Welcome to Citywide Mortgage of America, your Illinois & Florida home loan experts dedicated to making sure your home purchase or refinance experience is top-notch. All mortgage rates displayed are provided by Zillow based on borrowers with credit scores between 680-740 and represent averages and trends.
Please consult with Citywide Mortgage to receive a personalized rate for your specific situation. Conventional mortgages are ideal for buyers with good credit and money to put down. They typically require a higher down payment, usually 5%-20% and also have higher income and credit score requirements than government loans.
Please consult with Citywide Mortgage to receive a personalized rate for your specific situation. Conventional mortgages are ideal for buyers with good credit and money to put down. They typically require a higher down payment, usually 5%-20% and also have higher income and credit score requirements than government loans.
Services
Citywide Mortgage Of America Corp is committed to find you the right mortgage for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward. We use the latest in financial tools for you to make sound financial choices.
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. The maximum limit for a conforming loan depends on the county and state you live in.
The FHA (Federal Housing Administration) home loan is one of several government-insured loans. The FHA doesn't lend money directly to home buyers; they insure lenders against losses that may occur from client default. Because of this, lenders have less strict requirements for borrowers. One of the features borrowers enjoy the most is the low minimum down payment, which is typically less than the requirements for a conventional loan.
Fixed-rate mortgages are probably the most common type of mortgage. You are able to lock into a set interest rate which results in monthly mortgage payments that remain the same for the entire life of the loan. A fixed-rate mortgage (FRM) is a type of mortgage with a specific rate term. A fixed-rate mortgage has a fixed interest rate for the entire length of the mortgage term.
If you're looking to buy an expensive home and need a large loan amount, a Jumbo Mortgage could be the right option for you. Jumbo Mortgages exceed the conforming limit on loans set by Fannie Mae and Freddie Mac. In most states, the conforming limit is around $453,100, but varies by location. Other areas that are specified to have a higher cost of living have a higher conforming limit of about $679,650.
Reviews (1)
Larry Lampkin
May 27, 2017
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Wow this is the mortgage company that got my first real estate purchase done in 1999. Mitchell Shanks got the job done. I had no real credit history and what credit I had was super bad. Yet he got me a 7% mortgage when rates could have gone in to double digits. Mitchell walked me through every step of the loan approval process. Coaching and mentoring me on what I needed to do to qualify. In the end I got my very first property which was also income property (2 Unit Greystone with a Coach House). Thank you Mitchell Shanks and City wide Mortgage.
Larry Lampkin
Larry Lampkin
