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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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| Your Choice!* Mortgage |
| No-Cost / Low-Cost Mortgages |
| Purchase Mortgages |
| Mortgages for Non-Residents, No Social Security Number Required |
| Refinance Mortgages |
| Debt Consolidation Mortgages |
| Home Equity Lines of Credit |
| Conforming Mortgages |
| Government Insured Mortgages |
| Hybrid ARM Mortgages |
| Interest Only Mortgages |
| Monthly Payment Option Mortgages |
| Jumbo Mortgages |
| Reverse Mortgages |
| Specialty Program Mortgages |
| 100% to 125% Mortgages |
| Investment Property Mortgages to 100% |
| Post-Bankruptcy Mortgages |
| Bank Turn-Downs |
| Bi-Weekly Interest Savings Program |
| FREE Purchase Gift Money |
| Loan Types, Loan Terms, Property Types and Credit Situations |
| Sound Complicated? |
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Your Choice!* Mortgage
You have Choices with State Street Mortgage ... Choices you simply won't find with other banks and mortgage lenders. Depending on your specific borrowing situation you can choose how you would like to take delivery of your mortgage:
- Wholesale Mortgage: The borrower receives the wholesale rate of interest. The same rate made available to lenders from the secondary market.
- Retail Mortgage: The borrower receives a competitive mortgage based on the available market rate and fees for the desired loan program.
- Flat Fee Mortgage: The borrower's loan costs are limited to a pre-determined fee with all other loan costs paid by State Street Mortgage.
- No Cost / Low Cost Mortgage: The borrower is only responsible for paying their property taxes and other non-loan related expenses. All or most fees associated with the loan are paid for by State Street Mortgage (see No-Cost Mortgage below).
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| | Your specific borrowing situation will determine which Choice! is Your Better Option. As an example: a Wholesale Mortgage consisting of a $151,600.00 loan amount on a primary residence would require the borrower to pay (or roll-into the loan) a fee to State Street Mortgage for delivery of a wholesale mortgage.
This borrower would begin saving money instantly over the retail rate and break even on the wholesale fee at approximately 4 years and 8 months. A similar scenario involving a No Cost Mortgage is outlined below.
State Street Mortgage Specialists pride themselves in giving borrowers options they cannot get anywhere else. Ask your State Street Mortgage Specialist which financing options are available to you ... so you can make Your Choice! |
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No-Cost / Low-Cost Mortgages
A 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!
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| | This type of program is advantageous for many borrowers, especially when you consider most people tend to move within 5-7 years on average. Additionally, because many homeowners add more debt over the years, they often use the equity in their home to reduce monthly payments. You may find it a good financial decision to choose a slightly higher rate over paying your own closing costs. Ask your State Street Mortgage Specialist what financing options are available to determine the break even point of a No Cost or Low Cost Mortgage. |
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Purchase Mortgages
The American dream ... owning Your own home! Our State Street Mortgage Specialists make the home purchase process an easy one - whether you're buying your first home, moving across town, or relocating to a new city.
"Low interest rates and rising incomes have made houses more affordable than they were 10 years ago. " - Federal Reserve Bank of Chicago
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| | Just like no two homes are exactly alike ... every home buyer has a unique situation that would benefit from a mortgage program designed for their specific buying needs. We invite you to review the following loan program descriptions for a better understanding and overview of some of the un-limited programs available.
Both Fixed rate and Adjustable Rate Mortgages are available under our purchase mortgage programs. For more information on Purchase Mortgages please visit our Home Buying Frequently Asked Questions Page below:
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Mortgages for Non-Residents, No Social Security Number Required
State Street Mortgage provides mortgage financing for all tax paying community members ... regardless of resident status and without the need for a Social Security Number
Residents and Non-Residents that pay U.S. taxes via a valid Social Security Number -OR- Individual Taxpayer Identification Number (ITIN) are rewarded with the ability to obtain mortgage financing for a home.
American Dreams - Financed Here!
Servicios de la hipoteca disponibles en español
Zastaw usługi prawnie dostępny Polski
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| | Residential status is not considered. All that is required to qualify for owner occupied mortgage financing is nominal credit or acceptable non-traditional/non-reporting credit and recognized picture identification (ie: Mexican Matricula Consular ID card).
