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The Chicago Mortgage Broker

helps real estate agents and home owners get faster closings.

To All People Who Are Looking For
A Chicago Mortgage Broker

Downtown Chicago at Dusk

If you’re looking for a Chicago mortgage broker, you’ve come to the right place. If you’re looking for information on mortgages, you’ve come to the right place.

This blog focuses on Chicago mortgages but, obviously, most of what applies to/ happens with Chicago mortgages applies to mortgages in Illinois and, for that matter, throughout the United States.

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Are You Looking for a Mortgage in the Chicago Area?

Are You A Homeowner Who Wants A Mortgage With A Great Rate?

To get a good mortgage rate, you need to be prepared. Being prepared means more than having your tax returns, bank statements and pay stubs ready.

FHA loans are for everybody, HUD says (HUD being the Department of Housing and Urban Development, they run FHA). But it’s not.

However, it’s a great program, with several loan products, that can help quite a few people. If you need to know more about it, or know it’s for you, give me a call at 847-840-8884

Call 847-840-8884 to find out how to get ready so your closing doesn’t get delayed or, worse, cancelled.

  • Items required for a loan application:

    • Copy of ID
    • Copy of SS card
    • Tax return for the last 2 years – ALL SCHEDULES
    • W2 forms for last two years
    • If self-employed, Year-to-Date Profit and Loss Statement
    • Pay stubs from the last 30 days
    • Two most current Bank Statements – ALL PAGES, including blank ones
    • Other assets, like 401K retirement plan – most recent, all pages
    • If divorced, divorce decree
    • If bankrupt, discharge and all schedules
    • If foreclosed, documentation to show date –same for short sales
    • For refinance – last mortgage statement
    • Homeowner insurance
    • Recent tax bill
    For Additional Properties owed, current mortgage statement with copy of the recent tax bill and Insurance statement
    • If the mortgage is for a condo, HOA contact info

    Chicago Mortgage Brokers and Rates

    Before I cover what I can do for Chicago mortgage seekers, a note about mortgage rates. Always read the fine print.

    Online, you see various Chicago mortgage companies’ rates, and some of them are very low.  That’s because they talk about what the perfect applicant could get should the perfect applicant apply for a 3-Year ARM mortgage loan.

    ARM’s (Adjustable Rate Mortgages) have a fixed rate in the beginning, then the rate adjusts based on an index, usually the LIBOR.  A 3-year ARM has a low, fixed rate for the 1st 3 years, then the rate adjusts based on the index rate at the time it adjusts.

    In other words, unless you’re looking for a 3-year ARM Chicago mortgage, that low advertised rate does you no good.

    What I Can Do For Chicago Mortgage Broker Seekers

    I can get a lot of Chicago mortgage seekers a home loan if

    • 24 months have passed since their deed-in-lieu of foreclosure or short sale
    • If their home is currently listed for sale (including cash out refi)
    • They’re upside down on your mortgage, regardless of LTV or credit scores
    • Their home is (is going to be) a condo that’s not FHA approved
    • They’ve been self-employed for only 1 year
    • They can’t qualify because their non-occupant co-borrower’s FICO scores are too low.

    Also, I can help people get a Chicago mortgage with

    Awesome tree in the Portage Park Neighborhood of Chicago

    • No income and employment verification, no appraisal refinance if you have a FHA loan
    • No credit scores
    • 580 credit middle credit score
    • With cash out refi with 580 credit score and with
    • Investment purchases or refinances with 620 credit score.

    And I can help some Chicago mortgage seekers

    • refinance a previously modified loan too or
    • get a mortgage on a property that’s got un-permitted additions
    • or if they need to use rental income but have no history as landlords

    or if they owe more than their home is worth.

    Call me today – 847-840-8884.

    PS The above are part of programs that have specific requirements, not all people qualify.

    So, if you’re googling Chicago mortgage, Chicago mortgage broker, Des Plaines mortgages, Evanston home loans, mortgage refinance or anything remotely similar and one of the above situations apply to you, call me at 847-840-8884 to see if you qualify for a mortgage anyway.

    Or read below to find out about what to do to be prepared to apply for your Greater Chicago mortgage loan, from the things you should do months before you actually apply to the paperwork you should have ready the day you apply.

