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Rate Shopping? Below are non-misleading outside source 'National Average'** mortgage rates actually delivered to real borrowers within the past week across the U.S.. Please keep reading for more invaluable "Rate Quote" information:
FYI: We do offer better than average retail rates as well as wholesale rates to highly qualified borrowers!
Contact Us for Details!
Want more information?!
Read our FREE
FYI: Long-term mortgage rates are determined by Mortgage Backed Securities (MBS) that react many times inversely to stocks (ie: Stocks Up, MBSs Down = Mortgage Rates Up).
Refresh you Browser for Updates
We Highly Recommend -Educated Consumers read the following ...
Fact: Published, Quoted and Web posted mortgage rates are nothing more than plain old fashioned Advertising - designed to get borrowers into the loan process.
There is Absolutely No Guarantee the Advertised or Quoted Rate will be honored.
Mortgage rates are Program Specific, Borrower Specific and adjust constantly throughout the day based on market conditions - just like stocks.
Only a detailed analysis of Your specific information can result in accurate program placement. Then and only then can appropriate rate information be determined.
Contact one of our Mortgage Specialists for your FREE mortgage financing evaluation.
We "Shop" on Your behalf!
Looking for a " No Cost", " Flat Fee" or even " Wholesale Mortgage" loan? Click Here
**The above displayed "National Average Mortgage Rates" are provided by HSH. These rates are derived daily from 200 objectively surveyed lenders ... as opposed to advertised and possibly misleading rates offered or promoted by less sincere lenders and/or other rate sources. Please contact your State Street Mortgage Specialist for program specific rates of interest available for Your customized mortgage financing. Rates and points are subject to change without notice and may vary based on mortgage product, the creditworthiness of the individual borrower and other loan specific information.
Website Services:
WebSiteAndBloggerServices.com
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| 1. |
What do I need to know about different mortgage lenders? Answer |
| 2. |
Why should I choose State Street Mortgage as my mortgage lender? Answer |
| 3. |
Does it cost more to borrow from State Street Mortgage? Answer |
| 4. |
What do I need to know about Buying a Home? Answer |
| 5. |
Can a foreign non-resident get a mortgage to buy a home without a social security number? Answer |
| 6. |
When should I consider Refinancing? Answer |
| 7. |
Do I need to be concerned about a possible “housing bubble” ? Answer |
| 8. |
How do I know which type of mortgage is best for me? Answer |
| 9. |
What is a "Flat Fee", "One Fee" or even a "No Cost" Mortgage? Answer |
| 10. |
I'm just shopping for the best rate ... why won't State Street Mortgage quote a mortgage rate like other lenders? Answer |
| 11. |
Where can I find accurate, up-to-date mortgage rates on the web? Answer |
| 12. |
Where are rates going? What affects mortgage rates? When should I lock my rate? Answer |
| 13. |
What documentation do I need when I apply for a mortgage loan? Answer |
| 14. |
What does my mortgage payment include? Answer |
| 15. |
What is the difference between a Fixed-rate Mortgage and an Adjustable-rate Mortgage? Answer |
| 16. |
Which is better, an Adjustable Rate or a Fixed Rate Mortgage? Answer |
| 17. |
Is there a mortgage that has Monthly Payment Options? Answer |
| 18. |
What is a Reverse Mortgage? Answer |
| 19. |
What is a Bi-Weekly Interest Savings Payment program? Answer |
| 20. |
What should I know about Credit Scores & Credit Reports? Answer |
| 21. |
Do I need great credit to buy or refinance a home? Answer |
| 22. |
Can I quickly increase my credit score for a better mortgage? Answer |
| 23. |
How soon after a bankruptcy can I get a mortgage? Answer |
| 24. |
What can I do to avoid a Foreclosure if I am behind on payments? Answer |
| 25. |
What do I need to know about Homeowners Insurance? Answer |
| 26. |
Which Home Improvements will best increase the value of my home? Answer |
| 27. |
How quickly can a home mortgage be completed? Answer |
| 28. |
Is mortgage lending complicated? Answer |
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What do I need to know about different mortgage lenders? |
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Doing a little homework prior to looking for a mortgage is always a good idea.
