State Street Mortgage offers an endless variety of loan programs to meet your needs. Our ability to broker loans to the leading National Wholesale Banks and Mortgage Lenders allows us to match your specific situation with the most advantageous mortgage product available.

Your "One-Stop" Mortgage Source

We hope the following detailed explanations will assist you in gaining a greater knowledge of some of the many programs available:

These loans are based on guidelines set-forth by Fannie Mae (FNMA) or Freddie Mac (FHLMC). Both Fannie and Freddie are publicly held corporations chartered by the U.S. Congress to stabilize the Nation's mortgage markets.

This type of loan is generally underwritten through computer Automated Underwriting. Approvals are based on many risk factors including (but not limited to): type of transaction, type of property, loan-to-value (loan amount vs property value), loan amount, borrower credit, borrower assets, debt-to-income (income vs liabilities), etc., etc., etc..

Note: This is why we noted on the side bar that quoted rates of interest are simply Advertising. All the above must be considered for the final program with subsequent adjustments being applied to a base rate of interest.

Government Insured Mortgages may be more attractive than conforming mortgages in some ways -- such as lower down payment requirements for purchases. But they may be more restrictive in other ways; for example, they may be available only for certain kinds of homes, for properties within a certain geographical location, or for borrowers within a certain range of income.

We offer programs that are insured through the Federal Housing Administration (FHA), the Department of Veteran Affairs (VA), the United States Department of Agriculture (Rural Development or RD) and the Illinois Housing Development Authority (IHDA).

All of these programs have been designed with the goal of making home ownership a reality for as many people as possible. The mortgage specialists at State Street Mortgage are fully proficient in utilizing any benefits offered by these programs for our borrowers.

Specialty programs, also known as nonconforming programs, are any type of mortgage program that has underwriting guidelines outside conforming or government insured programs.

Lenders are continually coming up with new and innovative ways to get people qualified. The mortgage specialists at State Street Mortgage are constantly reviewing new and existing programs to better assist customers in their unique goals. If there is a program available for your specific situation, we will find it.

The Jumbo Mortgage is for conforming borrowers who need a mortgage loan amount in excess of the conforming loan limit of $322,700.00 for a single family residence (other owner occupied loan limits; $413,100.00 for a 2 unit, $499,300 for a 3 unit, and $620,500 for a 4 unit).

Because jumbo loans don't offer the same Fannie Mae and Freddie Mac backed safety to investors, jumbo interest rates tend to be slightly higher.

Both Fixed rate and Adjustable Rate Mortgages are available under our jumbo program.

State Street Mortgage has assisted many home buyers in acquiring FREE Purchase Gift Money.

This popular program allows buyers to purchase their dream home with as little as 0% Down Payment and/or NO Closing Costs (with the agreement of the Seller). Borrowers don't have to be a "First-Time Buyer" and there are no income restrictions to qualify!

100% or greater percentage mortgage programs allow borrowers to finance the complete purchase price of a new home or use the full equity of an existing home.

Additionally, borrowers may qualify to finance the closing costs for a purchase, acquire additional money for necessary home repairs, desired property upgrades or even consolidate personal debt toward overall monthly payment savings.

These types of programs are obviously higher risk mortgages that have strict underwriting guidelines requiring borrowers have good credit. Higher risk also means higher rates of interest compared with conforming mortgage products. Borrowers utilize this type of loan when the overall benefits are apparent.

As with most programs, there are many different versions of this type of product. Our mortgage specialists will provide you with a detailed comparision of the programs that you personally qualify to aquire so that an educated decision can be made on which program has the most benefits for your situation.

This aspect of mortgage lending has many, many options; lower your rate, reduce your term, combine an existing first and second mortgage into one low rate mortgage, take cash-out for home improvement or debt consolidation or any other reason, etc., etc., etc..

Many times the expenses associated with a refinance can be financed into the new loan, eliminating any out-of-pocket expenses to the borrower.

