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We offer a variety of options to fit your needs and lifestyle:
Yes, we finance unique properties that qualify as hobby farms. These properties can range significantly in size and level of development, but each has the potential to produce some income from livestock, crops and other related activities. As specialists in rural home financing, we can offer many of our clients long-term, fixed-rate loans for homes that also include the following:
The rate on your Truth-in-Lending statement is the Annual Percentage Rate (APR), which reflects the cost of your mortgage loan as a yearly rate. The APR will usually be greater than the rate of interest on the note because it considers all costs of credit incurred in placing the loan. The APR includes:
The rate of interest on your borrowed funds will be the rate disclosed on the note you sign at closing and is factored into the calculation of the APR. When making comparisons between loan products, always compare APR to APR.
A home loan often involves many fees, including the appraisal fee, title charges, closing fees and state or local taxes. These fees vary from state to state and from lender to lender. To assist you in evaluating our fees, we've grouped them as follows:
You can choose the title and closing company you prefer to work with. At Compeer Financial, you can complete your entire loan transaction under one roof with our closing team. They can prepare comprehensive and accurate transactional documents, plus the following services:
We have several offices located throughout Illinois, Minnesota and Wisconsin. Our closing team can assist with the closing of your loan at one of our offices that is the most convenient for you.
Secondary market lending follows a very strict set of guidelines for property types and borrower requirements. Many times a borrower has outstanding credit history, but the financed property has agricultural or business influence, unique features that other homes in the area may not have or be for bare land, requiring it to be financed through a lender’s portfolio program. Even with outstanding credit, there may be challenges with a borrower’s profile that may not allow secondary market lending to be an option. Most commonly, self-employed borrowers with business debts or a down payment gift are common challenges that make a loan ineligible for secondary market financing. Our portfolio lending is designed to finance properties that do not fit secondary market guidelines, and our flexible guidelines help borrowers with earnings from a self-owned business.
In 2010 Congress created a new federal agency called the Consumer Finance Protection Bureau (CFPB), which enacted a number of new laws to regulate the home mortgage industry. One of the regulations, Ability-to-Repay (ATR) rule, protects consumers from taking on mortgages that exceed their financial means. Our underwriters review your application to consider these eight factors in the loan approval process in order to comply with the ATR regulations:
The underwriting review will often result in requiring additional information in order to properly document the approval of your application.
Recognizing a need to allow consumers adequate time to consider the implications of taking out a mortgage loan, government regulations were enacted to allow time to make sure you are doing what is best for your finances and future.
There are a number of regulations and requirements that stipulate escrow requirements. Typically, any loan borrowing over 80% of the value or purchase price is required to escrow. Depending on the loan terms and guidelines based on the individual circumstances, other regulatory requirements may place escrow requirements on a transaction as well.
Escrow is simply a holding deposit for upcoming tax and property insurance payments. On a monthly basis, 1/12th of the annual tax and annual insurance premium is collected with each loan payment. The initial deposits are determined solely based on what month the taxes or insurance payment will be due, ensuring that there is no less than the 12-month balance available before the due date. If your loan is closing near a tax or insurance due date, the initial deposits will be significantly higher than payments that are due further out. We do not collect above the 1/12th level and provide annual reviews and adjustments as payments change.