Mandatory reading should include a Special Report titled " 7 Things You Absolutely Need To Know Before You Apply For Any Mortgage Loan."
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Why should I choose State Street Mortgage as my mortgage lender? |
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State Street Mortgage is a partnership of mortgage specialists that have superior mortgage product knowledge and the ability to get things done as promised. State Street Mortgage is a mortgage Banker and Broker. What this means is we have all the products any major bank has to offer and we also have the ability to broker out loans to end lenders that offer better product options to our customers.
The mortgage specialists of State Street Mortgage subscribe to a code of ethics and best lending practices that foster integrity, professionalism and confidentiality when working with our customers.
State Street Mortgage is proud to be an Approved Lending Institution for the following Federal agencies:
The Department of Housing and Urban Development (HUD.gov)
The Federal Housing Administration (FHA)
The Department of Veterans Affairs (HomeLoans.VA.gov)
& Rural Development / Dept. of Agriculture - (RurDev.USDA.gov)
Additionally, State Street Mortgage is a Professional Member of:
The National Association of Mortgage Brokers (NAMB.org)
The National Association of Responsible Loan Officers (NARLO.com)
The Illinois Association of Mortgage Brokers (IAMB.org)
The DeKalb County Building and Development Association (DeKalbBuilders.com)
The Sycamore Chamber of Commerce (SycamoreChamber.com)
The DeKalb Chamber of Commerce (DeKalb.org)
& The DeKalb Area Association of Realtors (NIRealtor.com)
Plain English: You have 2 choices:
1. You could entrust your mortgage to a "Loan Officer" working for a bank or mortgage lender that will try to fit You (the borrower) into one of their loan programs.
i.e.: 
- or -
2. You can utilize the highly recommended and referred services of State Street Mortgage to ensure you acquire the best available mortgage financing for Your specific borrowing needs.
Simply put, State Street Mortgage ensures our committed customers acquire the best possible financing for their specific needs. We really do represent You while shopping on Your behalf!
 Want to hear what past customers are saying?! Click here for: Testimonials
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Does it cost more to borrow from State Street Mortgage? |
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When borrowing directly from State Street Mortgage the cost is normally less, and here's why:
We originate, close and fund mortgage loans - delivering closed loans to the nation's largest mortgage servicers for less than it would cost them to originate the loan themselves. Due to our volume, State Street Mortgage receives better mortgage pricing than most banks and mortgage lenders.
Also, State Street Mortgage has taken the additional step of pre-negotiating lower fees from other associated service providers (ie: Title Insurance, Appraisal Services, etc.) on behalf of our customers.
Bottom line - You Completely Benefit as a State Street Mortgage Customer!
Want to learn more about the benefits of working with State Street Mortgage?! We invite you to review the following conclusions of a study by the Georgetown University Credit Research Center:
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What do I need to know about Buying a Home? |
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Buying a Home is a process that deserves its own dedicated Question and Answer section.
For this reason we have assembled the State Street Mortgage - Home Buying Information Page to assist all home buyers though this process.
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Can a foreign non-resident get a mortgage to buy a home without a social security number? |
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Yes - finally!
In the not-so-distant past, a consumer that wanted to finance a home was required to be a U.S. citizen or legal resident with a valid Social Security Number. However, many legal residents as well as non-residents did not qualify to be issued Social Security Numbers - yet these same neighbors hold jobs that withhold income taxes, own businesses that provide desired services, have children in the local schools, pay rent which in-turn pays property taxes, etc.
American Dreams - Financed Here!
Servicios de la hipoteca disponibles en español
Zastaw usługi prawnie dostępny Polski
As a solution to this past inequity, the Mortgage Specialists of State Street Mortgage now provide mortgage financing for all tax paying community members ... regardless of resident status and without the need for a Social Security Number (ITIN number required in lieu of SSN).
