loan•ol•o•gy (mortgage blog)

Noun

  1. The study and explanation of mortgage rates, terms, programs and approval requirements
  2. An attempt at a clever name for our blog


What is the minimum required credit score for a Jumbo Loan?


Typically, the minimum credit score required for a Jumbo Loan is 700.
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What is the minimum down payment for a Jumbo Loan?


What is the minimum down payment for a Jumbo Loan?The minimum down payment for a Jumbo Loan is 5% for loans up to $650,000, 10% for loans up to $1 million, and 20% for loans over $1 million.
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Fed Increases Benchmark Rate at June Meeting


The Federal Reserve approved the second interest rate hike in 2017. The quarter point increase will boost the benchmark rate that impacts everything from mortgages to revolving debt.
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#FHAtruth - All Single-Family Homes are FHA Eligible


It's a common misconception that all properties need to be FHA approved. While that may be true with condos, all single-family homes and townhouses are eligible for FHA financing.
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Jumbo Loans: What you need to Qualify


In Chicagoland, a mortgage that exceeds $424,100 is considered a Jumbo, or nonconforming, Loan. Jumbo Loans are available for primary residences, second homes, and investment properties in a variety of terms, including fixed and adjustable rates. While the mortgage process for a Jumbo Loan is similar to a conforming loan, the approval requirements are a bit different.
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FHA Loans vs. Conventional: A Payment Comparison


FHA Loans are a great option for many homebuyers. With only 3.5% down and flexible credit requirements, FHA can make home ownership easy and affordable. There is, however, an additional insurance cost that comes with the FHA program. What does that cost mean in dollars? Let’s compare.
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2017 Memorial Day Festivities in Chicagoland


Summer 2017 kicks-off this weekend, and that means three days of Memorial Day fun. If you’re not jetting off to the lake house, check out what’s going on right in your backyard:
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#FHAwesome - Is an FHA Loan Right for you?


FHA Loans have a reputation of being costly, difficult, and covered in red tape. While that’s not true if you have the right lender, there are costs that come with the benefits of a low down payment and eased underwriting. Is an FHA Loan the right fit for you?
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Ask an Appraiser – What Upgrades Increase Home Value?


Homeowners are usually confused about what upgrades pay-off if and when they sell their home. While the answer isn’t always cut and dry, there are some basic remodeling guidelines for getting the most bang for your buck. UHL asks Chicagoland appraiser Mary Gilmore of Heartland Appraisals and Ken Kolozy of K2 Real Estate Services to share their big brains with us:
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Fannie Mae Introduces the Student Loan Cash-Out Refinance ​


Do you know someone who owns a home and has student loan debt? If so, they may benefit from a recent loan program feature rolled out by Fannie Mae.
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Fed Holds Interest Rates Once Again


As expected by financial markets, the Fed voted on Wednesday to hold its benchmark rate in light of slowed economic activity. This decision is good news for interest rates on everything from credit cards to mortgages.
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Is a Jumbo ARM right for you?


Below are some key facts on Jumbo ARMs:
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