One of the predictions of 2017 that is coming true quickly is home sales would increase. As for mortgage rates in Chicago, there is really no way to tell if they will increase or decrease until it happens. So, whether you are buying or refinancing a home, read on below for some tips to help you get the best mortgage rates in 2017.
Down Payment or No Down Payment?
There are many loan programs that are allowing buyers to buy a home with no down payment or very little down payment these days. The myth that every lender requires at least a 20 percent down payment is just that, a myth. Some loan programs allow down payments as low as three percent or no down payment at all.
Get a Loan with Imperfect Credit
If you choose to go with an FHA loan, then it is possible for you to get a loan with credit that isn’t that great. Since the interest rates are all the same with FHA, whether you have good credit or bad, your mortgage rates in Chicago will stay the same, not go up due to your credit score. This is a great thing for people who want a home, but have very little or bad credit.
Save Some Money
Contrary to popular myth, most lenders do not want you to drain your savings account to finance your down payment. Instead, they like it when you have reserve savings built up, that way if you have unexpected expenses, you can cover them, instead of missing your house payment to cover it.
These are just a few ways to get a great mortgage deal in 2017. For more information on mortgage rates in Chicago, contact the professionals at Inlanta Mortgage now.