3003, 2016

Avoid Slowing Down Your Home Loan

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?

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?

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?

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.) […]

3001, 2016

What Exactly is an FHA Loan?

Dealing with mortgages can get pretty confusing if you don’t know what each mortgage is There’s different requirements, rates, down payment amounts, etc. which can make you feel lost if you’re not getting that good of a grip on their definitions. FHA loans are mortgage loans insured by the Federal  Housing Administration.

Simply put, FHA loans typically have lower down payments and lower credit score requirements. Even if you have a credit score as low as 500, you can qualify for an FHA loan as long as you put down a larger down payment. Down payments can be a little as 3.5% […]

2701, 2016

What is a VA Loan?

Figuring out which mortgage is best for you can get tough. Learning about your options and what you qualify for is important in order to be deemed eligible your journey. VA Mortgage Loans are guaranteed by the U.S Department of Veteran Affairs in order to provide financing for American veterans deemed eligible (or their surviving spouses).  The VA Loan itself has helped place over 20 million veterans and their families in better, affordable home financing situations.

Illinois VA Loan Limits

Wartime: This means that if you were serving during wartime, you must have served minimum 90 consecutive days on active duty.

Peacetime: Those […]

2201, 2016

Your Chicago Mortgage and Moving to Chicago

Chicago is a very intimidating area to begin with. So when you add in the fact that you’re actually looking to buy a home either in Chicago, or in it’s surrounding suburbs, finding a mortgage can get pretty overwhelming. (As if it wasn’t already!) Well, you’re either ready or almost ready and it’s time to narrow down your options. Chicago has a lot to offer so let’s learn a little more before we go on.

Chicago itself has 77 different neighborhoods to choose from. There are as 14 counties including Cook County that make up the Greater Chicago Area. If that […]

2001, 2016

Your Very Important Checklist (Tips + What Not to Do)

Dealing with a mortgage is demanding on your part when you have to provide all the information. This checklist will help you be prepared for anything your mortgage broker or lender asks from you during the mortgage process. These are all the bits and pieces of information needed to determine your mortgage loan amount and rate. To make things simpler, the list is broken down into subcategories.

This includes your purchase agreement, MLS copy, listing contract (applicable if you are selling your current home), copy of your HUD-1 (applicable if you […]

2001, 2016

The Mortgage Process Explained

Buying a home is enough stress to deal with. Many home-buyers have a hard time understanding what really happens when they get a mortgage loan. Dealing with a mortgage can be really intimidating, especially if this is going to be your first time dealing with a mortgage loan. Can you believe that understanding the mortgage process was what many considered the hardest part of buying a home? You’re not alone.

I always make sure my clients are sure of what is going on with their mortgage and let them know what is needed to  meet their financial goals. The mortgage loan process sounds […]