    To All People Who Are Looking For
    A Chicago Mortgage Broker
    And Who Understand That The Best Way
    To Get A Low Mortgage Rate
    Is To Be Prepared

    Wait a minute!  Aren’t the darn Chicago mortgage brokers and loan officers supposed to prepare the people’s information and send it to a lender?

    Intersection of Chicago and Michigan Avenues, Chicago, IL

    Yes, all Chicago mortgage brokers and loan officers do prepare the paperwork.

    But that’s not what I’m talking about.

    You get a better mortgage rate and get your loan faster and with fewer headaches if some things happen before hand.

    Let me explain:

    If you just walk into a mortgage company and apply for a loan and you need the loan fast, your loan officer/mortgage broker will take your info, analyze it, figure out which of their lender is most likely to accept to give you a loan.

    The result?

    You may get the loan.  If you get it, you will not get a great rate unless your financial portrait is perfect.

    If you talk to me at least a couple of months before you need to apply, I analyze your info.

    The result of your talking to me long before you actually have to apply for the loan?

    If your financial portrait is great, I let you know and you can get your loan whenever you choose at the best available rate.

    If your financial portrait needs improving, I tell you that and what steps you must take to improve it.  And, then, we apply for a mortgage loan for you and you will definitely get the loan and the interest rate will be more favorable.

    So, call 847-840-8884 now and let me help you get a better mortgage loan.

    Do all Chicago mortgage brokers and loan officers know the things I do about how lenders look at prospective borrowers?

    I don’t know: I don’t know all the mortgage brokers and loan officers out there.

    What I know is this: there are many people who get a mortgage loan that has an interest rate that is higher than it should have been.  I know this because I’ve met a good number of them.

    Chicago home loans image of a stop sign by Lurie Childrens' Hospital Downtown

    If you’d rather not pay more in interest than you have to, call me now at 847-840-8884.

    By the way, if you’re refinancing because you need money for a wedding, take a look at my wife’s wedding dresses – they’re awesome!

    Things to do when you apply for a mortgage loan

    • Shop for your loan. You’re on my site and I want you to use me. But only if you’re sure I’m the one for you.  I’m awesome but if you don’t see it it’s better we don’t work together.

    • Interview real estate agents, attorneys, home inspectors, title companies, appraisers to find one of each that’s great at what he or she does and who you would like working with.

    (Yes, lenders will not accept an appraisal you order, so you will end up paying for two appraisals.  However, buying a home is a huge investment, probably the biggest of your life.

    The reason I suggest you hire your own appraiser is this: when you hire an appraiser, they are allowed to talk to you about the home you’re thinking of buying; you can ask them all kinds of questions – when you hire them – and they’ll research and come back with answers.  Answers you need to know.)

    • Read carefully and understand everything before you sign anything.  You are going to sign a gazillion documents when you apply.  You are going to sign a ton of disclosures later.  (If you change the terms of the loans mid process, you’ll sign even more.)  Some documents ask for very sensitive, some tell you very important information.

    • Report your debts accurately.  For four reasons:

    1. We check and will find out at some point in the process and your application will come to a halt, maybe a permanent one.
    2. If you get away and nobody catches on, you could run into major problems (you get a bigger loan than you can comfortably afford).
    3. To do otherwise is to commit fraud.
    4. There’s a clause in the note you will sign that allow lenders to collect all the outstanding principal in one payment under certain circumstances.  False information on the application is one of the circumstances that trigger the early payment.  (If you can’t re-pay – you don’t have that kind of cash on hand or it takes longer to get a new mortgage – they can foreclose on you.)

    • Be honest about all sources of funds you will use to purchase your home. Lenders want to lend to people who have stable incomes that are likely to continue.  But they also want to lend no more than borrowers can repay.  Telling them that the $2,000 deposit on 10/25 and the $1,900 deposit on 11/23 are bonuses when they were your brother lending you money can qualify you for a higher loan amount but it’s not a good idea – for the same reasons as above.

    • Be upfront about any credit problems you have or have had in the past.  We run credit checks, some times more than one time.  Odds are too good that we will find out.  If we find out later, it will, at the very least, postpone by a good chunk of time the date when you get the mortgage.  At worst, we don’t catch it, you get your loan on false premises, which is fraud.

    • Be wary of unsolicited loan or refinance offers that you receive in the mail or through e-mail. Even if it’s from us. Because there are some scammers out there.  You must always check out the company behind the offer and only work with companies that are reputable.

