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.


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


  • We regularly offer informative seminars in your community
  • View the Loan Process
  • Access our Mortgage Glossary
  • View SAFE Act disclosure here
  • For information on first-time homebuyer programs, call 877-966-0202
Check rates

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
  • We offer financings up to $2 million (including jumbo loans with loan balances greater than $417,000, the current federal limit for most conventional mortgage financing)
  • Most loans are serviced through Old Second
  • Automatic payment options available through O2 Online Banking when you have a checking or a savings account
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
  • Provides greater home-buying power due to the lower initial monthly payments
  • We offer ARMs with a variety of terms to match your circumstances
  • Rates may be based on the 1-year Constant Maturity Treasury index (CMT) or 1-year LIBOR
  • 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
  • We offer financings up to $2 million (including Jumbo ARM loans with loan balances greater than $417,000, the current federal limit for most conventional mortgage financing)
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?
  • Your loan is owned or guaranteed and acquired by Fannie Mae or Freddie Mac on or before May 31, 2009. To determine if your loan is owned by Fannie Mae, visit KnowYourOptions.com or call (800)7Fannie. To determine if your loan is owned by Freddie Mac, visit FreddieMac.com or call (800)Freddie.
  • 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).
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


Whether you want to build a home, supplement your retirement income or help your parents remain in their home while covering in-home health care costs, one of our residential lenders can help craft a solution for you.

BENEFITS:
  • Vacant lot loans offer short-term and intermediate-term financing when you want to purchase land on which you plan to construct your primary residence.
  • Construction loans offer solutions to help you build your primary home and to meet builder requirements for interim financing on new construction.
  • Bridge or "gap" loans help you obtain financing to make a down payment and pay closing costs on your new home before you receive the proceeds from the sale of your current property.
IF YOU ARE CONSIDERING APPLYING: