There are many different loan programs to choose from. This can be over whelming and time consuming. We here at Oak Brook Mortgage are here to help. We will help you find the best rate and the right program, and save you money. Below are some of the many programs we offer.
ARMS or Adjustable Rate
There are many different types of ARM loans. The ARM loans have a lower starting interest rate, and gives you lower monthly payments. They come with a lifetime cap. This way you know how high your mortgage can go. Some of the different types of ARM loans are: 1 year adjustable, 3/1, 5/1, 7/1, 10/1 and a 6 month adjustable.
Fixed Rate Mortgage
With a fixed rate mortgage your interest rate will not rise. Your monthly principal and interest payment will not change.
Home Equity Lines of Credit
You can use a equity line for many different things. If you want to get new carpet and/or furniture for some rooms in the house or do some remodeling you can use your credit line and pay a lower interest rate and the interest you pay may be tax deductible. You can reuse the availble credit when you pay it back. You will not have a monthly payment if you don't draw against the equity line. It is there when you need it.
Oak Brook Mortgage has programs for borrowers who want to own a home and have great credit, but do not have the funds for a 3 or 5% downpayment. We have various 100% financing programs available. There are programs to choose from with no mortgage insurance. If you have good credit and want to own a home, but do not have the funds for a downpayment we have programs for you. Get into a home now!!
Interest Only Programs
If you are a borrower that would like to maximize your cash flow and take advantage of other investment opportunities...then Oak Brook has some programs for you. We have 3, 5 and 10 year interest only programs available. After the interest only program is over the loan becomes an ajustable mortgage.
My Community Program
This fannie mae pogram is designed for the borrower with good credit, low to moderate income level and a small or no downpayment available. It has flexible underwriting guidelines and reduced MI premiums. There are several different programs available. To list a few...Fixed rates, ARM loans and interest only options.
Home Possible Program
This freddie mac program is designed for the borrower with good credit, low to moderate income level and a small or no downpayment availabl. It has flexible underwriting guidelines and reduced MI premiums.
Many other programs..
Oak Brook Mortgage has many other loan programs available. We have listed several, but if you do not see you that fits your needs please call us. We work with numerous lenders and have hundreds of loan programs available to you.