The Marino Lending Team
NMLS Lic #209516 and #244399 in Illinois First Centennial Mortgage/Naperville 651 N. Washington St Naperville, IL 60563 630-983-3604  |  Company: NMLS# 132763

Property Types.

The type of property you are trying to get a loan for has a significant impact on the terms and availability of that loan. If you are a first time home buyer you may be able to get a better deal on a home mortgage than the average home buyer. The federal government offers a variety of programs and grants to first time home buyers. Lenders look favorably on first time home owners for home mortgages because they know it is the first home and that the occupants will strive to take care of the home. A mortgage specialist can help you find one of these lenders.

If you are attempting to get a home mortgage for a second home you may not get as favorable treatment from the lending institute you are dealing with. If the home is not going to be your primary residence, the lender will see this as a bad sign because you do not have as much of an incentive to not default on the loan. If the property is not your primary property, a home mortgage will probably carry a higher rate. You will also miss out on the opportunity to take advantage of the first time home buyer programs offered by the federal government.

Types of Properties

First Home

Federal governments programs and grants are available, generally can get a lower rate

Second Home

Generally will carry a slightly higher mortgage rate since it is not your primary residence, unless you can prove that you will occupy the home.

Investment Property

To qualify for certain investment property loans, it helps to be in the rental business for 2 years to get a fixed rate.  If you have not been in business for 2 years, you may need to do an ARM (find out about this in the next section).  Investment property also carries a higher interest rate.

A mortgage specialist can help you determine the best plan to help you maximize your investment money and generate a HIGH RATE OF RETURN.

Your Dedicated Loan Officer

The Marino Lending Team

NMLS Lic #209516 and #244399 in Illinois Tony: 630-806-2870, Tanya 815-757-6944 and Glen 630-983-3604 Company: NMLS# 132763

First Centennial Mortgage/Naperville
651 N. Washington St
Naperville, IL60563
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If you are ready to start your buying or selling process
give us a call at 630-983-3604 - We´re happy to answer all your questions.

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