Design Your Own Chicago Real Estate Mortgage

design your own mortgageEver wish your Chicago real estate mortgage payments better coincided with your life? That you could be done paying before you retire or before your kids go off to school? It so happens that more and more lenders these days are letting you do just that, according to a recent article in the Chicago Tribune.
A prime example of a company that is offering designer mortgages is Quicken Loans. Called YOURgage, the product allows borrows to choose the term of their loan, whether it’s for eight years or all the way up to 30  years.
However, Quicken Loans isn’t the only company offering this type of product. Several lenders nationwide are now allowing borrowers to choose alternative maturities for their loans.
According to the Mortgage Bankers Association, 14.6 of refinancers took fixed-rate loans with maturities other than 15 or 30 years in June. This increase was a significant jump over this time last year.
For some, shorter-term loans are appealing because you can take advantage of low rates without extending the life of your mortgage. However, before changing be sure to consider these factors: your current rate, the economy and the timing.
The most important thing is to make sure your mortgage makes sense for you not only now, but for the future as well.