WGS Financial Corp. Services

DISCLAIMER

Please Note: The information contained on this website is for informational purposes only. Loan programs change frequently! We can not guarantee that all programs are available at all times. Also some programs are available based on the borrowers credit and income situation!

You will have a stress-free experience when you apply for a mortgage with WGS Financial Corp. Whether you need a mortgage to purchase a new home, a commercial building, or to refinance an existing property, our loan officers will work with you throughout the entire process to make applying for a mortgage as simple as possible.

A variety of mortgage products are available through WGS Financial. To discuss any of these products with one of our loan officers, e-mail us or call 847-439-0799. We will be happy to provide you with any information you may need in order to make the best mortgage decision.

Fixed Rate Mortgages

The most common type of mortgage program where your monthly payments for interest and principal never change.

Adjustable Rate Mortgages (ARM)

These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.

Standard ARMS and the Differences

Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.

Introductory Rate ARM's

Most ARM's have a low introductory rate, which is good anywhere from 1 month to as long as 10 years.

Reverse Mortgages

A Special type of loan made to older homeowners (typically 62 +) to enable them to convert the equity in their home to cash to finance other needs.

London Inter Bank Offered Rate (LIBOR)

LIBOR is the rate on dollar-denominated deposits, also know as Eurodollars, traded between banks in London.

Balloon Mortgages

Short term mortgages that have some features of a fixed rate mortgage.

Interest Rate Buydowns

The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.

Cost of Funds Index (COFI)

The ratio of the dollar amount paid in interest during the month to the average dollar amount of the funds for that month constitutes the weighted average cost of funds ratio for that month.

Choosing The Best Program

The right type of mortgage for you depends on many different factors.