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Aurora Illinois Mortgage Lender

Home Loans In Aurora, Illinois 

Aurora is Illinois’ second-largest city. It is home to the architectural works of Frank Lloyd Wright, Ludwig Mies van der Roche, Bruce Goff, and George Grant Elmslie. According to recent Niche’s Best Places rankings, the city ranks fifth in the most diverse suburbs in Illinois. This ranking was based on the degree of racial diversity, income diversity, and age diversity. 

If you’ve been eyeing homeownership in Aurora for quite some time, now may be a great time to act on that dream. For many would-be Aurora residents, the first step is to get a home loan. 

When applying for a home loan in Aurora, you’ll come across the term ‘fixed-rate mortgage.’ It’s important to know what this means and how it affects your home loan. Let’s take a closer look at what fixed-rate mortgages are all about. 

Understanding Fixed-rate Mortgages

Simply put, fixed-rate mortgages have fixed interest rates for the loan duration. When you settle your monthly obligations, the payment consists of partly interest and principal. The amount that gets deducted from the principal is called amortization. 

You can predict your future payments in a fixed-rate mortgage because interest rates are the same. You can even ask your lender to provide an amortization table to see how much goes to the principal over time.

Determining Fixed-rates

Banks start with a risk-free rate or the lowest possibility (even zero) of default. Risk-free rates are often based on treasury bills. T-bills are considered “nearly free from default risk” because the U.S. government backs these bills. 

However, borrowers have different credit profiles. To compensate for the different levels of default risk in borrowers, banks add a “risk premium” on top of the risk-free rate. 

Aside from risk, monetary policies from the Federal Reserve affect interest rates. If the Feds increase their rates, it ripples the economy by making credit more expensive and discouraging companies and individuals from getting loans.

Pros and Cons

In a fixed-rate mortgage, the most significant advantage is that the monthly payment stays the same. Also, changes in future interest rates won’t affect your payments. 

On the flip side, a fixed-rate mortgage’s biggest con can be higher than adjustable-rate mortgages. If the interest rates go down at any time during the loan term, you’ll be unable to enjoy these lower rates since you opted for a fixed-rate mortgage. 

Is A Fixed-Rate Mortgage For You?

Though most are personal factors, such as income and employment stability, there are many factors to consider. 

The general rule of thumb is to get a fixed-rate mortgage if you don’t intend to sell the house within the next 10 to 30 years. Otherwise, it might be better to consider an adjustable-rate mortgage.

Aurora, Illinois Mortgage Lender

Capital Home Mortgage offers both fixed-rate and adjustable-rate home loans for people who want to become homeowners in the city of Aurora. 

As direct Aurora mortgage lenders, we handle every aspect of the home loan process, so obtaining the right mortgage product is generally more streamlined. 

Additionally, we offer competitive interest rates and convenient underwriting policies to ensure on-time approvals. 

Get A Home Loan In Aurora, Chicago

Talk to our mortgage officers today about getting a home loan in Aurora. We offer a variety of home loan programs, including government-backed FHA loans, Conventional loans, and Jumbo loans. GIve us a call at (630) 339-3388 to get started. 

Why Aurora is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Aurora Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Aurora Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Aurora Mortgage Rates

Capital Home Mortgage Aurora is dedicated to offering Great Aurora Mortgage Rates. 

Call now to speak with a Loan Officer or request a no obligation custom rate quote.

Aurora Illinois Mortgage Loans

Aurora Home Purchases

Buying an Aurora Home?

  • Primary, 2nd Home, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Renovation, Manufactured

Aurora Renovation Home Loans

Aurora Rehab Loans

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or Full
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Aurora FHA Home Loans

1st Time Aurora Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores – Down to 500

Aurora VA Home Loans

100% Loans for Aurora Veterans

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Credit Scores Down to 500
  • Manual Underwriting Allowed

Aurora Conventional Home Loans

Flexibility for Aurora Buyers

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Aurora Jumbo Home Loans

Great Aurora Rates

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Aurora USDA Home Loans

Aurora Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes Allowed
  • Closing Costs Can Be Rolled In

Aurora Native American Loans

Aurora HUD 184 Loans

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Aurora Manufactured Home Loans

Aurora Mobile Home Loans

  • Existing Purchase or Refinance
  • One Time Close Combo Land & Home
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Aurora Reverse Mortgages

Your Aurora Home at Work

  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • Credit Scores Not Applicable
  • Minimum Age 62

Aurora Cash Out Refinance

Aurora Equity Refinance

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Debt Consolidation
  • Streamline Options Available

Aurora Mortgage Refinance

Aurora Rate & Term Refinance

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Aurora Illinois Mortgage Team

Dale Gremillion

Managing Director
NMLS 210325

Ron Ireland

Branch Manager
NMLS 328363

Conor Hayhurst

Managing Director
NMLS 743506

Cristina Roca

Loan Officer
NMLS 1926089

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