable you to start a "rainy day" fund, save for college or retirement, and in general improve your quality of life. The trick is, not to "max-out" those cards again!
Additionally, you can get cash-out to fund a home improvement project (and increase the value of your home), take an exotic vacation or get that big ticket "toy" you've been dreaming about.
Any or all of these are in reach and with rates this low are probably less expensive then you think!
You can find great local Illinois real estate information on Localism.com. Stu Magid is a proud member of the ActiveRain Real Estate Network, a free online community or real estate professionals and consumers.
We lend in the following states: ILLINOIS, INDIANA, MICHIGAN, WISCONSIN and FLORIDA. An Illinois Residential Mortgage Licensee: License # M.B.004239. Illinois Department of Financial and Professional Regulation - Division of Banking, 122 South Michigan Avenue, Suite #1900, Chicago, IL 60603
Which refinancing option is best for you?
