Home Buying Advice

As your financial partner, Mid-Illini Credit Union wants to make sure our members are well-equipped with the information they need when it comes to purchasing a home. We are interested in helping you build a solid financial foundation and will provide you with honest feedback and advice.

To get you started, MICU has provided you with the following list of information to help you in the home buying decision. Use the links below. And, of course, our friendly mortgage staff is always willing to answer your questions… big or small. Call us today at 309.661.1166.

Evaluating

Should I rent or own my home?
Before you even begin the shopping process, the first question you may ask yourself is, on the surface, quite basic: Does it make sense for you to buy your home?
Getting Your Home Ready for the Market
Any marketing or sales professional will tell you that the packaging is just as important as the product you are selling.
It Pays to Ask Questions when Shopping for a Home
Home Buyers often look at dozens of homes before finding the one that fits the bill. In order to avoid unpleasant surprises after you've moved in, you'll need to get answers to some direct questions.

Financing

Knowing Your Rights as a Borrower
Several federal laws provide you with protection during the processing of your loan.
Shopping for a Mortgage: All loans are NOT created equal
Never before has there been such a wide range of sources for home mortgages.
The Application Process: What's the lender doing with all my information?
Before you receive a loan, the lender will require that an application be completed.
There's more than one type of Home Loan
Different borrowers have different needs. For that reason, lenders offer an array of home loan products.
Buying Down the Rate: Paying now or paying later
Many lenders will offer a lower interest rate for your loan when the borrower pays a fee up front.

Purchasing

Buying a Home: The Cast of Characters
Buying a home is an involved process, and you likely won't do it alone.
I'll take it!
Now that you've done your homework, pre-approved your mortgage, and zeroed in on the home you'd like to buy, it is time to make an offer.
The Nuts and Bolts of Private Mortgage Insurance (PMI)
If you plan on having less than a 20% down payment on your home, you may have to budget a little extra for Private Mortgage Insurance.
Understanding Payments & Escrows
A mortgage payment is comprised of much more than a traditional consumer loan.

Home Equity Loans

Understanding the Second Mortgage: Home Equity Loans
If you're a homeowner with equity in your residence, you may be in for some good news.

Mortgage Type	APR*
30 Year Fixed	4.500%
15 year Fixed	3.875%
Learn More \| Apply For Loan
Annual Percentage Rate (APR) Best rates available to qualified borrowers.*

Loan Type	APR*
Signature	6.99%
Vehicles & Boats	3.70%
Other Vehicles	7.24%
View All Rates \| Apply For Loan
Annual Percentage Rate (APR) Best rates available to qualified borrowers.*

Visa Type	APR*
Preferred Platinum	8.99%
Classic Card	9.90%
Learn More \| Apply For Card
Annual Percentage Rate (APR) Best rates available to qualified borrowers.*

CD Term	DIV**	APY*
36 Months	2.33%	2.35%
48 Months	2.62%	2.65%
60 Months	2.76%	2.80%
View All Rates
*Dividend Annual Percentage Yield (APY)

Find a Great Rate

Home Buying Advice

HELP WANTED