loan•ol•o•gy (mortgage blog)


Showing posts with tag pre-approval. Show all posts

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.
Read more »

First-Time Homebuyer Mistakes to Avoid


Whether you’re considering buying your first home now or in the near future, shop smart by avoiding these common pitfalls:
Read more »

Make Friends With FICO - A Credit Report Breakdown in Greater Chicago


FICO is a mathematical model that evaluates your credit file and determines your financial reliability by assigning you a number, or FICO score, between 300 and 850. At a glance, FICO may seem a bit judgmental to let into your inner circle. A friendly relationship with FICO, however, gets you everything from reduced insurance premiums to the lowest rate mortgages. How many of your other friends can make that happen? Familiarize yourself with the following and you’ll be well on your way to either repairing or establishing a fruitful friendship with FICO.
Read more »

Buying a Home in 2017 – Be Prepared, Not Scared


In 2017, prospective home buyers should not be frightened by the mortgage application and approval process, but they do need to be prepared.  Recently, underwriting guidelines eased and new programs with looser requirements were introduced to the market.
Read more »

Credit and Mortgage Preapproval Basics


I check my credit score online, why do I need an official credit report?It is a common misconception that you have one credit score. There are different credit scores for different types of loans, such as automobile, credit card, mortgage, etc. When mortgage lenders pull your report, it's called a Residential Mortgage Credit Report
Read more »

The Mortgage Process - How Long Does it Take?


Borrowers are always curious about the length of time it takes to close a loan. The process varies for each situation, but typically a closing takes 30 to 45 days from contract acceptance to signing your closing papers and getting your keys. Getting a mortgage is a very involved process, so it's important for both the borrower and lender to meet deadlines to avoid additional costs and headaches.
Read more »


Receive Your
Custom Rate Quote

Confirm the information below or call us at 708-531-8388.
0%
Choose One...
Choose One...