Mortgage broker offers alternatives for borrowers

As financial woes continue to cripple Wall Street Millennium Financial Group is arranging homeowner loans to its customers. The Black-owned real estate brokerage company, located in south suburban Chicago Heights, specializes in Federal Housing Administra

As financial woes continue to cripple Wall Street, Millennium Financial Group is arranging homeowner loans to its customers.

The Black-owned real estate brokerage company, located in south suburban Chicago Heights, specializes in Federal Housing Administration loans.

“People need to understand that although credit is drying up, they can still purchase a home,” said Charles Martin, the company’s founder and CEO. “Our lending hasn’t slowed down due to the current situation taking place on Wall Street. In fact, our FHA loans are among the most we do these days.”

Coming up with new financing options for customers has always been a goal at Millennium, Martin said.

“Unlike banks that will offer customers the best deal they have available, at Millennium, we offer customers the best deal available to them even if we have to refer them to another source,” he said. “It’s not just about us collecting fees. It’s about making sure customers are satisfied with our services. A happy customer is worth more than any deal I can think of.”

Whether it’s credit counseling and repair, refinancing or assistance seeking grants to help with closing costs or down payments, Martin said Millennium is determined to do whatever it takes to make sure the best deal out there gets to the customer, especially interest rates.

Some homeowners said first-time buyers should understand there are different interest rates and not all are the same.

“My mortgage was $1,000 a month the first five years, but after that it increased to $1,400 and that’s where it stands today,” said Demetrius Booker, 51, a South Side homeowner. “That’s what you call a subprime loan. I have been everywhere trying to get help in refinancing but I have some credit issues preventing that from happening.”

Martin added that credit is based on an individual need and all customers have different credit situations such as Booker.

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