Predatory Lending

The West Cook Homeownership Center is approves Illinois Anti-Predatory Lending Counseling Agency.  Under Illinois law, anti-predatory lending counseling is required if:

A.    In a purchase transaction, all borrowers are first time homebuyers or the borrower(s) are refinancing a primary residence

- and –

B.     The loan is a mortgage that includes one or more of the following

1.      The loan permits interest-only payments,

2.      The loan may result in negative amortization,

3.      The total points and fees payable by the borrower at or before closing will exceed 5%,

4.      The loan includes a prepayment penalty, or

5.      The loan is an adjustable rate mortgage which allows adjustments of the interest rate in the first three years.

If you need this type of counseling to close a loan, please contact us at (708) 848-7150.

The State of Illinois requires a $300 check from the mortgage company (cashier’s check/money order ONLY), the loan application (1003), Good Faith Estimate, Truth in Lending, your full credit report, and two recent paystubs.