For more information, visit our Products page and/or our online flyer Tax ID Mortgage Program; No SSN, No Visa - No Problem
Be sure to forward this important information onto any friends, co-workers, family members or clients that could benefit from our Tax ID program for home purchases or private land contract refinances.
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When should I consider Refinancing? |
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The old rule of thumb was you should refinance only if you could lower your rate of interest by at least 1%, but this is no longer the case.
"The best way to save money is not to lose it." -Les Williams
Many different individual factors need to be analyzed to determine if refinancing is right for you - such as the length of time you intend to stay in your home, the type of loan you currently hold and/or the overall monthly savings you could realize as the result of a refinance or consolidation of existing debts.
Simply give us a call. Our Team of Mortgage Specialists is more than happy to assist you in making sound financial decisions for your particular situation. |
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Do I need to be concerned about a possible “housing bubble” ? |
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A housing “bubble” implies that home prices and values are so over inflated that they will soon “pop”, and decline dramatically. While it may sell newspapers and boost TV ratings, the “housing bubble hype” is a bit overblown.
Historically, housing prices and values have always been very closely tied to local job markets and the economy has added 2.2 million jobs during 2004. That being said, not all states have participated in the party. Some states and regions are struggling with job losses – especially in the manufacturing sector – so it follows that in those areas, home values may be more vulnerable.
In regards to the huge rise in home prices, creative programs and rising incomes have kept monthly housing expenses comparatively affordable. And it is also quite likely that across the board, appreciation will taper off and reduce to a much more modest – and normal – rate of 5-7%, down from recently higher levels in many parts of the country.
Percent Change in House Prices through Q3 2004*:
Illinois: 1yr = 10.40%, 5yr = 38.28%*Source: OFHEO
Some are even saying that the “pin” which could cause the bubble to burst would be interest rates, implying that higher interest rates would cause homeowners to stop buying and values to plummet. But let’s be realistic – even if rates were to spike two full percentage points, an unlikely event in any scenario, the impact would be nominal. If this were to occur, the average increase on a home loan payment would be about $32 a week after tax considerations. $32 a week is not enough of a deterrent to prevent a home purchase.
So while it’s always wise to carefully evaluate large decisions like purchasing a home, don’t get too caught up in the “housing bubble hype”. Evaluate the strength of your personal employment and income situation while reviewing the historical benefits of property appreciation and the built-in tax incentives of home ownership. Then discuss your personal situation with your trusted State Street Mortgage Specialist and recommended real estate professional advisors. They’ll help you evaluate the alternatives and choices, and give you the information you need to make a home buying decision you feel good about. |
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How do I know which type of mortgage is best for me? |
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There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture, how long you intend to keep your house, etc.
Our Mortgage Specialists take great pride in offering everything from 'Wholesale' through 'No Cost' programs to our customers ... so that You can obtain the customized financing for your specific borrowing needs!
State Street Mortgage can help you evaluate Your options for an informed financing decision. |
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What is a "Flat Fee", "One Fee" or even a "No Cost" Mortgage? |
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A Flat-Fee, One-Fee, No-Cost or Low-Cost Mortgage is generally considered a loan in which the borrower is only responsible for paying their taxes, daily interest and home insurance. All other fees associated with the loan are paid for by State Street Mortgage.
The No-Cost Loan is possible with a combination of factors. Depending on the loan program desired, State Street Mortgage brokers the loan into the secondary market at a higher rate of interest than the available retail market rate (usually .25% to .5% higher). The secondary market will then compensate State Street Mortgage additional monies that will be used to pay the borrowers closing costs.
Note: As a rule, most retail loan officers do not have the ability to deliver 'No-Cost' (or Wholesale) rates as they are limited to the retail rate "offered" by the bank or mortgage lender on any given day. State Street Mortgage is always seeking better ways to assist our customers ... thereby reinforcing our worth to you!
As always - Consumers need to have a complete understanding of exactly what options are available and which type of program is most advantageous as a whole. The flat-fee, reduced-fee or no-fee loan option has a place if this type of loan makes good financial sense for the borrower and their specific borrowing scenario. Also, not all lenders are created equal when it comes to how much rate "bump" equals a specified closing cost reduction (ie: does a .25% rate bump always = a $500 closing cost reduction?). Consumers should not assume that an offered rate bump by any one lender is the best available tradeoff of an increased rate versus a certain "flat fee" or "no cost" financing.
