Design Your Own Chicago Real Estate Mortgage

August 11, 2012

design your own mortgageEver wish your Chicago real estate mortgage payments better coincided with your life? That you could be done paying before you retire or before your kids go off to school? It so happens that more and more lenders these days are letting you do just that, according to a recent article in the Chicago Tribune.

A prime example of a company that is offering designer mortgages is Quicken Loans. Called YOURgage, the product allows borrows to choose the term of their loan, whether it’s for eight years or all the way up to 30  years.

However, Quicken Loans isn’t the only company offering this type of product. Several lenders nationwide are now allowing borrowers to choose alternative maturities for their loans.

According to the Mortgage Bankers Association, 14.6 of refinancers took fixed-rate loans with maturities other than 15 or 30 years in June. This increase was a significant jump over this time last year.

For some, shorter-term loans are appealing because you can take advantage of low rates without extending the life of your mortgage. However, before changing be sure to consider these factors: your current rate, the economy and the timing.

The most important thing is to make sure your mortgage makes sense for you not only now, but for the future as well.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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