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Getting a Mortgage? Avoid Common Pitfalls With Attorney Al On Your Side

Mortgage Financing Lawyer in Illinois

Serving All of Cook County, Will County, and DuPage County

Buying a home or other piece of property is a serious financial investment and usually requires a mortgage. Mortgage financing isn't always easy, though. In fact, buyers must be careful to avoid serious pitfalls during the mortgage process.

"Why do I need an attorney to get a mortgage?"

It is immensely important to know exactly what you are agreeing to pay when you sign a mortgage agreement. The laws and regulations surrounding mortgage financing can be exceedingly complex if not they are not approached with the help of a qualified real estate attorney. A skilled and knowledgeable Illinois real estate lawyer from our firm will review any legal documents or paperwork pertaining to your mortgage to ensure that you know the exact terms of your borrowing agreement.

About Mortgages

In Chicago and Illinois, you can usually qualify for a mortgage loan of two to two and one-half times your household's income. Some lenders use other factors to determine mortgage. Check out this article by the Chicago Tribune to learn about how lenders are getting more personal.

Fixed Rate vs. Adjustable Mortgage

Buying a New House

With a fixed rate mortgage, your monthly payment is always the same for the entire duration of the loan. This option is viable because you will always know your principal and interest costs.

An adjustable rate mortgage, in contrast, is a loan that will change your payment and interest rate during the duration of the loan. Often these mortgages start with a set interest rate and principal agreement and adjust annually. A benefit to an adjustable rate mortgage is that when interest rates are high, it is probably that the high interest rate will drop in the future and you will pay smaller monthly payments.

Types of adjustable rate and fixed rate mortgage loans include:

  • 30 year fixed rate mortgage
  • 15 year fixed rate mortgage
  • 1, 3, 5, 7, 10 adjustable rate mortgages
  • 10/1, 7/1, 5/1, 3/1 treasury adjustable rate mortgages
  • Jumbo loan programs
  • Conventional loan programs

Choose a Mortgage Program Based on Your Needs

Do you want to live in the same home for several years? Or are you only keeping your home for a short period of time? These are factors to consider and we would be happy to help you determine which option is the best choice for you. You can view this calculator to help you make a more informed decision.

Work with Our Illinois Real Estate Attorney

At the Law Office of Al Beaudreau, Ltd., we have the legal knowledge and experience to help you obtain the financing you need to purchase your dream home, condo or apartment. During this process, we will ensure that your rights are protected by reviewing all of the paperwork you are asked to sign, from the prequalifying stage until closing. This involves making sure that the Housing and Urban Development (HUD) truth in lending statement is accurate.

To learn more, contact us today for a free consultation.