The Mortgage Specialists at State Street Mortgage take great pride in educating consumers while giving them the best options based on their situation and goals. Be sure to consult with your State Street Mortgage Specialist before finalizing any loan scenario. It will always be in your best interest to have an impartial industry professional work on your behalf (as opposed to 'selling' you any specific mortgage product). |
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I'm just shopping for the best rate ... why won't State Street Mortgage quote a mortgage rate like other lenders? |
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Advertised interest rates for mortgages are everywhere: Newspapers, Radio, Billboards, Internet Sites, E-mail Spam, Fax Flyers to Real Estate offices, etc., etc, etc.
 Our office is constantly inundated with telephone calls and e-mails from consumers that are searching for the 'best rate'. "What are your rates?" we are asked several times daily.
FACT: Published rates and rate quotes are an advertisement to get the borrower into the loan process.
Consider the following:
Rates change throughout the day as market conditions affect mortgage backed securities.
Published, Faxed & Web Posted Rates are "old" information by the time they reach consumers or real estate professionals.
Quoted rates have no real meaning - unless the consumer is in a position to lock prior to a market change.
All rates begin as a 'base' rate. The final rate is based on pricing adjustments determined in part by the credit of the borrower, the purpose of the loan, the loan program, etc.
The following list contains some of the many factors that can affect final mortgage rate pricing for the individual borrower. Please understand that each listed item is combined with all other applicable items for final pricing - making each scenario borrower specific:
Consumer Credit Score (this is where we always start).
Type of Transaction (Purchase, Refinance, Cash-out, etc.)
Type of Loan Program (Conforming, Government, etc.)
Type of Rate (Fixed, Adjustable, etc.)
Loan Term (ie: 30 year, 15 year, etc.)
Loan-To-Value (Loan Amount vs. Value of Property)
Loan Amount
Taxes and Insurance Escrowed
Occupancy
Type of Property
Type of Zoning
Location of Property (programs can vary by State & zip code)
Type of Income Documentation
Type of Employment (Employee, Self Employed, etc.)
Time on Job (or same line of work)
Customer Debt-To-Income Ratio (Income vs. Expenses)
Amount of Reserves & Assets
Lock Term (ie: 30 days, 60 days, etc.)
Points or Fees Paid By Borrower
As you can imagine, a quoted or published mortgage interest rate could not have possibly considered all the above listed factors into the single posted or quoted "Rate."
If you choose or refer somebody to a lender based solely on the "Best Rate Quote", you are very likely to get a big surprise later. Make sure you shop smart - not just rate!Bottom Line: There is absolutely no guarantee that the published or quoted rate will be honored because the program and final rate are 'borrower specific' (Don't try to compare your rate with your neighbor ... even if they really did get a better rate - their program, fees and/or attributes may be different - with or without their immediate knowledge). Don't gamble with something as important as your mortgage. Choose someone that's competitive, works on Your behalf, makes the process easy and that you can trust! |
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Where can I find accurate, up-to-date mortgage rates on the web? |
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Unfortunately, there is no consumer web site or any other source with accurate up-to-date "mortgage rate" information.
The only up-to-date sites are password protected wholesale bank sites ... like the ones we use to lock and fund loans
Published rates and rate quotes are inaccurate or at best ancient by the time they are read. These rates are simply an advertisement to get the borrower into the loan process with no guarantee of accuracy.
However, we do understand a borrowers need to have some rate information as they begin to gather information regarding their mortgage financing options. For this reason we now offer an outside source "National Average" for customers seeking a general idea of current mortgage rates:
It is important that consumers understand ... even if the above listed rates are currently valid for their specific financing - conforming mortgage rates change at a moments notice. The key for consumers is to be in a position to lock with a trusted/competent mortgage professional working on their behalf.