This flexible program does not source down-payment or closing cost money. All monies can be cash or a gift and does not need to be deposited into a banking institution. Simply bring a money order or cashiers check to close.
For more information on this innovative program, see our online flyer:
Tax ID Mortgage Program; No SSN, No Visa - No Problem
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Refinance Mortgages
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..
"The best way to save money is not to lose it." -Les Williams
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.
Both Fixed rate and Adjustable Rate Mortgages are available under our refinance program. Contact one of our mortgage specialists for a customized refinance based on your specific needs and goals.
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Debt Consolidation Mortgages
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..
“You want 21 percent without risk? Pay off your credit cards.”
-Andrew Tobias
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. Both Fixed rate and Adjustable Rate Mortgages are available under our debt consolidation program.
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*Number of Years it takes To Pay-Off $2,000 on a Credit Card
at 19% interest making Minimum Payments!
Our State Street Mortgage Specialists provide inquiring customers with a detailed proposal of monthly savings prior to moving forward on any loan program. |
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Home Equity Lines of Credit
The State Street Mortgage brokered Equity Flexline is a revolving line of credit that is secured by the equity in your home. You can use the funds to pay for home improvements, purchase an automobile, consolidate your debt, or any other purpose.
As you borrow against your line and repay it, the funds again become available for your use.
Most of our customers find peace of mind knowing they have an equity line of credit approved and in place, whether they intend to borrow against the line or not.
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| | In fact, it is not uncommon for a State Street Mortgage Purchase or Refinance customer to round out their complete financial strategy with one of our Equity Flexlines ... being as State Street Mortgage offers a FREE Equity Flexline to all qualified borrowers following a new State Street Mortgage 1st mortgage.
Be sure to ask Your State Street Mortgage Specialist for details! |
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Conforming Mortgages
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..
Both Fixed rate and Adjustable Rate Mortgages are available under our conforming mortgage program.
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.
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Government Insured Mortgages
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.
Government Insured Mortgages 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. Both Fixed rate and Adjustable Rate Mortgages are available under our jumbo program.
The mortgage specialists at State Street Mortgage are fully proficient in utilizing any benefits offered by these programs while offering both Fixed rate and Adjustable Rate government insured mortgage solutions for our borrowers.
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Hybrid ARM Mortgages
A Hybrid ARM Mortgage, also called a Fixed-period ARM, combines features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest rate that is Fixed for a period of years (usually 3, 5, 7 or 10 years). Then, the loan converts to an ARM. The beauty of a fixed-period ARM is that the initial interest rate for the fixed period of the loan is considerably lower than the rate will be on a mortgage that's fixed for 30 years.
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Interest Only Mortgages
Mortgages featuring Interest Only payments have been around for years and have recently been getting a lot of attention as lenders offer and advertise this product as another way to further reduce mortgage payments.
There are practical uses for borrowers to utilize a mortgage with interest-only payments. These may include:
- Seasonal or Bonus Income: Borrowers with seasonal or sporadic income can make smaller payments when income is lower and pay down principle when money is available.
- Asset Accumulation: A prudent borrower may want to invest the payment differential in investments that need capital now for longer-term compounding or other advantageous returns.
- Home Improvement Investment: A homeowner may use the monthly savings to upgrade or add-on to the home itself to increase the value for resale or future refinance.
However, the flexibility of having lower monthly payments due to Interest Only payments comes with risk … especially if the Interest Only mortgage is based on an adjustable rate or short-term fixed rate option (like the Hybrid ARM detailed above).
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| | Important: Home buyers should rarely leverage themselves into a larger home and larger mortgage by using an Interest Only mortgage to qualify. Interest Only payments rarely last for the term of the loan and not paying principle now means you will more than likely pay more interest later.
Please discuss your reasons for considering an Interest Only mortgage with your State Street Mortgage Specialist for a complete review of the pros and cons. It is our goal to improve your financial situation with the least amount of risk and the best overall chance for successful home ownership.