Our 'Streamline Refinance' program allows past customers or new borrowers with certain types of mortgage financing to reduce the time, paperwork and expense of refinancing.

Contact one of our mortgage specialists for a customized refinance based on your specific needs and goals.

Homeowners may qualify to use existing home equity toward a consolidation of personal debt that may be in the form of installment loans, credit cards, etc..

State Street Mortgage has saved customers upwards of $900 a month in overall monthly payments by consolidating such debt into a new, lower rate, tax deductible mortgage program. Our mortgage specialists provide inquiring customers with a detailed proposal of monthly savings prior to moving forward on any loan program.

With the stock market struggling the last several years and mortgage rates at record lows, this may be a great time to balance your portfolio or prepare something extra for retirement by purchasing investment property ... for both income and appreciation.

"An Alternative Pension as Safe as Bricks & Mortar!"

State Street Mortgage offers a variety of investment or non-owner occupied purchase programs. As little as 10% down payment is all that is required to purchase investment or rental property. We may even be able to take the down payment from equity in property already owned so there are no out-of-pocket expenses.

Mortgage lending can be complicated and the ability to secure financing for a borrower many times comes down to product knowledge and "presentation."

Every lender is a broker in that conforming mortgages are all underwritten via Automated Underwriting through one of two national secondary market computer systems. Our office routinely approves loans for borrowers that were denied the same mortgage program by a bank or other mortgage lender ... simply because the information entered by the other lender into the computer was not 'presented' properly.

If by chance, the borrower requires a non-conforming program, our team of knowledgeable mortgage specialists have an unlimited combination of programs and the experience to implement them. Mortgage lending is all we do!

State Street Mortgage will find you the best possible mortgage if there is a program available in the marketplace. Give us an opportunity to find the best solution to your situation.

Mortgages are typically paid once every month or 12 times a year. A Bi-Weekly Accelerated Payment plan differs in that half of the normal payment is paid every other week, resulting in the same monthly payment. However, a bi-weekly contains 26 (52 weeks divide by two) half payments – amounting to 13 full payments each year.

That extra money applied toward the principle can do some very important things.:

Build equity 200-300% faster with no payment increases!

There are simply too many scenarios with too many possible solutions to list every product or feature.

Bottom line, there is no substitution for going over your specific situation with one of our qualified mortgage specialists so that your options can be narrowed down with a full explanation of the benefits.

The following is a quick breakdown of the Loan Types, Property Types and Credit Situations State Street Mortgage is proficient in working with:

Loan Types: Conforming, FHA, VA, IHDA, Rural Developement, Specialty, Jumbo, Purchase, Refinance, Home Equity, Home Improvement, Debt Consolidation, Cash-Out Loans, End Loans, Construction Loans, Bridge Loans, Lot Loans, etc.. If a loan is available that will benefit your desires, we will close to your satisfaction!

Property Types: Single Family Homes, Condos, Townhomes, Multi-Units, Farmettes, Manufactured Homes, Mixed Use and Commercial properties.

Credit Situations: "Excellent Credit" through Bankruptcy.
No two credit histories are alike and we have programs for all borrowers. You may be surprised at how much we can do with past or even current credit problems. We can even help you repair your credit or increase your credit rating if mortgage financing is not an option at this time - many of our customers this year have been working on their credit with our guidance and now qualify for financing.

Mortgage lending can be complicated - especially if a lender actually strives to find the best possible program for the borrower (instead of only offering a couple loan programs for all customers)!

This is why mortgage lending is a full-time job that requires dedication and a command of the constantly changing mortgage products available. The team of mortgage specialists at State Street Mortgage combine this product knowledge with the desire to assist borrowers in getting the best possible product for their personal situation.

Our mortgage specialists will cut though the haze, make the process easy to understand and even easier to complete. Mortgage lending is all we do!

"We look forward to working for you!" - Team State Street Mortgage