What we do: Even with access to 'current' wholesale mortgage rates, the important thing to do as a mortgage professional is to monitor the market for indices that affect final mortgage pricing. The goal of our office is to secure the best possible program for the customer. Market indices give us a sense of direction as to whether we should "lock" today or "float" for a probable improvement in pricing.
We monitor the Fannie Mae 30-Year Mortgage-Backed Security bond and keep another eye on the stock market during the workday. As mentioned in most every edition of our FREE Market News e-letter, the very general rule of thumb is that when stocks are happy, bonds are unhappy - due to fact that when Bond Prices Decrease, Mortgage Rates Increase (and vice versa).
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(click icon above to view the latest edition of our Market News e-letter)
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The real-time coupon pricing we keep on our computers is provided via a subscription/password-protected service. Unfortunately, we have been unable to find a site that offers exactly what is needed to predict/review indices that affect long-term mortgage rates on any non-subscription service. For very general information and an extremely basic overview of current market conditions, consumers and real estate professionals can always watch a stock or bond ticker on CNBC, Bloomberg, etc.
Monitoring the market is not the most exciting thing to do on a daily basis. However, it is extremely important! An informed decision can save our customers thousands of dollars over the term of their mortgage - this we take seriously. We provide the extra service of monitoring the market on our customer's behalf so that they can attend to the business of their own lives! |
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Where are rates going? What affects mortgage rates? When should I lock my rate? |
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All good questions!
Mortgage rates of interest are determined in large part by Mortgage-Backed Securities - or mortgage bonds. These are traded commodities that react inversely to many of the same market movers affecting the stock markets (ie: strengths or weakness in the economy, foreign markets, geopolitical issues, etc.).
Example: Stock Markets Up, MBSs Down = Mortgage Rates Up
Refresh you Browser for Updates
"A market is the combined behavior of thousands of people responding to information, misinformation and whim." -Kenneth Chang
As a unique part of our service, State Street Mortgage actually monitors the market for our customers in an attempt to lock in-house files when most advantageous based on market conditions and proven indices - instead of always locking loans at the time of application like most lenders. We get great satisfaction in actually getting customers a better rate of interest if there is a market improvement after application.
Click Above Link to Read More - Adobe PDF document
To better inform our customers, State Street Mortgage publishes an e-letter discussing the current market several times weekly. To view the latest edition of our Market News e-letter click the following icon:
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What documentation do I need when I apply for a mortgage loan? |
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There are variations to all types of loan products as to what type of documentation will be required from the borrower. Your State Street Mortgage specialist will provide you with a detailed list for your specific loan program.
The following is a basic list of requirements for most of the loan products available:
Paystubs: 2 most recent showing YTD earnings
Signed Federal Tax Returns: 2 most recent years 1040's
W-2's: 2 most recent years
Bank Statements: 2 most recent months ALL accounts
Asset/Investment Statements: most recent ALL accounts (ie: 401k, IRA, Mutual Funds, etc.)
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What does my mortgage payment include? |
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For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the mortgage holder or end lender for the amount borrowed
Taxes & Insurance: Also known as "escrow payments". Escrow payments many times include 1/12th of the annual property tax and homeowners insurance premiums. These monies are collected and placed into an escrow account on behalf of the home owner. When the tax and/or insurance bill comes due, they are paid directly from this escrow account by the mortgage servicer. This feature can be optional depending on your mortgage program. If escrows are not included in the monthly mortgage payment - the tax and insurance bills will need to be paid out-of-pocket by the homeowner when they are due.
A fourth part may include:
Private Mortgage Insurance: Monthly payments sometimes required by the mortgage lender to maintain an insurance policy protecting the lender when the borrowed amount is over 80% of the property's purchase or appraised value. |
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What is the difference between a Fixed-rate Mortgage and an Adjustable-rate Mortgage? |
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A fixed-rate mortgage has an interest rate that stays the same during the life of the loan. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an adjustable-rate mortgage (ARM) will likely change.
