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Whether it’s your first home, a second home, your dream home, or simply a refinance, we welcome the opportunity to help you find the most advantageous loan option possible. Our mortgage lenders are sure to make you feel right at home with the process.
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FIRST-TIME HOMEBUYER | EXPERIENCED HOMEBUYER | HOME EQUITY | SPECIAL FINANCING | APPRAISALS

First-time Homebuyer Mortgage

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 down payment or being able to cover closing costs, Old Second participates in several affordable first-time homebuyer programs.

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Contact us at 877-966-0202 or mortgagecenter@oldsecond.com if you need help..

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First-time homebuyer PROGRAM INFORMATION

  • Available first-time homebuyer 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

Experienced Homebuyer Home Loans

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.

typical 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:

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.

typical 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:

Unlock Your Home's Equity

When you have plans, we'll help you find a way to fund them. With the equity you've built up in your home, we can help you "borrow" from yourself to finance the expenditures you may have been putting off - like home improvements, education, and medical or tax bills.

FIXED-RATE HOME EQUITY LOAN

For large expenses, such as a home renovation or your child’s college education, you may be able to “put it on the house” with an Old Second Fixed-Rate Home Equity Loan. An Old Second residential lender can help you decide if a fixed-rate home equity loan is right for you.

typical BENEFITS:
  • Predictable, fixed monthly principal and interest payment for the life of the loan
  • No interest rate risk because the loan rate is locked in
  • No application fees
  • No hidden closing costs
  • Automatic payment options available through O2 Online Banking when you have a checking or a savings account
IF YOU ARE APPLYING:

VARIABLE-RATE HOME EQUITY LINE OF CREDIT

Gain the flexibility to decide how much you want to borrow, when you borrow it and how you want to pay it back. With Old Second’s Variable-Rate Home Equity Line of Credit, you are in control.

typical BENEFITS:
  • Once a line of credit is established, you have easy access to your home’s equity via check or online banking transfer
  • This is a reusable source of credit—you may pay it down and then borrow against it at a later date
  • Automatic payment options available through O2 Online Banking when you have a checking or savings account
  • We only require interest payments each month; you may repay principal at your discretion, within the terms of the line of credit
IF YOU ARE APPLYING:

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Special Financing

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

OLD SECOND SPECIALTY Mortgage PROGRAMS

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

Home Value 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.
 
 
What is an appraisal?
When purchasing, selling, or refinancing a home an appraisal is needed to assess its worth. Appraisals are performed by unbiased and specialized professionals who seek to confirm a property's value falls in line with fair market value. Accuracy of appraisals is incredibly important because it ensures those seeking to purchase a home aren't paying too much and lenders aren't lending more than the property is worth.
 
What is a Reconsideration of Value (ROV)?
A consumer is able to provide additional information to an appraiser they think could be pertinent to their initial valuation of the property. This request for the appraiser to take another look at their assessment and decision is called a Reconsideration of Value (ROV). In order to exercise this option during the loan process Old Second National Bank requires a consumer to complete a form which includes all of the figures and information they think could impact the initial value determination.
 
Reconsideration of Value (ROV) Form: 
The ROV form can be filled out by the consumer on their own or by getting assistance from someone like their realtor or mortgage loan officer.
An industry professional may be able to provide guidance as to what other relevant information could be helpful to include in the request as well as give you extra comparable sales in the market. However, only an ROV submitted directly by the customer can be accepted by Old Second National Bank.
 
The reason for the ROV should be indicated as one of the following and should be as detailed as possible:

  • To fix factual mistakes in the report (e.g. report shows your home as 2 bedrooms, but it really has 3; the gross living area is devalued; the property’s age is incorrect, etc.)

  • To ask that superior comparable sales be utilized:
  • It cannot be a listing or contingent sale. The comparable must be for the sale of a home prior to the date the appraisal was completed.

  • A comparable needs to support recent sales in the market. Typically, a sale closed within the prior 6 to 12 months. However, an appraiser may have to adjust that timeframe based on potential market changes.

  • It needs to be near the subject property. The best comparable is usually a recent sale of a like property in the same sub-division. If no such properties exist an appraiser may select from other neighborhoods as long as they give an analysis and explanation on why those were the most suitable.

  • Similar material features should be seen. (e.g. number of rooms, style (e.g. split level, ranch, townhouse), property condition, gross living area (GLA). An appraiser can make adjustments for different characteristics.

 

  • To report concerns of perceived bias or discrimination during the original appraisal process:

 

  • Fair and responsible lending is taken very seriously at Old Second National Bank, and it does not tolerate bias or discrimination during any part of the loan process. The Equal Credit Opportunity Act protects applicants on the basis of marital status, age, or whether or not they receive public assistance. Further, the Fair Housing Act does not allow any form of discrimination based on national origin, race, religion, color, familial status, sex (including gender identity or sexual orientation), or disability.

  • If you believe the appraisal of your property was in any way prompted by bias or discrimination, please indicate that information on your ROV request form and send to FairAppraisal@oldsecond.com
  • ROV form must be printed, completed, signed, and sent to ROV@oldsecond.com. Please contact your Mortgage Loan Officer if you need a copy of this form.

  • Once the form has been reviewed by the appraisal desk to ensure its completion and accuracy, and that it does not go against Appraiser Independence Requirements, the request is sent to the appraiser.
  • These requirements forbid anyone from attempting to influence an appraiser’s determination of value through collusion, intimidation, bullying, or payment of any kind. To make sure to avoid even the appearance of persuasion please:

 

  • Be respectful in providing your information about issues with the appraisal.
  • Do not give an old appraisal report; but comparables from such a report can be given if they are still timely.
  • DO NOT discuss value or scope of values you would like.
  • The appraiser will consider every piece of information provided and can choose to concur or not that amendment(s) is/are needed and will communicate the ROV to your loan officer.

  • Your loan officer will relay the outcome of the ROV to you typically within 3-4 business days. 

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