Also, if you are considering an Interest Only program, you may be interested in the State Street Mortgage Monthly Payment Option Mortgage below - it has similar features, yet more options. |
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Monthly Payment Option Mortgages
A Monthly Payment Option Mortgage, also called an Option or Flex-pay ARM program puts the home owner in control of their 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!
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| | For more information on this exciting program, please click the link provided below for an in-depth overview of the MTA Option ARM.
Option ARM Program Guide (Adobe PDF version)
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Jumbo Mortgages
The Jumbo Mortgage is for conforming borrowers who need a mortgage loan amount in excess of the conforming loan limit of $359,650 for a single family residence -or- $460,400 for a 2 unit, $556,500 for a 3 unit, and $691,600 for a 4 unit (all loan limits assume owner occupied properties).
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.
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Reverse Mortgages
Reverse Mortgages were designed by HUD and Fannie Mae to strengthen seniors’ personal and financial independence by providing funds without a monthly payment burden during their lifetime in the home.
 "Mortgage Payment Free and Now They Pay Me!"
Any applicant 62 years or older that owns or is seeking to purchase a home can benefit. Funds acquired are Tax-Free with No Repayment for as long as the senior lives in the home.
There are No Income, No Medical and No Credit Requirements. The homeowner retains Full Ownership and All Remaining Equity after repayment Remains with the senior with No Debt Passed On To Heirs!
For more information on this exciting program, please click the link below:
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Specialty Program Mortgages
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. Both Fixed rate and Adjustable Rate Mortgages are available under our specialty mortgage program.
Bottom Line: If there is a program available for your specific situation, your State Street Mortgage Specialist will secure it on your behalf.
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100% to 125% Mortgages
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 comparison of the programs that you personally qualify to acquire so that an educated decision can be made on which program has the most benefits for your situation.
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Investment Property Mortgages to 100%
With the housing market slowing and mortgage rates remaining near 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. We offer up to 100% financing toward the purchase of investment and/or rental property.
SSM real estate investor Mark Wilson increased his net worth $246,575.00 in 5 short years.
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We may even be able finance any desired down-payment and/or closing costs from equity in property already owned .... allowing for a true no out-of-pocket investment purchase. Contact a State Street Mortgage Specialist for details ... we have extensive (and personal) experience in this type of transaction!
For more information, click:
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Post-Bankruptcy Mortgages
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!
100% Financing: One Day after Bankruptcy Discharge
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.
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| | At State Street Mortgage, we help people with bankruptcies or other credit challenges buy or refinance homes at attractive rates and terms.  |
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Bank Turn-Downs
Mortgage lending can be complicated and the ability to secure financing for a borrower many times comes down to product knowledge and the "presentation" skills of the person arranging your mortgage financing.
"Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Edison
Every lender is a broker in that conforming mortgages are underwritten via Automated Underwriting through one of two national secondary market computer systems. Our State Street Mortgage Specialists routinely approve 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 bank or lender into the computer was not 'presented' properly.
If by chance, the borrower requires a non-conforming program, our team of knowledgeable mortgage specialists has 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.
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Bi-Weekly Interest Savings Program
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!
Pay-off your mortgage 8-10 years sooner!
Save $50,000 to $70,000 in unnecessary interest payments!
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| | 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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FREE Purchase Gift Money
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!
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Loan Types, Loan Terms, Property Types and Credit Situations
There are simply too many scenarios with too many possible solutions to list every product or feature. The following is a quick breakdown of the programs and situations State Street Mortgage is proficient in working with:
Loan Types: Conforming, FHA, VA, IHDA, Rural Development, Specialty, Reverse Mortgage, Jumbo, Purchase, Refinance, Home Equity, Home Improvement, Debt Consolidation, Cash-Out Loans, Reverse Mortgages, End Loans, Construction Loans, Bridge Loans, Lot Loans, Wholesale, Retail, Flat Fee, No Cost, etc.
Loan Terms: Fixed Rate, Adjustable Rate Mortgage (ARM), Monthly Payment Options, Interest Only, Hybrid, Balloon, 40 year thru 10 year mortgage terms, and much, much more!
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.
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| | Be sure to discuss 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.
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Sound Complicated?
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.
"We look forward to working for you!" - Team State Street Mortgage
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| | Want Instant Answers to your Questions or Help with this site?!
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