The interest rate changes in an adjustable-rate mortgage are due to the fact that the ARM's rate is generally a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). As an ARM's index changes, so does it's fully indexed rate of interest (ie: index + margin = rate). With the adjusted interest rate comes an adjusted monthly payment for the home owner.
There are advantages and disadvantages to both the fixed and adjustable rate mortgages. The best way to select a loan product is by discussing your overall goals with one of our State Street Mortgage specialists. |
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Which is better, an Adjustable Rate or a Fixed Rate Mortgage? |
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It depends on the interest rate market, what type of mortgage financing you qualify for and your individual goals as a borrower.
First of all, let's discuss when Adjustable Rate Mortgages (ARMs) are definitely a good consideration:
- In a downward moving interest rate market when borrowers can ride their payments lower.
- For short-term financing if a borrower is certain they will be moving or refinancing prior to an ARM going into adjustment.
- If a borrower plans on systematically applying payment savings toward principle reduction (see the Bi-Weekly Payment Program below).
- If a borrower cannot qualify for a fixed rate product due to credit or other issues - requiring a temporary solution with the goal of restructuring the financing when these issues are resolved.
Many times, when the prices of housing and interest rates rise an Adjustable Rate Mortgage or ARM seems like the only way for a borrower to afford a home or can find some advantage with a refinance. As with all financing decisions, borrowers should be asking themselves - is this in my best interest for the long term? This question can only be answered with some open-minded research.
While researching, we suggest computing the ARM mortgage payment for the next 3 adjustment periods at the maximum adjustment and then work through your budget at all 3 payments - to ensure you will not be taken by surprise in a worst case scenario.
As with most mortgage financing questions, it is always a good idea to review your specific situation with your State Street Mortgage Specialist for a comprehensive evaluation and the best solution for your home ownership goals. Simply give us a call for your FREE evaluation.
In order to better assist our borrowers, we provide a Comprehensive Look at Adjustable Rate vs. Fixed Rate mortgages titled "A Call To ARM's"
You can receive a FREE copy of this report by sending a request to Info@StateStreetMortgage.net or by simply clicking here:
A Call To ARM's (Adobe PDF version).
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Is there a mortgage that has Monthly Payment Options? |
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Absolutely! State Street Mortgage's Option ARM Mortgage puts the home owner in control of their own home loan. Each month, the borrower receives an easy to read loan statement that allows for a choice in the payment amount that best suits their current financial needs. Pay the minimum amount to free up funds for other uses, or make larger payments for faster equity build up. You now have options!
For more information on this exciting program, please click the link provided below for an in-depth overview of the State Street Mortgage MTA Monthly Option ARM mortgage.
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What is a Reverse Mortgage? |
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A Reverse Mortgage offers seniors 62 years of age or older the ability to retain their personal and financial independence. Unlike a traditional mortgage that you make payments on each month, Reverse Mortgages provide payments to You - in effect "reversing" the direction of the mortgage payments.
Top Reasons to Obtain a Reverse Mortgage
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Never Make Another Mortgage Payment
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"Tax Free" Income via Monthly Payments, or a Lump Sum Payment, or a Line of Credit (or any combination of the three)
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You Still Own & Live in Your Home
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No Restrictions on Use of the Money
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No Income, No Medical and No Credit Qualifications
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All Remaining Equity is Yours (or your heirs) To Keep
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No Debt will be Passed onto Your Heirs or Family Members
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Possible Greater Net Worth after repayment
Reverse Mortgage loan programs receive high praise from sources such as AARP, FHA, Fannie Mae and countless national media sources … and for very good reasons! Reverse Mortgages allow seniors to combine mortgage and debt consolidation payment savings with monthly income to realize real financial flexibility!
For an in-depth overview on this exciting program for seniors, please click the link provided below:
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What is a Bi-Weekly Interest Savings Payment program? |
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Mortgages are typically paid once every month or 12 times a year.
A State Street Mortgage 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!
Pay-off your mortgage 8-10 years sooner!
Save $50,000 to $70,000 in unnecessary interest payments!
The bi-weekly program offered by State Street Mortgage is unique in that it offers the following features:
The program can be attached to any type of mortgage.
