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Homebuying Preparation and Refinancing

Owning a home is a significant milestone, and proper preparation can make the process smoother and more rewarding. Whether you're purchasing your first home, upgrading to a new space, or considering refinancing options, FNBC Bank & Trust is here to help you navigate the journey with confidence. Serving Illinois and the Chicagoland area, we offer the financial expertise and lending solutions needed to make homeownership a reality.

The Importance of Homebuying Preparation in Illinois

Buying a home in Illinois involves more than finding the perfect property; it requires careful financial planning and informed decision-making. Key factors to consider include:

• Illinois Property Taxes: Illinois offers many attractive benefits for homeowners, including diverse communities and a wealth of local amenities. As you prepare your home budget, it's important to consider all associated costs. In some areas of the state, property taxes can be on the higher side, so factoring this expense into your overall planning is wise. With careful budgeting and thorough research into local tax rates, you can make a well-informed decision.

• Down Payment Assistance Program (DPP): The DPP is a valuable resource for income qualified home buyers looking to manage the upfront costs of purchasing a home. DPP provides financial support to help cover down payments and related expenses, making it an excellent option for those who qualify. . .

• Credit Readiness: A strong credit score enhances loan approval chances and helps secure better interest rates. Reviewing your credit report and addressing any discrepancies is a crucial first step.

• Down Payment Planning: Depending on the loan type, a down payment typically ranges from 3% to 20% of the home’s purchase price. Establishing a savings plan will set you up for success.

• Closing Costs & Fees: Illinois homebuyers should prepare for closing costs that may include title insurance, attorney fees, and local government taxes.

How FNBC Bank & Trust Supports Your Homeownership Goals in Illinois

FNBC Bank & Trust is dedicated to guiding you through the home buying and refinancing processes with tailored solutions and personalized support.

Home Mortgage Loans: Making Homeownership Achievable

Purchasing a home is a significant financial commitment, but with the right mortgage solution, it can be a seamless experience. Our loan offerings include:

• Fixed-Rate Mortgages: Lock in a rate for the life of your loan term.

• Jumbo Loans: Financing solutions for higher-value homes beyond conventional loan limits.

• Low Down Payment Options: Enjoy fixed-rate loan options with as little as 3-5% down payment.

• Adjustable-Rate Mortgages (ARM): Benefit from a lower, fixed, 7-year initial rate with the potential for even lower rates thereafter.

• Construction Loans: Explore tailored financing options designed to help you build your dream home.

We offer competitive interest rates for purchase, refinance, construction, and jumbo mortgage loans. Our loans are processed, underwritten, and serviced by FNBC Bank & Trust, ensuring responsive personal service from start to finish.

Explore Home Loan Options

Home Equity Loans: Leveraging Your Home's Value in Illinois

Utilize the equity in your home to fund major expenses or consolidate debt. Our home equity solutions offer:

• Home Equity Loans: Competitive fixed rates for one-time needs such as home remodeling projects or major life events. The interest paid might be tax deductible; consult a tax advisor.

• Home Equity Lines of Credit (HELOC): Flexible, revolving credit with no application fees and no closing costs. Enjoy a 10-year draw period followed by a 20-year repayment period.

Learn About Home Equity Options

Construction Loans: Building Your Dream Home in Illinois

If you're looking to build your dream home, our construction loans provide:

• Competitive Rates: Affordable financing options tailored for your home construction project.

• Convenient Repayment: Interest-only payments during the construction phase

Discover Construction Loan Options

Refinancing: Unlocking New Financial Opportunities in Illinois

Refinancing your mortgage can help you lower monthly payments, reduce interest rates, or access home equity for other financial goals. Our refinancing solutions include:

• Rate & Term Refinancing: Adjust your loan terms to take advantage of lower interest rates, convert an ARM to a fixed-rate mortgage, lower your monthly payment, or shorten your loan term.

• Cash-Out Refinancing: Tap into your home’s equity to fund major expenses like home improvements or debt consolidation.

Learn About Refinancing Solutions

Tips for Home Buying Success

Ready to take the next step toward homeownership? Here are five essential tips to guide your journey:

1. Assess Your Financial Health: Meet with a loan officer to review your credit and income, and to learn how your debt-to-income ratio is used to determine your borrowing power.

2. Save for a Down Payment: Establish a savings goal based on your target home price and loan requirements.

3. Get Pre-Approved: Secure a mortgage pre-approval to understand your budget, strengthen your position as a buyer, and start looking for a home

4. Research Neighborhoods: Consider factors such as local property taxes, school districts, and resale value when selecting a home.

5. Consult Financial Experts: Work with FNBC Bank & Trust to explore loan options, secure financing, and make informed decisions.

Why Choose FNBC Bank & Trust?

As a trusted financial partner in Illinois and the Chicagoland area, FNBC Bank & Trust is committed to supporting your homeownership goals with competitive mortgage products, personalized service, and expert financial guidance. Whether you're buying your first home, upgrading, or refinancing, we’re here to help every step of the way.