so please check back often.
Look for special programs for first time buyers (IHDA Mortgages), Reverse Mortgages for seniors, 100% financing, no income verification loans and much more. We have many programs so if you don’t see the one you want, just call us at 312-491-7131 or e-mail us.
| Mortgage Rates - August 20, 2008 | |||||
|
Product Name
. |
Maximum Loan
Amount ($) |
Rate (%)
. |
Points (%)
. |
APR (%)
. |
Lock Days
. |
|
417,000
|
6.500
|
0
|
6.523
|
30
|
|
|
417,000
|
6.375
|
0
|
6.405
|
30
|
|
|
417,000
|
6.000
|
0
|
6.038
|
30
|
|
|
650,000
|
7.750
|
0
|
7.799
|
30
|
|
|
417,000
|
6.250
|
0
|
5.827
|
30
|
|
|
417,000
|
6.000
|
0
|
5.738
|
30
|
|
|
417,000
|
6.500
|
0
|
6.121
|
30
|
|
|
410,000
|
6.375
|
1
|
7.130
|
30
|
|
|
410,000
|
6.000
|
1
|
5.976
|
30
|
|
| APR = Annual Percentage Rate | |||||
The list above represents a small sampling of our loan products. If you do not see the product you are looking for, call 1-888-790-4600 ext. 7131 or contact us. To view details on any product, click on the product name. Rates subject to change without notice at any time, so please confirm the rate at 1-888-790-4600 ext.7131 when you apply.
This is a conventional 30-year loan for owner occupied properties. There is no prepayment penalty. The Annual Percentage Rate (APR) calculation is based on a $417,000 loan with the interest rate and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance required. However, similar loans are available with much lower down payments. Please call (312) 491-7131 for more information.
Loans must meet FannieMae/FHLMC requirements for income, debt, credit and property appraisal.
This is a conventional 20-year loan for owner occupied properties. There is no prepayment penalty. The Annual Percentage Rate (APR) calculation is based on a $417,000 loan with the interest rate and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance required. However the loan is available with down payments as low as 5%.
Loans must meet FannieMae/FHLMC requirements for income, debt, credit and property appraisal.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a conventional 15-year loan for owner occupied properties. There is no prepayment penalty. The Annual Percentage Rate (APR) calculation is based on a $417,000 loan with the interest rate and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance required. However this loan is available with no mortgage insurance for as little as 5% down.
Loans must meet FannieMae/FHLMC requirements for income, debt, credit and property appraisal.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a non-conforming 30-year loan for owner occupied properties. There is no prepayment penalty. The Annual Percentage Rate (APR) calculation is based on a $650,000 loan with the interest rate and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance required. However, the loan is available with down payments as low as 5%.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a conventional 30 year loan for owner occupied properties. There is no prepayment penalty. The rate is fixed for the first three years and adjustments annually for the remainder of the term. The rate can increase or decrease by 2% after 36 months and up to 6% over the start rate over the life of the loan. The annual percentage rate is based on a $417,000 loan with interest rates and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance. However the loan is available with down payments of 5% with mortgage insurance.
Loans must meet FannieMae requirements for income, debt, credit and property appraisal. These loan details should be considered with an adjustable rate, which would be provided at time of application.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a conventional 30-year loan for owner occupied properties. There is no-prepayment penalty. The rate is fixed for the first 5 years and adjusts annually for the remainder of the 30-year term. The rate can change 5% after 60 months, 2% every following year, but can only rise by 5% (above the start rate) over the life of the loan. The Annual Percentage Rate calculation is based on a $417,000 loan with the interest rate and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance required. However, the loan is available with down payments as low as 5%.
