Ed Luciano is a Senior Mortgage Loan Officer at First Centennial Mortgage with over 20 years of experience in the industry. Ed prefers to meet with his clients face-to-face because in spite of the technology available to make applying for a mortgage easier, it’s still about helping people. This helps his clients feel more comfortable and at ease throughout the loan process and allows Ed to get to know his clients on a deeper level. “Getting a mortgage is a huge financial commitment and should be based on the client’s life plans. Their situation can change in 7-10 years and structuring a mortgage should take that change into account.”
Outside the office, Ed and his wife live in Wheaton with two special needs children and a dog named Twinkie. He and his wife belong to Lurie’s Children’s Hospital parental volunteer group. Ed is an Army Veteran, loves watching movies, and enjoys having a beautifully manicured green lawn during the summers.
Ed tries to make himself available at any time of the day, and returns phone calls the same day, to ensure the loan process goes smoothly and each loan closes on time. He is well versed in originating Conventional, Jumbo, FHA, VA, and USDA loan programs, Down Payment Assistance, and more. Call Ed today to begin your home financing journey.
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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 630.816.3967 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.
1500 Eisenhower Lane, Suite 200
Lisle, IL 60532
NMLS ID #224489
Licenses: IL #031.0010164, IN #28203, WI#224489
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