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1403, 2017

Reverse Mortgages

By |March 14th, 2017|Uncategorized|0 Comments

The Basics of Reverse Mortgages
More seniors than ever before are getting reverse mortgages as a way to provide a good cash flow during their retirement years. Because of the flexibility available, it could be the financial solution that many seniors will need to have during this stage of their life. Here is an overview of reverse mortgages and why they can help many elderly people to enjoy a more comfortable retirement.
A Reverse Mortgage Is Easily Obtainable
One thing that makes reverse mortgages an available tool for so many is the easy qualifications. Income does not matter, and neither does the ability […]

2702, 2017

Chicago Mortgage Brokers

By |February 27th, 2017|Uncategorized|0 Comments

Chicago Mortgage Brokers
Hey there, I am a mortgage brokers who serves the Chicago land area, so let’s talk about Chicago mortgage brokers. A mortgage broker is basically a middle-man or an intermediary who ‘brokers’ mortgage loans for people, individuals or businesses. The job of a broker is to buy and sell on behalf of people, or organizations. Conventionally, banks and institutions have always sold their own products, but for a long time now the market for mortgages has become extremely competitive. The role of the mortgage broker has also become increasingly important in today’s world.

A broker is like a conduit between […]

1406, 2016

Northwest Suburbs Service Area

By |June 14th, 2016|Uncategorized|0 Comments

The northwest suburbs of Chicago is a highly regarded area. It is not only a popular area to raise a family, but a good place to maintain a stable job. There are many educational opportunities as well as various activities for family and kids. The main counties that take up the northwest suburbs are DuPage, Kane, and Cook county. Travel easily between the suburbs and the city of Chicago by taking the metra train or blue line. There are also many buses available for public transportation. It takes no second thoughts to plan out an eventful day or weekend in […]

2805, 2016

The Relationship Between Mortgages and Escrows

By |May 28th, 2016|Uncategorized|0 Comments

Mortgages and Escrows
Alright it’s time to talk about Mortgages and Escrows, this can be made quite simple when you know what you’re talking about! If you look up the exact definition of an escrow, it reads “a bond, deed, or other document kept in the custody of a third party, taking effect only when a specified condition has been fulfilled.” Now what does this escrow have to do with mortgages? An escrow agent is responsible for the collection of, holding of, and distribution of funds – this being your initial mortgage payment and maybe even your monthly mortgage payments to […]

1305, 2016

The Chicago Northwest Suburbs

By |May 13th, 2016|Uncategorized|0 Comments

The Chicago Northwest Suburbs
Chicago is a great city of opportunity that has a large variety of places to move whether it be a neighborhood in Chicago itself or it’s many surrounding suburbs that reach very far out. The Chicago northwest suburbs consists mainly of DuPage, Cook and Kane county . It’s nice because of its proximity to O’Hare and Chicago. The area offers many traveling options such as the metra train line, subways, buses, flying by plane and more. Being so close to the city provides vast business and employment opportunities due to a big market provided. Opening a business […]

1204, 2016

The Importance of Paying Your Property Taxes

By |April 12th, 2016|Uncategorized|0 Comments

Property taxes are particularly confusing for first time home buyers and are not something you can avoid. If you don’t pay them there is a chance (not too likely) your lender may decide to foreclose even if you have been paying your mortgage on time. Usually they will send a letter urging you to be responsible for your taxes. Interesting enough, property taxes is a main funding source for local government, local schooling, police and fire departments, and other local infrastructure.

Property taxes are assessed by calculating two main factors: 1. the building value of your home itself and 2. the […]

3003, 2016

Avoid Slowing Down Your Home Loan

By |March 30th, 2016|Uncategorized|0 Comments

Obtaining your mortgage is a huge deal and you’re probably hoping you can get through it in one piece. (Don’t worry, you will.) Getting a mortgage loan is a process and that means all guidelines must be met. Here are a few things that slow this process down you might not know about:

Insufficient Documentation Provided
This is probably the most common reason a mortgage is slowed down. A mortgage underwriter needs ALL the pages of a document. Even if it’s just a blank page, include it. It’s also not a good idea to try and hide personal information such as account information. Getting […]

803, 2016

What is a Mortgage Broker?

By |March 8th, 2016|Uncategorized|0 Comments

Mortgage Broker
Simply put, a mortgage broker is a “middle man” between a homebuyer and their mortgage lender. By doing this, a mortgage broker is able to assist a borrower to qualify for their mortgage or refinance. Working with a broker means you won’t have to worry about working directly with a bank. The most common way a mortgage broker is compensated is a “loan origination fee” or upfront broker fees.

The responsibilities of a mortgage broker is as follows:

Gather important information from the borrower. This includes income, asset, debt, employment documentation, credit reports and bank statements.
Determine what type of […]

203, 2016

What is Refinancing? Why Would I Want to Refinance?

By |March 2nd, 2016|Uncategorized|0 Comments

What is Refinancing?
What is a mortgage refinance?
When you get a new mortgage to replace the current mortgage you have, that is a refinancing. You may want to do this in order to reduce your monthly mortgage payments, lower your interest rate, use the credit given to you from your home’s equity for other large purchases, or even switch to a new mortgage company. To define home equity, this is the difference between how much you owe to your lender and the worth of your home.

Though equity is a nice advantage from refinancing, the main benefit is lowered interest rate. Because it […]

702, 2016

What is a Jumbo Mortgage?

By |February 7th, 2016|Uncategorized|0 Comments

When a loan surpasses a certain limit, this is considered a jumbo loan according to the Fannie/Freddie conforming limit. This limit is set by the Federal Housing Finance Agency. Home buyers looking to purchase a more expensive property should definitely look to a jumbo mortgage as an option. Keep in mind that it is tougher to qualify for jumbo mortgages than it is for a traditional mortgage since the loan amount is larger.

Jumbo loan limits vary by county. Most counties have a limit of 417k while 108 of the highest cost living counties (places like Chicago, L.A., New York, etc.) […]