Wellington Mortgage Corporation has great terms on mortgages for the purchase, refinance, or construction of residential property in Illinois, Indiana, and Colorado.
We finance condominiums and houses and multi-units, whether they're owner-occupied, investment, or second homes.
Call (773) 271-7900 to speak with a loan officer about your mortgage.
Three major impacts to rate and term:
Credit Scores - Your credit scores have the greatest impact on the type and price of loans available to you. The middle of your scores from the three credit bureaus is typically the one that counts. 640+ is okay, 680+ is good, 720+ is great.
Loan to Value - The amount of the loan versus the total value of the property. The lower your loan to the value of the collateral, the more favorable terms become.
Documentable Income - Completed tax returns showing satisfactory income to qualify for a loan request assures the best rates and terms. If a borrower needs to use alternate means such as bank deposits to prove income, or further still to "state" income or make no income declaration at all, rates are certain to be higher.
