West Frankfort, Illinois
Mortgage Lender

A typical pre-approval takes 1-2 days. If you have an upcoming offer deadline, please let us know and we will happily expedite accordingly. The pre-approval process is much more involved than most buyers realize (especially because JVM is so thorough) but we can fully pre-approve you in several hours if necessary.

Your interest rate is impacted by several different factors including property type, down payment, loan amount and credit score. JVM is happy to provide current market rate quotes for Illinois for your particular scenario at any time, but rates cannot be guaranteed until locked. NOTE: Rates cannot be locked unless a property has been identified and we have an address to associate with the rate-lock.

Here are factors that will influence your interest rate:

• Property Type: Condos, high-rise condos and multi-unit dwellings (2 – 4 units) usually have higher interest rates associated with them, as compared to single-family dwellings.
• Property Use: Investment properties have higher rates than owner-occupied properties
• Credit Scores:Credit scores significantly affect rates. Having a 750 mid-score might have a rate as much as 1% lower than if you were to have a 670 mid-score.
• Down Payment: The bigger the down payment, the lower the rate, in most cases.
• Loan Amount:Very small loans (under $150,000 for example) can have higher rates, as can very large jumbo loans (over $3 million for example).
• Loan Type: FHA and VA rates are usually lower than conforming (Fannie/Freddie) rates, and our jumbo rates are currently the lowest of all for very strong borrowers.
• Rate Lock Period: Interest rates can be “locked in” or guaranteed prior to close of escrow for 15, 30, 45, or 60 days in most cases. The longer the lock period, the higher the rate.
• Fixed Period/Loan Maturity:The longer a rate stays fixed, the higher the rate. For example, a 7/1 ARM (fixed for seven years) will usually have a lower rate than a 15-year fixed-rate loan, and a 15-year fixed-rate loan will have a lower rate than a 30-year fixed-rate loan.
• 1st/2nd Combo Loans:Loans with a concurrent 2nd mortgage can have higher rates too, depending on the loan-to-value ratio.

If several of the above factors work in tandem, your rate could be significantly affected. For example, if you have a 690 credit score and are buying a high-rise condo with 5% down with a high-balance loan, your interest rate might be 1% to 2% higher than if you were buying a single-family home with 25% down, have a 750 credit score, and a low-balance loan.

Yes, you can use gift money for the down payment on a house in Illinois, provided you follow the lender’s guidelines and requirements for gift funds. Gift money can come from family members, close relatives, or in some cases, friends, fiancés, or domestic partners, depending on the lender’s policies and the type of mortgage you are applying for. Using gift money for a down payment is a common practice that can help make homeownership more accessible. It’s important to communicate with your lender early in the homebuying process to ensure all requirements are met – so the gift money can be employed without issues.

JVM's Rate Drop Free-fi™ gives you some peace of mind while interest rates are high. Our Free-fi lets you take advantage of lower rates as soon as 4 months after your purchase transaction closes. And - the best part is that JVM will cover all your closing costs - so you get to refinance at no cost! It's a win/win.