Frequently Asked Questions

1. How to apply for mortgage with illinoismortgagedepo.com?

2. How much do you charge?

3. Who are your members?

4.Are there any criteria based on which lenders will approve my loan application?

5. How much mortgage can I afford?

6. What is a second mortgage?

7. I am new to the mortgage jargon, where can I find reliable Illinois mortgage information?

8. Who is eligible for reverse mortgage loan in Illinois?

9. What is a mortgage escrow account?

10. What is mortgage foreclosure?

Illinoismortgagedepo.com strives to provide you a hassle free way to shop for mortgage loans. Just fill out our simple no obligation mortgage quote. We will study your requirements in detail and will map you with top Illinois mortgage lenders or brokers offering the type of mortgage you require.

2. How much do you charge?

Absolutely Nothing! We work with a network of reputable mortgage lenders and brokers who pay us for providing them with the opportunity to compete in the open market, to offer quality mortgage loans at competitive prices.

3. Who are your members?

We deal with top mortgage companies and mortgage brokers in Illinois who are well respected for the kind of services they provide. Every lender in our network is prescreened to ensure that they posses the required licenses and credentials. At illinoismortgagedepo.com we make it our responsibility to ensure that you are dealing with a reputable mortgage lender/broker.

4. Are there any criteria based on which lenders will approve my loan application?

Our lenders will want to ensure that you are capable of meeting mortgage payments. Prior to approving your loan application lenders will verify the following information:

• Income levels
• Debt to Income ratio
• Employment history
• Credit history
• Current value of property to be mortgaged

5. How much mortgage can I afford?

The general rule is that you can go for a mortgage loan that equals either twice or three times your annual household income. You need to however consider your savings and existing debts before making your decision. Make use of our online mortgage calculators to ease your calculations. Let us help you find how much mortgage you can comfortably afford.

6. What is a second mortgage?

Second mortgage is the second loan against your property. As you payoff the first mortgage loan your cashable home equity value increases. A second mortgage loan helps you cash out on this accumulated equity value. Take for example that you have obtained a first mortgage loan for $100,000 and currently you have $60,000 left to pay on the mortgage. The difference amount i.e., $40,000 is the home equity value on which you can purchase a second mortgage loan.

7. I am new to the mortgage jargon, where can I find reliable Illinois mortgage information?

You have come to the right place. We have complied comprehensive Illinois mortgage information for you to peruse through. Illinoismortgagedepo.com works with a team of expert mortgage professionals having years of hands-on experience in Illinois real estate market. Check out our advice and articles section to find answers to your entire questions.

8. Who is eligible for reverse mortgage loan in Illinois?

Reverse mortgage loans are designed for senior citizens in Illinois. To qualify for this mortgage :

• You should be at least 62 years old
• The home to be mortgaged should be your principal residence
• The home should be 'free and clear' of any mortgage or should have only a small mortgage balance
• Income is not a deciding criteria for this type of mortgage loan

9. What is a mortgage escrow account??

Your mortgage lender will set up an escrow account for purposes such as taxes, hazard insurance, assessments and mortgage insurance premiums. You will be required to make periodic payments in to this account, often on a monthly basis.

10. What is mortgage foreclosure?

If a borrower fails to make regular mortgage payments in accordance with the terms and conditions of the mortgage agreement then the lender can resort to foreclosure. Lender has the rights to put the home for sale in the open market to recover money due to him.