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.
Whether you are purchasing a new home or refinancing your current one, Old Second offers a variety of financing options to fit your needs.
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:
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:
At Old Second, we recognize that some borrowers may have special or complex financing needs. For these situations we offer flexible solutions.
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?