A house is one of the biggest investments you’ll ever make. Let our residential mortgage experts guide you in buying your first home, refinancing, or purchasing a new residence—so your dreams can come true.
Custom Portfolio Lending
Republic Bank of Chicago will keep your loan in house and offer niche solutions that Fannie Mae can’t. We aim to help the self-employed, doctors, new landlords, and non-warrantable condo purchasers, to name a few. This common sense approach to banking may be novel to other banks, but not to us!
Construction & Renovation
Whether you’re building from scratch or renovating, our experts can help you get the job done. What can you expect from us? Clear and timely communication, prompt service, and fast approvals.
Building your dream home?
We have the tools to make it a reality. We’ll provide the best borrowing options for your situation, including lot loans, construction loans to pay your contractor as your home is built, or permanent financing options after your new home is complete .
Fixing up the home you already own?
Open a construction line and use ‘as completed’ value to maximize available funds . We also offer home equity loans or lines of credit for minor repairs or improvements.
Buying and renovating a home?
We provide a single application for purchase and renovation financing to make the process easy. We also offer dual-purpose financing options with renovation costs built into your financing, and renovation funds available immediately after closing . For your convenience, we also handle direct communication and payouts with your builder.
Home Equity Loans & Lines of Credit
Home Equity Loans and Lines of Credit allow you to borrow against your home’s equity to get cash for other needs.
Borrow against your home’s equity to get cash for other needs. With our Loans and Lines of Credit options you can get cash for special needs.
- Home Improvements
- College Expenses
- Car Purchases
- Debt Consolidation
- Second Home
Contact your helpful Republic Bank representative to get all the details on how Home Equity Loans or Lines of Credit can help you.
Purchase & Refinance
First time buyer?
We’ll walk you through the loan process. You’ll learn about prequalifying, calculating what you can afford, evaluating rates and terms, and establishing credit.
Buying or selling a home?
We can help with everything from prequalification to a departing residence solution.
Ready to refinance?
Refinancing can lower your monthly payment, shorten the loan term to build equity faster, and reduce the total interest you pay . Use the extra money as you wish—to improve your home, pay off credit card debt, or manage college expenses .
Types of Mortgages
It’s our job to evaluate the lending rates and terms that best suit you. That means clearly explaining the loan process and calculating what you can afford. With a quick prequalification process and assistance with appraisals, you’ll be well on your way to financing a home. Following are some of the lending options you can consider.
Fixed Rate Mortgage
A Fixed Rate Mortgage ensures that your payments will stay the same over the life of the loan. It gives you the advantage of calculating your monthly expenses without worrying about fluctuations in your mortgage payments over time. The rate is determined prior to closing at a preselected term. Typical loan terms stretch from 10 to 30 years.
Use the loan calculators to compare these programs based on your current loan amount or that of a purchase you are considering. Be sure to add in monthly estimates for property tax and hazard insurance (the “T I” in “PITI”) for a more accurate payment projection.
Also known as a buy-down, in this type of loan the seller gives you a mortgage subsidy to lower the interest rate and monthly payment for the first few years. The note rate is established upfront, and each year the discounted loan rate ‘steps up’ toward the note rate. (For example, a 2-1 buydown rate will be reduced 2% in year 1, and 1% in year 2, before it settles into the note rate for the balance of the loan).
Adjustable Rate Mortgage
Looking for a lower initial rate with a smaller monthly payment? Not worried about interest rate increases because you’re planning to move in a few years? In either case, an Adjustable Rate Mortgage Loan (ARM) may be right for you.
With an ARM, your interest rate is fixed for a length of time that you choose, typically 1, 3, 5 or 7 years. ARM loan rates are often lower than the longer fixed rate terms described in this section. Your interest rate will increase each year after the fixed period ends. You will receive advance notice about these increases, allowing you to decide whether to continue at the present rate or refinance your loan to a lower rate.
Construction loans used for new homes pay the builder or general contractor in installments during the project. The borrower pays interest when the funds are dispersed. When construction is complete, the financing is usually converted into a permanent, long-term mortgage.