The program is transferable from any existing mortgage to a new mortgage or new home without any additional set-up or transfer fees.
Borrowers have the additional flexibility of being able to add desired extra money toward principle within this systematic, disciplined program.
Mortgage payments are automatically debited from a checking or savings account.
There are no refinancing or closing costs.
There is no appraisal fee.
The program includes a FREE ($350 value) annual mortgage audit to ensure your payments have been applied correctly.
For more information on this money saving program, please click the link provided below for an interest savings overview and detailed example of the State Street Mortgage Bi-Weekly Interest Savings System.
Bi-Weekly Interest Savings Program (Adobe PDF version)
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What should I know about Credit Scores & Credit Reports? |
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Your personal Credit Report will contain one or more Credit Scores that will help determine what mortgage program you qualify to have on your home. In this day and age, cash may still be King ... however, Credit is the Crown Prince!
State Street Mortgage has always assisted borrowers in understanding the ‘great unknown’ by providing personal insight based on tried and true methods of increasing credit scores. But now, more than ever before … the Bureau’s are providing this information directly to consumers (as directed by Congressional mandates). So from the horse’s mouth, State Street Mortgage offers “Understanding Your Credit Score” by FairIsaac:
Every consumer should consider it extremely important to understand how credit works, what is being reported and how to improve upon their current credit rating. If you would like to receive a FREE copy of our own State Street Mortgage Tried & True Credit Scores and Bureau Repair Guide send a request to Info@StateStreetMortgage.net or simply click the following link: Click Here:  See Your 3-in-1 Credit Report Online Instantly
Have you been making Payments that do not report to the traditional Credit Bureaus?
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Do I need great credit to buy or refinance a home? |
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This is a common fallacy. You don't need any specific type of credit to purchase a home or refinance an existing mortgage. We have loans for almost every type of situation; Great Credit, Good Credit, No Credit, Poor Credit, Bad Credit, etc.
"I don't believe in pessimism." -Clint Eastwood
Don't let your credit deter you from trying to pursue your home purchase dreams or even your refinance or debt consolidation desires. Contact one of our State Street Mortgage Specialists today to explore your mortgage financing options. |
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Can I quickly increase my credit score for a better mortgage? |
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Maybe! State Street Mortgage offers Rapid Credit Rescore services to our borrowers towards a better mortgage loan program.
State Street Mortgage can boost credit scores by testing credit-related actions and their effects on a borrower's score, like paying off or transferring balances, opening or closing new accounts or increasing existing account balances.
Though this process, State Street Mortgage identifies trade lines that are harming a borrower's score, and reports precise recommendations to improve the score along with the potential score effects for these recommendations. Our borrowers get an action plan that can usually be used immediately in conjunction with repository level score recalculation toward a better mortgage loan program for home purchases and refinancings.
Click on the following link for more information:
Rapid Credit Re-Score (Better Scores for a Better Mortgage)
To order your Rapid Credit Rescore, goto our Online Shopping Cart
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How soon after a bankruptcy can I get a mortgage? |
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State Street Mortgage may be able to provide you with purchase or refinance mortgage financing One Day after your Bankruptcy is discharged.
State Street Mortgage is the Illinois expert when it comes to after bankruptcy home mortgages. Our core mortgage specialists started the company assisting borrowers with past bankruptcies in purchasing and refinancing their homes. Our company has grown, and so has the amount of different mortgage programs we offer consumers with a bankruptcy in their credit history.
100% Financing: One Day after Bankruptcy Discharge
Some background: Congress and the US Supreme Court intended personal bankruptcy to provide debtors a fresh start. This new beginning is not a gift, but based upon mutual interest. The rationale is simple: productive citizens contribute more professionally, pay more taxes, and spend greater amounts fueling economic development. Productive citizens enable our nation to continue to thrive.
Post-Bankruptcy home mortgages are a big part of this mutual interest and productivity. After all, life does continue and all consumers look forward to days of better financial position, prosperity and the American dream of home ownership!
