When looking for and securing a new home loan or for refinancing, it’s important you find the loan that’s within your budget and meets your needs. At Providential, we offer several home loan options — and we’re sure we have the mortgage option that’s right for you!
Providential’s Home Loan Options:
- 30 Year Fixed Rate Mortgage
Providential’s most popular choice, and ideal if you want the lowest monthly payments, and payments that never change. Apply now.
- 15 Year Fixed Rate Mortgage
The ideal choice if you want to quickly own your home outright. Your monthly payment will never change. Apply now.
- Jumbo Home Loan
It allows you to buy a more expensive home. For those who have a solid income and substantial assets, this is the right choice. Apply now.
- Reverse Mortgage
The loan is only repaid when you permanently move out of the house, or if you sell the house. Apply now.
- FHA Loans
Down-payments can be as low as 3.5%. The FHA will also approve more applications than a traditional lender. Apply now.
- Adjustable Rate Mortgage
Also known as ARM, it’s a great loan option if rates are decreasing and you’re staying in your home for a short period of time. Apply now.
- VA Home Loans
Specifically aimed to help veterans and military personnel get a mortgage and own a home. Low down-payment options. Apply now.
- Interest-Only Mortgage
Take this option if you are interested in the lowest monthly payment for a specific period of time. Apply now.
- USDA Loans
Only offered in rural areas and serviced by direct lenders that meet federal guidelines. Apply now.
- 203K Loans
Provides the money needed for repairs and related expenses as part of the loan that will become the primary residence. Apply now.
- HELOC Loans
A line of credit is used to borrow sums that total no more than the credit limit, similar to a credit card. Apply now.
Providential sometimes uses its own funds to help meet the borrowing requirements of our customers. This allows us be flexible in the way we structure each mortgage; and, we don’t have to pay a middleman a fee for coordinating the transaction. We represent hundreds of loan programs, so there is a high degree of probability we can find you a lender who is searching for your type of loan at the time you are seeking financing.
Providential’s Steps to Obtaining your Home Loan:
- Gather Information about You and Your Property.
We’ll put together a handful of mortgage options to present to you, and will often take a thorough interview.
- Obtain Your Mortgage Application and Disclosure Statements.
This step occurs once you have chosen the loan program that you are most comfortable with.
- Verify All Information and Underwrite the Loan.
This step includes obtaining an Appraisal of your property, reviewing the Title to your property, and refining the terms and conditions of the proposed loan.
- Prepare for Closing.
This can be done in as little as a day, but often requires two or three days if many parties are involved.
- Conduct the Real Estate Transaction.
This process usually takes less than an hour.
If you’re not sure which loan option is right for you, contact us or chat with us on our website on the lower right hand of your screen. You can also call us at 1-860-864-SAVE (7283). We’ll be happy to help you.
The mortgage industry has seen a dramatic increase in governmental regulation during the past 3 years. Limits now exist on how much a mortgage broker can earn on each transaction. Providential welcomes the regulation because it increases a level playing field. We’ve always been a low-cost producer of mortgage services, so increased regulation allows us to offer our clients even better terms – compared to competitors.
Providential is proactive toward government regulation, which include the following:
- Real Estate Settlement Procedures Act
- Truth in Lending Act
- Equal Credit Opportunity Act
- Gramm-Leach-Bliley Act
- Illinois Department of Financial and Professional Regulation
- Home Mortgage Disclosure Act
- Fair Housing Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- State Usury Laws (vary slightly by state)
- Department of Housing and Urban Development
- The Veterans Administration
- Fannie Mae and Freddie Mac