Interested in working with us? Call us on (636) 916-5400 or fill out this quick form and we will contact you within 24 hours!
Raising mortgage rates in Illinois
Freddie Mac and Fannie Mae, which back about half of the mortgage in America, are supervised by The Federal Housing Finance Agency. This agency wants Fannie and Freddie to increase mortgage rates for loans in Illinois.
In Illinois, foreclosures take on average twice as long as foreclosures in Missouri. Averaging over 500 days to Missouri less than 300 days, it can take that long before they can foreclose and have marketable title.
What is the cause of this long wait? Illinois is a judicial foreclosure state. In Illinois lenders need court permission to foreclose. Missouri however does not require court involvement.
Fannie and Freddie would pass this cost on to the banks giving loans in Illinois. The banks in turn would likely pass on the charge by giving higher interest rates to borrowers.
St. Charles Office
1861 Sherman Drive
St Charles, MO 63303
Phone: 636-916-5400
At Hwy 94 and Hwy 70.
Get Directions | See Detail
St. Louis Office
3470 Hampton Ave, Suite 101
St. Louis, MO 63109
Phone: 314-353-0834
Close to the corner of Hampton Ave and Chippewa. By appointment only.
Get Directions | See Detail
South & Jefferson County office
7321 S. Lindbergh Ave., Suite 222
St. Louis, MO 63125
Phone: 636-916-5400
Across the South County Mall.
Get Directions | See Detail
Florissant Office (North County)
1281 Graham Rd, Suite 300
Florissant, MO 63031
Phone: 314-921-1880
At North Hanley and Hwy 270.
Get Directions | See Detail
Belleville Office (St. Clair county)
2 Park Place Professional Centre
Belleville, Illinois 62226
Phone: 618-977-9560
On Hwy 159, next to Schnucks.
Get Directions
Granite City Office (Madison County)
3600 Nameoki Rd, Suite 201
Granite City, IL 62040
Phone: 618-977-9560
Across Shop'n Save, by appointment only.
Get Directions | See Detail