Al Frederick is the Branch Manager and Senior Mortgage Banker at First Centennial Mortgage with over 20 years of experience in the mortgage industry. Al is unbelievably organized which helps him structure his loan files in a way that avoids delays and issues throughout the loan process. He has extensive experience with first-time homebuyer programs, such as the IHDA Illinois down payment assistance program, as well as other loan programs to fit your needs, such as FHA, VA, USDA, Conventional loan programs, and more. Al’s positive reputation is based on the customer service, integrity, and honesty he and his team provide to his clients and networking relationships.
Al enjoys golf, working out and spending time with his wife and two children.
Whether you seek to purchase a home or refinance an existing mortgage, Al is a mortgage professional you can trust. He makes himself available to answer your homebuying questions any time of the day, any day of the week, to ensure the loan process goes smoothly and each loan closes on time.
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Need a few moments to crunch some numbers? Our easy-to-use calculator will help you get a basic visual of a mortgage payment to help you decide what you can afford.
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Types of LoansWhich type is right for you?
First Centennial Mortgage offers a full menu of loan products. Whether you are buying your first home, moving up to a nicer home, relocating or want to refinance your current home, we have a loan that will fit your needs. To get started, contact me online or call 847.344.5124 to get in touch.
Fixed-rate home loans are the most common type of home loan in the mortgage industry. This option is low-risk and gives you predictable monthly principle and interest (P&I) payments for the next 15 or 30 years, depending on which loan term you choose. Fixed-rate loans are reliable for long-term owners ready to settle in one place for a long period of time.
An adjustable rate mortgage (ARM) is ideal for borrowers who plan to move within five years. ARMs take advantage of a low "introductory" interest rate so the loan stays at the same rate typically for 5, 7 or 10 years. Once the introductory period expires, the interest rate changes with the movement of an "index" (major interest rate). Following this movement, the amount of monthly interest either increases or decreases.
Conventional home loans are not backed by a federal agency, such as the U.S. Department of Veteran Affairs, U.S. Department of Agriculture or Federal Housing Administration. Conventional loans are idea for people with a stable job, income and good credit. Conventional home loans are more flexible in their terms and have fewer restrictions compared to government-backed products.
Federal Housing Authority (FHA) loans are government assured and are ideal for people with limited income or money for a down payment. These loans typically help first-time homebuyers, seniors or others with limits on what they can afford.
Jumbo home loans are considered non-conforming mortgages. They are for purchases with a loan value above the federal standard of $647,200, although that number varies based on location. For a home with a purchase price above this limit, a jumbo loan is needed.
Veterans Affairs (VA) home loans are a great benefit to military personnel during and after their service. These loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs.
2380 Esplanade Drive, Suite 301
Algonquin, IL 60102
NMLS ID #462432
Licenses: FL #LO53265, IL #031.0030321, WI #462432
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