    • Always pay your mortgage on time.  Payments made 30 days late are reported to credit bureau agencies.  That means your credit scores go down.  That means

    1. You might have a harder time qualifying for a loan for some time after that.
    2. These days, insurance agencies use credit scores to determine your premiums.
    3. A lot of employers look at the credit history of people they’re considering hiring.

    By the way, you having disputes with the lender or mortgage servicing company doesn’t change any of the above.

    • If you are having problems paying your mortgage, contact your lender or loan servicer immediately.  Different lenders have different ways of dealing with people being late, some more lenient than others.  But it’s always a great idea to talk to them.  In the worst case scenario, you know precisely where you stand.

    So, if you’re Googling Chicago mortgage broker, Chicago mortgage, Glenview mortgage, Elgin mortgage broker, etc., give me a call at 847-840-8884.

    As far as areas I cover, I cover the whole of Chicago and suburbs quite far.  Most of the time, though, I’m in the following areas:

    Arlington Heights
    Buffalo Grove
    Chicago*
    Deerfield
    Des Plaines
    Elk Grove Village
    Elmwood Park
    Elmhurst
    Evanston
    Franklin Park
    Glencoe
    Glenview
    Golf
    Harwood Heights
    Hawthorn Woods
    Highland ParkHighwood
    Kenilworth
    Lincolnwood
    Morton Grove
    Mount Prospect
    Niles
    Northbrook
    Northfield
    Norridge
    Oak Park
    Park Ridge
    Prospect Heights
    Rosemont
    Schiller Park
    Skokie
    Wheeling
    Wilmette
    Winnetka

    In Chicago, I cover the following neighborhoods:

    Albany Park
    Andersonville
    Arcadia Terrace
    Archer Heights
    Avondale
    Back of the Yards
    Belmont Central
    Belmont Gardens
    Belmont Terrace
    Bemlont Heights
    Big Oaks
    Brighton Park
    Bowmanville
    Bronzeville
    Bucktown
    Budlong Woods
    Buena Park
    Cabrini Green
    China Town
    Cragin
    De Paul
    Dearborn Park
    Douglas Park
    Dunning
    East Garfield Park
    East Rogers Park
    East Village
    Edgebrook
    Edgewater
    Edson Park
    Fifth City
    Forest Glen
    Fuller Park
    Fulton River District
    Gage Park
    GalewoodGladstone Park
    Gold Coast
    Goose Island
    Graceland West
    Hanson Park
    Hermosa
    Hyde Park
    Hollywood Park
    Homan Square
    Humboldt Park
    Industrial Corridor
    Irving Park
    Irving Woods
    Jefferson Park
    Kelvyn Park
    Kenwood
    Kibourn Park
    Lakeview East
    Lakewood Balmoral
    Lathrop
    Lawndale
    Lincoln Park
    Lincoln Square
    Logan Square
    Margate Park
    Mayfair
    McKinley Park
    Montclare
    Near North
    Near South Side
    New Eastside
    Noble Square
    North Austin
    North Center
    North Kenwood
    North Mayfair
    North Park
    Norwood Park
    O’Hare
    Oakland
    Old Irving Park
    Old Norwood Park
    Old Town
    Old Town Triangle
    Oriole Park
    Peterson Park
    Portage Park
    Printers Row
    Ravenswood
    River North
    River West
    Rogers Park
    Roscoe Village
    Sauganash
    Schrosch Village
    Schrosh Forest View
    Sheridan Park
    Sleepy Hollow
    South Austin
    South Edgebrook
    South Loop
    St Ben’s
    Streeterville
    The Gap
    The Loop
    Tri-Taylor
    Ukrainian Village
    Union Ridge
    United Center Park
    University Village / Little Italy
    Uptown
    Washington Park
    West Eldson
    West Garfield Park
    West Humboldt Park
    West Lakeview
    West Loop
    West Ridge
    Wicker Park
    Wildwood
    Wrigleyville

    Things Not to Do When Applying for a Mortgage

    • Don’t deposit cash into the account(s) you’re going to use for the mortgage.
    • Don’t get new credit
    • Don’t buy on credit
    • Don’t quit your job
    • Don’t change jobs
    • Don’t cosign on any loan for anyone
    • Don’t do anything that changes how your financial strength, ability or willingness to repay a loan is seen.

    Call me now at 847-840-8884 to apply.