Sandee Abern and Clint Wolf

The "Dynamic Duo" of Real Estate!

Helping Illinois home buyers and sellers for over 20 years!

There are lots of different types of mortgages that are available!

Here are some examples...

1) Conventional: With a conventional mortgage, the lender obtains a lien or defeasible legal

title to the property in return for the payment of the amount of money lent.

2) FHA mortgage: This type of mortgage is insured in whole or in part by the 

Federal Housing Authority.

3) Purchase Money Mortgage: This is a mortgage that is given to secure the loan which

is used to buy the property. A first/senior mortgage has priority over the

second/junior mortgage. 

4) Adjustable Rate Mortgage: Otherwise known as an A.R.M., this mortgage option 

offers a fixed initial rate and payment. After the initial period is over, the 

rate and payment can fluctuate (at pre-determined times) to reflect current 

market rate conditions. 

5) Reverse Mortgage: This is a special type of private home loan that lets the 

borrower convert the equity in his or her home into cash. In other words, this

type of loan allows one to borrow against the value of their home. 

6) Balloon Mortgage: This type of mortgage normally offers a very low initial rate.

When time has passed however, the entire balance is usually due.

7) Two-Step Mortgage: This mortgage plan has one interest rate for the first part 

of the mortgage's "life" and a different interest rate for the remainder

of the mortgage's "life." In other words, if you have a 30 year mortgage,

the first 15 may have a 6.8% rate and the second 15 may have a

7.2% rate. 

*Please note: Not all mortgages are available in all areas. Not all mortgage plans may be

available to you, depending on your down payment, credit rating, subdivision you are

buying in, military service record (if any), length of time on the job, income, 

condition of the home you are buying, etc. We highly recommend that you

consult a qualified lender to find out what types of mortgage plans

are available to you. If you need the name of an excellent

lender, please contact us.  

*The information we are providing on this page is believed correct, but the

information's accuracy is NOT guaranteed. 

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Coldwell Banker Residential Real Estate

Office: 847-465-3667

Cell: 847-409-4001 or 847-409-4003

E-mail us by clicking here.