First-Time Buyer Mortgage

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Waiting Period for getting a mortgage if you’ve filed bankruptcy, had a foreclosure or a short sale

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Past 50 Years Mortgage Rates

Download (PDF, 128.24KB) As you can see from the chart above, today’s mortgage rates are lower than they were 50 years ago. Imagine having a 30-year fixed mortgage rate which is lower than your parents and, possibly, your grandparents! So if you are thinking of buying real estate, NOW is a great time...

Some Hurdles Getting a Mortgage – True Story as of January 2011.

I have a buyer whose income varies from year to year due to commissions/bonuses and his wife just graduated from medical school and has been working full-time for 6 months but is paid by 1099 (independent contractor). They have credit scores in the mid to high- 700’s. They also own some rental property...

Changes in Mortgage Underwriting: More Scrutiny

There are frequent changes being made to the mortgage underwriting process. Lenders are now looking at how recently an owner/seller purchased a property when reviewing a purchaser’s application for a mortgage to buy it. There are “anti-flipping” requirements which mandate that an owner own the property...

Home Buying Confidence is Only a Click Away!

The real estate market in Chicago is changing rapidly, more so than ever before. There is a bewildering array of information out there right now, some of it conflicting and not all of it makes sense. Yet, you also probably been hearing how this is the perfect time for people like you who are tired of...

Financing Pitfalls

As a first-time buyer you want to make sure that you can get pre-approved for a mortgage before you start the process of looking at homes. The mortgage underwriting today is a full-documentation process where the lenders are looking at your deposit accounts, your federal tax returns, your credit score,...

How Much Money Do I Need to Buy?

Obviously, there is a down payment required to start with. With a FHA loan the down payment is 3.5% of the purchase price. In addition there are closing costs. In today’s real estate market it is not unusual for the buyer to ask the seller to pay the buyer’s closing costs which would be included in the...