At State Street Mortgage, we help people with bankruptcies or other credit challenges buy or refinance homes at attractive rates and terms. Call Today! |
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What can I do to avoid a Foreclosure if I am behind on payments? |
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The best way to stop any possible foreclosure situation is to be proactive in working with the existing mortgage servicing company.
Once the current mortgage company is aware of the situation, there may be several avenues a homeowner can pursue to get the house financing back into good standing.
We have authored a Special Report titled "Avoiding Foreclosure"
You can receive a FREE copy of this report by sending a request to Info@StateStreetMortgage.net or by simply clicking here:
Avoiding Foreclosure (Adobe PDF version).
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What do I need to know about Homeowners Insurance? |
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Homeowners and home buyers need to understand that the home insurance industry is going through drastic changes.
"Simply by not owning three medium-sized castles I have saved enough money in the last forty years on insurance premiums alone to buy a medium-sized castle." -Ludwig Mies Van Der Rohe
Every homeowner must have homeowners insurance. In fact, mortgage financing is impossible without a homeowner's policy in effect. However, it is increasingly expensive and consumers must be extremely careful as they may find themselves or their properties uninsurable!
We have authored a Special Report titled "Understanding the Homeowners Insurance Puzzle"
You can receive a FREE copy of this report by sending a request to Info@StateStreetMortgage.net or by simply clicking here:
Homeowners Insurance Puzzle (Adobe PDF version).
FREE Home Inventory Software
Download home inventory software for FREE! This software will help you create a room-by-room inventory to assist in purchasing enough insurance, getting insurance claimes settled faster and substantiate losses for income tax purposes. Once you have completed your inventory, it is easy to keep your information up to date. |
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Which Home Improvements will best increase the value of my home? |
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Whether you are considering home improvements on your existing home or you are looking for a new home that may need some post-purchase improvements, it is important to understand that all home improvements are not created equal when it comes to dollar spent for dollar recouped in the form of increased home value.
"It is not how much one makes but to what purpose one spends." -John Ruskin
As an example, many homeowners spend many thousands of dollars finishing basements for additional living space. Unfortunately only 15% of the money spent may actually show-up as an increase in the value of the property when it comes time for resale.
For a better understanding of home improvement payback, State Street Mortgage has authored a basic guide called "Which Improvements Pay Back” that outlines the more popular home improvement projects and the possible return these projects will have on the property’s resale value.
Please click below for a FREE copy of this report:
Which Home Improvements Pay Back (Adobe PDF version).
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How quickly can a home mortgage be completed? |
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Typically the mortgage loan process takes 30 days from start to finish. This time frame can change based upon how quickly we can gather the information needed to complete your file.
Although we have closed some loans in as little as 7 days, it usually takes around 2 weeks to gather the necessary documentation and another 2 weeks to finalize all paperwork (ie: Appraisal, Title work, etc.).
Please be assured that we will close your loan as quickly as possible or on the date stipulated in the purchase contract. |
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Is mortgage lending complicated? |
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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)!
"Mortgage Lending Is ALL We Do!"
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 combines this product knowledge with the desire to assist borrowers in getting the best possible product for their personal situation.
“Representing Your Goals in the Market of Mortgage Finance”
Our mortgage specialists will Cut Though the Haze, Make the Process Easy to Understand and even Easier to Complete ... hopefully we can even have a little Fun along the way!!!
"We look forward to working for you!" - Team State Street Mortgage
Want Instant Answers to your Questions or Help with this site?! Live Chat with a State Street Mortgage Specialist!
Want to hear what past customers are saying?! Click here for: Testimonials
State Street Mortgage of Illinois & Indiana - 3 Convenient Locations:
Sycamore, IL: 519 W. State Street (Route 64 / North Avenue @ Route 23), IL 60178
(815) 899-0917, Fax (815) 899-7647
Yorkville, IL: 691 N. Bridge Street (Route 47 @ Route 34), IL 60560
(630) 882-8050, Fax (630) 882-8051
Indianapolis, IN: 216 E County Line Road (I 31 @ Route 135), IN 46227
Email: Info@StateStreetMortgage.Net
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