OPEN A MORTGAGE & HOME EQUITY LOAN
HOME MORTGAGES
There are a number of reasons people select North Shore Trust and Savings as their mortgage lender. We offer a variety of real estate loans from long-term residential and commercial to construction and development financing with competitive rates of interest to meet the individual needs of our customers.
Our goal is to make applying for a mortgage quick and easy, while also allowing time for any questions you may have.
HOME EQUITY LOANS
A Home Equity loan is a way for you to access the equity you have built in your home. North Shore Trust’s Home Equity Loans offer the security of a fixed interest rate and the convenience of a set payment. Your interest may also be tax deductible; please consult a tax advisor.
HOME EQUITY LINES OF CREDIT (HELOC)
A Home Equity Line of Credit (HELOC) is a way for you to access the equity that you have built in your home. North Shore Trust’s HELOC are revolving lines of credit secured by owner-occupied residential properties offered with a variable interest rate. Funds can be advanced by credit line checks, online transfer or by a telephone request. Interest may be tax deductible; please consult a tax advisor.
HOME IMPROVEMENTS
PURCHASE A VEHICLE
CONSOLIDATE HIGH INTEREST CREDIT CARD DEBT
PAY COLLEGE TUITION
USE THE FUNDS FOR WHATEVER YOU LIKE
Other features of North Shore Trust’s Home Equity Lines of Credit Include:
- Convenience of a low, interest only, minimum monthly payment
- Interest charged only on your outstanding loan balance
- Interest paid may be tax deductible
- Fast and easy way to access additional funds whenever you may need them
- Use the funds for whatever you like: home improvement, college tuition, new car, etc.
We are pleased to announce our new Home Sweet Home loan program to assist homebuyers and homeowners with a lower interest rate and guidelines that make it easier to qualify for a mortgage on properties in Lake, McHenry and Cook Counties in Illinois or Kenosha County in Wisconsin.
ALTERNATIVE LOAN PROGRAMS: HOME SWEET HOME PROGRAM
ELIGIBLE PROPERTY TYPES
- Single Family Detached
- Single Family Attached
- Townhome
REFINANCE OPTIONS
- Available for Purchase
- Rate/Term Refinance
- Cash-out Refinances
LOAN OPTIONS
- Conventional Fixed Rate Mortgage
- Adjustable Rate Mortgage
MAXIMUM LOAN-TO-VALUE
- 95% for Purchase and Rate/Term Refinance
- 85% for Cash-out Refinance
CREDIT SCORE
- Minimum Credit Score of 660 required
MAXIMUM DEBT-TO-INCOME OF 43%
- Up to 45% with a credit score of 680 or higher
BORROWER CONTRIBUTION
- Borrowers must contribute 3% of purchase price from their own funds
ONLINE HOUSING COUNSELING REQUIRED
- FNMA Framework
- FHLMC Home Smart
- HUD approved Counseling Agency
LAKE COUNTY, IL PROGRAM INCOME LIMITS
| HOUSEHOLD | INCOME LIMIT |
|---|---|
| 1 | $55,300 |
| 2 | $63,200 |
| 3 | $71,100 |
| 4 | $79,000 |
| 5 | $85,400 |
| 6 | $91,700 |
| 7 | $98,000 |
| 8 | $104,300 |
COOK COUNTY, IL PROGRAM INCOME LIMITS
| HOUSEHOLD | INCOME LIMMIT |
|---|---|
| 1 | $59,300 |
| 2 | $67,700 |
| 3 | $76,200 |
| 4 | $84,600 |
| 5 | $91,400 |
| 6 | $98,200 |
| 7 | $105,000 |
| 8 | $111,700 |
Information about the Home Sweet Home loan program is considered to be General Information only and based on guidelines of North Shore Trust and Savings and is not intended to be all inclusive. The Program is subject to change without notice. Unless required by applicable laws, North Shore Trust and Savings undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Home Sweet Home funds are limited. When the funds are gone for 2018, the program will sunset for the year, or until new funds are allotted. Home Sweet Home mortgages are processed, underwritten, closed, and serviced by North Shore Trust and Savings. NMLS #438265.