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Our loan process was built with you in mind

Whether it's your first home, your dream home or a vacation home, we welcome the opportunity to help find the most advantageous option for financing it. Click here for Mortgage lenders.

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First-time homebuyer

Sometimes good credit alone won't help you overcome all the obstacles to buying your first home. To help first-time homebuyers meet the requirements of a hefty down payment or being able to cover closing costs, Old Second participates in several affordable housing programs.


PROGRAM INFORMATION


  • Available programs—including the Federal Housing Administration (FHA)—can help buyers purchase a home with a variety of down-payment options.
  • Specialized financing arrangements assist moderate and lower income homebuyers to qualify for loans.
  • Gift/grant funds are available for use in making down payments or meeting closing costs in certain geographic areas.

IF YOU ARE CONSIDERING APPLYING


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First time homebuyers, to better learn about Old Second's home loan process, watch the videos below featuring Old Second 1st Vice President William Schumann.


FIRST TIME HOMEBUYER VIDEO #1:
HOMEBUYING PREPARATION


FIRST TIME HOMEBUYER VIDEO #2:
CHOOSING A LENDER


FIRST TIME HOMEBUYER VIDEO #3:
OLD SECOND LOAN PROCESS



Experienced homebuyer

Whether you are purchasing a new home or refinancing your current one, Old Second offers a variety of financing options to fit your needs.

FIXED-RATE MORTGAGES


A traditional fixed-rate mortgage may be appropriate if you want a set principal and interest payment throughout the life of the loan. With a fixed-rate mortgage, future interest rate changes won’t change your monthly payment.

BENEFITS:
  • Predictable, fixed monthly principal and interest payments for the life of the loan.
  • No interest rate risk; the mortgage rate is locked in for the life of the loan.
  • For most loans, payments can be made through Old Second.
  • Automatic payment options available.
IF YOU ARE APPLYING: Check rates

ADJUSTABLE-RATE MORTGAGES (ARMs)


An Old Second adjustable-rate mortgage (ARM) may be appropriate if you plan on moving or selling your home within a specific time frame or if you want the flexibility of lower monthly mortgage payments in the early stages of your payback period. An Old Second residential lender can provide details of how ARMs work and help you decide if an ARM may be appropriate for your situation.

BENEFITS:
  • Lower initial interest rate than a fixed-rate mortgage.
  • Lower initial monthly payments than a fixed-rate mortgage.
  • After the initial period of the loan, the interest rate is subject to regular adjustments based on the value of the underlying index plus a margin.
IF YOU ARE APPLYING: Check rates

Special financing

At Old Second, we recognize that some borrowers may have special or complex financing needs. For these situations we offer flexible solutions.

HOME AFFORDABLE REFINANCE PROGRAM (HARP)


The Federal Government's Home Affordable Refinance Program (HARP) is designed specifically to help borrowers who may not qualify for traditional refinancing due to low home value or because they have low or no home equity. You may be able to lower your monthly payment, your rate or move from an adjustable-rate loan product to a fixed-rate loan product.

DO YOU QUALIFY FOR HARP?
  • If your loan closed by 5/31/09, contact your lender to see if you are eligible for HARP.
  • You are “current” on your mortgage payments—no missed payments in the last 6 months, and no more than one payment missed in the last 12 months.
  • Your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be greater than 80% and less than 125% to be eligible).
  • Even if your home is worth less than what you owe, you still may be eligible.
BENEFITS:
  • You may lower your interest rate.
  • You may lower your monthly payment.
  • You may adjust the term of your loan.
  • You may refinance into a fixed-rate mortgage.
IF YOU ARE CONSIDERING APPLYING:

OLD SECOND SPECIALTY PROGRAMS


  • Jumbo Loans
  • Construction loans
IF YOU ARE CONSIDERING APPLYING:

Appraisals?

We may order an appraisal to determine the property's value and charge you for this appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost.