LOAN PROGRAMS

Loan Programs
Chicago’s premier mortgage loan specialists
NorthPoint Lending Group is a mortgage loan broker based in Chicago and Glenview. We have been offering hands-on personalized service in helping to secure the right home loan for our clients for over 20 years. We use our comprehensive network of lenders to provide you with the most competitive mortgage rates and programs available while delivering the individual attention you deserve. We can help with Purchases, Pre-approvals, Refinances, Cash-Out Refinances, FHA loans, Jumbo loans and Portfolio loans.

Program highlight

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP). You may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

YOU MAY BE ELIGIBLE TO REFINANCE UNDER HARP IF:
  • You are current on your mortgage payment, with no late payments in the past six months and no more than one late payment in the past 12 months
  • Your existing loan was originated on or before May 31, 2009
  • You have not already refinanced the same property in the past under the HARP Program
  • Your existing loan is owned or guaranteed by either Freddie Mac or Fannie Mae
  • We are glad to assist you with HARP refinancing. If you have any questions, feel free to call us for details!
Our goal is to find the best mortgage loan option for you. To ensure you get the best solution, NorthPoint Lending Group offers an array of home finance options to our customers, including:
  • Competitive fixed and adjustable rates
  • Fast Pre-Approvals with Fannie/Freddie underwriting
  • Jumbo and Super Jumbo loans at very competitive rates
  • Commercial loans
  • Portfolio loans
We are an Illinois residential mortgage licensee. For your free consultation or prequalification, contact our offices in Chicago today!
CREDIT SCORES AND INFORMATION
What is a FICO score?
A FICO score is a credit score developed by Fair, Isaac & Company. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac & Co. began its pioneering work with credit scoring in the late 1950s. Since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation.

A credit score attempts to condense a borrower’s credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance.
Developing these models involves studying how thousands, even millions of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports.
CREDIT SCORES ANALYZE A BORROWER'S CREDIT HISTORY CONSIDERING NUMEROUS FACTORS SUCH AS:
  • Late payments
  • The amount of time credit has been established
  • The amount of credit used versus the amount of credit available
  • Length of time at present residence
  • Negative credit information such as bankruptcies, charge-offs, collections, etc.
There are actually three FICO scores computed by data provided by three bureaus: Experian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score.
HOW CAN I INCREASE MY SCORE?

Our loan specialists in Chicago can help you with a few techniques to improve your standing. While it is difficult to increase your score in the short run, here are some tips to increase your score over a period of time:
  • Pay your bills on time. Late payments and collections can have a serious impact on your score.
  • Do not apply for credit frequently. Having a large number of inquiries on your credit report can worsen your score.
  • Reduce your credit card balances. If you are “maxed” out on your credit cards, this will affect your credit score negatively.
  • If you have limited credit, obtain additional credit. Not having sufficient credit can negatively impact your score.
WHAT IF THERE IS AN ERROR ON MY CREDIT REPORT?

If you see an error on your report, report it to the credit bureau. The three major bureaus in the U.S., Equifax (1-800-685-1111), Trans Union (1-800-916-8800) and Experian (1-888-397-3742), each have procedures for correcting information promptly.


For information about our mortgage services and credit score assistance, please contact us in Chicago, IL at 773-665-8555. We will gladly schedule a consultation or answer any questions you may have.
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