Loans must meet FannieMae/FHMLC requirements for income, debt, credit and property appraisal. These loan details should not be considered an adjustable rate disclosure, which would be provided at time of application.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a conventional 30-year loan for owner occupied properties. There is no-prepayment penalty. The rate is fixed for the first 7 years and adjusts annually for the remainder of the 30-year term. The rate can change 5% after 84 months, 2% every following year, but can only rise by 5% (above the start rate) over the life of the loan. The Annual Percentage Rate calculation is based on a $417,000 loan with the interest rate and points listed on the chart. The calculation assumes a 20% down payment, with no mortgage insurance required. However, the loan is available with down payments as low as 5%.
Loans must meet FannieMae/FHMLC requirements for income, debt, credit and property appraisal. These loan details should not be considered an adjustable rate disclosure, which would be provided at time of application.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a Federal Housing Administration (FHA) 30-year loan for owner occupied properties. There is no-prepayment penalty.
The Annual Percentage Rate (APR) calculation is based on a $410,000 loan with the interest rate and points listed on the chart. The calculation assumes that this is a maximum loan to value purchase where the up front mortgage insurance is financed in the transaction.
Loans must meet FHA requirements for income, debt, credit and property appraisal.
Click here to apply online.
Call (312) 491-7131 for more information.
This is a Federal Housing Administration (FHA) 30-year loan for owner occupied properties. There is no-prepayment penalty. Your interest rate can increase or decrease by up to 1.0% every 12 months. Your interest rate cannot increase or decrease more than 5.0% (from the start rate) over the life of the loan. The change in the interest rate will change your monthly payment.
The Annual Percentage Rate (APR) calculation is based on a $410,000 loan with the interest rate and points listed on the chart. The calculation assumes that this is a maximum loan to value purchase where the up front mortgage insurance is financed in the transaction.
Loans must meet FHA requirements for income, debt, credit and property appraisal.
Click here to apply online.
Call (312) 491-7131 for more information.
South Central Bank enjoys a good working relationship with the Illinois Housing Authority. If you are interested in either the I-Loan Mortgage (MRB) Program or the I-Loan Certificate (MCC) Program, click here to visit the IHDA web site for more information.
I-Loan Certificate (MCC) Program
Click here to apply online.
Call (312) 491-7131 for more information.
Whether you are a first time home buyer or looking to refinance, use your Matricula Consular Card and Individual Tax Identification Number to get a home loan from South Central Bank. You will need a small down payment starting at 3% for a single family resident to 5% for a two unit dwelling. Ask if you qualify for down payment assistance.
Click here for more information about the Matricula Consular Card.
Click here for more information about the Individual Tax Identification Number.
Click here to apply online.
Call Antonio Romero at (312) 491-7173 for more information.
South Central Bank offers over 200 different loan products, each designed for a different borrower. As a FannieMae seller/servicer, we offer a wide selection of conventional loan products, including fixed rate, adjustable rate and low down payment loans and first time home buyer loans from the Illinois Housing Development Authority. As an approved HUD/FHA Title II lender, South Central Bank has an in-house staff of direct endorsement underwriters to ensure your loan is underwritten quickly. And through our own portfolio and network of national lenders, South Central Bank has dozens of jumbo and niche products to serve your individual needs. We have many alternative programs and combination programs such as 80/20 financing. These niche products also include low down payment loans, no-income and no-asset verification loans and A- to B- credit (sub-prime) loans for customers with impaired credit.
When a new home is purchased prior to the sale of a current home, a bridge loan is a short-term loan that acts as a transition until long term financing can be secured.
Most bridge loans are secured by the property the borrower is buying, but it is possible to secure the loan with the property the buyer is selling, or a combination of both. The term of the loan can range anywhere from 3 months to 18 months, and most bridge loans are interest only which means the borrower’s monthly payments are kept low during the bridge period.
South Central Bank has great rates on bridge loans and can make the move into permanent financing quick and convenient.
Click here to apply online.
Call (312) 491-7131 for more information.
If you have found a home or just want to get pre-approved, Start Here.
You can do part of the application now, save it, and return later. Or you can start the application and we can help you finish it. When you get pre-approved, you can get the home of your dreams faster.
Click here to apply online.
Call (312) 491-7131 for more information.
