Bloomington, IL Mortgage Loans

Mortgage Loan Company in Bloomington IL

At Compass Mortgage, we know that buying a home is possibly the most significant investment you will ever make. You want a team that will deliver the very best mortgage products for your needs. With our Bloomington mortgage company, you have mortgage professionals who will walk with you through the entire loan process. We will find the right mortgage for you.

There are many reasons to seek out a mortgage loan. Perhaps you are looking at purchasing your very first home, or you want a larger home because your family is growing. Others may be looking to downsize or refinance? Whatever your reasons for needing a mortgage loan in Bloomington, Compass Mortgage can satisfy those mortgage needs.

Seeing your way through to a mortgage closing can be very intimidating and stressful. Not all Bloomington mortgage lending companies are the same. At Compass Mortgage, we take the stress out of the entire mortgage loan process.

No longer will you see lengthy applications or pages of documents that you must handle independently. These days, most paperwork is done electronically, right down to the signatures. This not only saves you time but has you finding the closing table in record time.


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What Can our Team of Bloomington Mortgage Loan Professionals Help You With?

First Home PurchaseBuying your first home is an exciting time. There might be a lot you do not know about the entire process. Not to worry, as we are a Bloomington mortgage lender that shows you what goes into the entire process, everything from credit scores to financing options. We show you how pre-approval will get you into your new home faster than you thought possible. There is a big benefit to being a homeowner rather than renting, and our number one goal is to see that all our clients become homeowners.

Upgrading or DownsizingThis might be the moment you want to look into purchasing a larger home for your family, or to downsize now that you are an empty nester. Here, there is a lot to consider as well, such as what your affordability is, and how these lifestyle changes can affect your finances. Talk it over with one of our Bloomington mortgage loan specialists.

RefinancingWhen you refinance, you can pull some equity out of your home, switch from an adjustable-rate mortgage to a fixed-rate mortgage and lower the cost of your monthly payment. We show you the right way to refinance, something that not all other Bloomington mortgage finance companies do.

Our Home Mortgage Loan Options in Bloomington

There is a home loan for everyone, and we offer a variety of mortgage options.

Conventional Loans: Conventional loans have been around forever and are our most popular type of loan. For those who have good credit and a steady income, a conventional loan will fix your interest rate on a 15-year, 30-year, or other type of fixed mortgage loan. Freddie Mac and Fannie Mae are the two largest investors of conventional loans.

FHA Loans: FHA loans are insured by the Federal Housing Administration, which allows for more flexibility in the loans. People with less-than-perfect credit can qualify for an FHA loan and down payments are low. You may have to pay monthly mortgage insurance, but interest rates are still some of the lowest you will find.

VA Loans: We are so grateful that you have served your country or are currently serving in the armed forces. A VA loan is for anyone who has seen military service. These loans are a special kind where interest rates can be even lower than conventional loans, and there is no money down to buy a home.

ARMs: Adjustable-rate mortgages are a great alternative if you are just getting started. You can choose from a variety of ARMs, for instance, a 5/1 ARM means your interest rate will be fixed for 5 years. After that time, your lender will adjust the interest rate according to current market rates. That goes on yearly for the life of the loan. Let our Bloomington mortgage lenders explain how this can work for you.

Why Trust Compass Mortgage with Your Bloomington Mortgage Financing Options?

You are putting yourself on the line when it comes to a mortgage loan. There is a lot to consider, and you want experienced mortgage experts on your side. That is where we come in.  As a local company, we want you to become a member of our extended financial family for years to come.

From seeking out a loan, to sitting down for your closing, there is nothing as exciting as being in your very own home. Let our Bloomington mortgage lender help. Contact Compass Mortgage today.