Best Mortgage Refinance Companies in Peoria, IL

Peoria, IL Mortgage Refinance FAQs

• What types of properties can you purchase with jumbo loans in Peoria?

  Jumbo loans allow you to purchase properties in Peoria that are bigger or more expensive. This type of mortgage can exceed the maximum conforming loan limit of $726,200 established by Freddie Mac and Fannie Mae. This means that if you want to buy a larger property or a luxury home, you may want to consider applying for a jumbo loan instead of a conventional loan to be able to afford what you desire.

• Who is eligible to get a VA loan in Peoria?

  To qualify for a VA loan in Peoria, you need to meet one of these criteria: have 90 consecutive days of wartime active service, 181 days of peacetime active service, or six years in the National Guard or Reserves. Eligibility is also given to spouses of service members who died on duty or due to service-related disabilities.

• What happens if you inherit a home in Peoria that has a mortgage?

  You have several options if you inherit a home in Peoria that has a mortgage. If you're moving in, you can keep paying the mortgage or do a cash-out refinance. State law lets heirs take over the loan, especially if they're relatives. If selling, use the sale money or estate funds to cover the mortgage until it's sold.

• What are your options if you are having a hard time paying your mortgage in Peoria?

  If you are having a hard time paying your mortgage in Peoria, you have several options. First, you can apply for modified loan terms if you're facing economic hardship. Refinance if you want to keep the property. If the loan's more than the house's value, think about a short sale. Also, discuss a "deed in lieu of foreclosure" with your bank to release you from the mortgage.

• Can you apply for another mortgage even if you already have one in Peoria?

  Yes, you can apply for a second mortgage in Peoria. This allows you to borrow money against your home or another property with a first mortgage. A second mortgage is helpful for pressing financial needs like paying college tuition fees, credit card balances, or essential home improvements. However, second mortgages are usually more stringent, the terms are typically shorter, and they come with higher interest rates.