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Types of Loans

Inland Home Mortgage offers a wide variety of mortgage options to suit any borrowers needs including: Conventional, Jumbo, FHA, VA, USDA and IHDA loans, all with competitive rates and fees.

Fixed Rate Mortgage Loans
Fixed Rate Mortgage Loans usually have loan terms between 15 and 30 Years.  15- and 30-Year options are the most popular.  A Fixed Rate Mortgage may be a good choice if you plan to stay in your home for an extended period and want the “peace of mind” of knowing your interest rate and monthly Principal and Interest Payment will never change during the life of the loan.

The Advantages of a Shorter Term Mortgage Loans
If you’re looking to build equity more rapidly, a shorter term fixed-rate mortgage might be a good choice.  For example, 15-Year Mortgage fully amortizes over the 15-year period and offers all the advantages of the 30-year loan.  Shorter term mortgages also have lower interest rates, and because of the more rapid repayment of principal, you'll pay off your home in less time.

One potential drawback is that, with a 15-year loan, you commit to a higher monthly payment. For this reason, many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan years earlier. This approach is often safer than committing to a regular higher monthly payment. 

Adjustable-Rate Mortgage (ARM)
An ARM is mortgage with an interest rate that changes during the life of the loan according to movements in an index rate. Sometimes called AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).

Hybrid Adjustable Rate Mortgages
These increasingly popular ARMs - also called 3/1, 5/1 or 7/1 Adjustable Rate Mortgages - can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans.  It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Affordable Mortgage Programs
Inland Home Mortgage offers many affordable housing programs that may offer provide lower than market rates, reduced Private Mortgage Insurance, down payment assistance or combination of both.  Speak to your Inland Home Mortgage Loan Officer to find out about available products and programs in your area.

New Construction and Rehab Mortgage Programs
We offer One-Close Construction loans and Lot Loans, as well as, FHA 203K and FNMA Renovation loans.  Your Loan Officer can help you decide which program is best for your particular needs

Help for Self-Employed Borrowers
We offer a mortgage loan based not on Federal Tax Returns but on the cash flow of your business.  Some restrictions apply; speak to your Inland Home Mortgage Loan Officer for additional details.

30 Year Payment Example:
Loan Amount: $100,000
Interest Rate: 4.75%
Annual Percentage Rate: 4.889%
Monthly Payment:  $521.65
Period of Repayment: 360 months 
15 Year Payment Example:
Loan Amount: $100,000
Interest Rate: 4.25%
Annual Percentage Rate: 4.486%
Monthly Payment:  $752.28
Period of Repayment: 180 months

Payments shown do not include amounts for taxes and insurance. Actual payment obligation may be greater. Terms and Conditions may apply.  Rates are current as of 4/24/2018 but subject to change.  This is not an offer or commitment to lend.

Ruby Stover, Senior Loan Originator
Inland Bank and Trust
1900 W State Street, Geneva, IL  60134
Direct:  (219) 617-2987
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