Mortgage Specialists of Illinois, Inc. 1910 S. Highland Ave. Suite 260, Lombard, IL. 60148 Local: 630-627-9580 Toll-free: 888-879-9800

What's New? FHA Loan Limits Increased! FHA has just announced an increase in the FHA loan limit to $410,000 in the 6 county area of Chicago. Federal Reserve Cuts Rate by .50%! The Federal Reserve Board announced a .50% interest rate cut on January 30, 2008. Banks immediately reduced their Prime Rates to 6.00%. New website/design coming soon Soon the Mortgage Specialists of Illinois, Inc. website will have a new, sleaker look. We will also offer you bios of our employees and even some blogs! Look for it before the New Year! We will supply the new URL on this page and this page will also re-direct you when the new site is up and runiing. Mortgage Specialists of Illinois, Inc. Receives Award from Inc. 5000! MSI has been named to the Inc. 5000 inaugural list of fastest growing companies in America. We are very proud of this award and wish to thank all of the customers, lenders, title companies and appraisers for their support - we definitely could not have done it without you! New Program allows homeowners to "skip" up to 6 payments NO, this is NOT a deferred interest program - it's much better! The seller/builder can actually prepay up to 6 months of your mortgage payments at closing(which may be the best house-warming gift we've ever heard of). This is a perfect program for you if you have found your dream house and haven't sold your house yet. You don't have to worry about making 2 mortgagepayments. Please call our office for more details and to apply at 630-627-9580. New lower cost Reverse Mortgages For seniors 62 years of age or older. Commonly known as a "reverse mortgages", they get this name because instead of you paying the bank, the bank pays you! You've worked hard to earn the equity in your home, now let your home pay you a monthly dividend so that you may enjoy life more. Use the monthly check to supplement your income, make home repairs, take more vacations, pay medical expenses or anything you decide -it's your money! We are currently offering seminars to help you decide if this is right for you. Keep an eye on this website for the next time and date!  Fannie Mae keeps $417,000 as Conventional Loan Limit! Fannie Mae has elected to keep in place the loan limit of $417,000 for single family residences it has just been announced. This applies to all conventional single family loans. For 2 unit properties the limit is $533,850, for 3 units it is $645,300 and for 4 units it is $801,950! Any loan limit over these is considered a "Jumbo" loan, subject to higher pricing (of course, there are ways around that also - just call us to find out how!). NEW FHA LOAN LIMITS FOR COOK, DEKALB, DUPAGE, GRUNDY, KANE, KENDALL, LAKE, MCHENRY AND WILL COUNTIES! New FHA limits have been established at $275,200 for the above counties for single-family residences. 2 unit residences now have a limit of $309,962, 3 units have a limit of $376,589 and 4 units now have a limit of $434,526. New Construction Loan Offers Customers Flexibility We are very pleased to announce our new construction program. This allows customers to purchase a lot and then build on the lot - with only ONE closing! If you already own the lot, we can roll that loan into this one. Your interest rate can be locked in for up to 540 days and there is a built in FLOAT DOWN option if interest rates decrease! This product may also be used to rehab properties! Please call us for more details at 630-627-9580! APPROVALS IN LESS THAN 1 HOUR! Don't lose sleep wondering whether your loan is going to get approved! As part of our commitment to bring our customers the very best in customer service, we can now give approvals in less than 1 hour. This is a full underwriting approval, underwritten by a lender we deal with, not a "best guess" as with many brokers. Conventional, FHA and Jumbo loans are all available for this program. 5% DOWN WITH NO PMI! This is a real money saver! Why pay mortgage insurance? With our new 80/15 loan, you can put as little as 5% of your own money down and still pay no PMI! Here's how it works: we give you a first mortgage for 80% of the purchase price and a second mortgage for 15% of the purchase price. Since the interest on both mortgages is tax-deductible, and mortgage insurance is not, you save big! The second morgage is also a 15 year, meaning that you build up equity in your home a lot faster. Another great way to use this loan is for you "Jumbo" loan candidates. You can now put 5% down & get Conforming rates up to a purchase price of $343,000! If you are refinancing, you can now get rid of PMI by refinancing with this program! I WANT TO BUY A HOUSE, WHERE DO I START? Any realtor or experienced home buyer will tell you that the first thing you need to do is get approved for your mortgage first. This will give you more negotiating power with the sellers. In fact, many sellers will not even negotiate with a potential buyer until their mortgage is approved. We can get you approved easily and quickly with NO APPLICATION FEES! Simply give us a call or hit the "apply now" button to the left and we will have you pre-approved today. From there we just need to overnight the loan package to you or make an appointment with you (we make morning, day and evening appointments for customers in the "6 County" area of Chicago). Either way, your loan will be approved in a matter of days and you can go house-hunting with a CERTIFIED APPROVAL LETTER. GRANTS AVAILABLE FOR HOMEBUYERS! Mortgage Specialists of Illinois, Inc. is constantly working with local cities and counties and their first-time homebuyer programs. Is there a specific city you are looking in? Call us & we will let you know what grants are available! Call us today at 630-627-9580 or E-mail.   Equal Housing Lender Mortgage Specialists of Illinois, Inc. is an Illinois Residential Mortgage Licensee, license number 4590. We are licensed through the State of Illinois Office of Banks and Real Estate. Their telephone number is 312-793-1409.