Don’t Put Off Your Purchase.

Mike Rzadzki Chicago Real Estate, Mortgage, New Home Buyer

I am a Residential Mortgage Loan Officer and want you to RELAX when considering your FIRST home purchase. Many buyers – especially first-timers ­– will put off their purchase because they want to save for a larger down payment. In the meantime, home values are rising and mortgage rates are low. There are programs available that require little or no …

Staging My Home to Sell

CFS Staff Chicago Real Estate, Realtor, Refinancing

Ok, so you need to sell your home.  You figure you just need to tidy up and let potential buyers see your house.  WRONG. Once you decide to sell your house, you need to let the buyer see it as their home, not yours.  Staging a home highlights its strengths, downplays its weaknesses, and gets the buyer picturing themselves living in the home. All …

Jumbo Loan – What is it?

CFS Staff Chicago Real Estate, Mortgage, New Home Buyer

Just like it sounds, a jumbo loan is just bigger.  A loan is considered jumbo if it exceeds the conforming high-balance loan limits set by Fannie Mae and Freddie Mac.  The current conforming loan limit for a single-family home is $417,000 in Illinois. Jumbo mortgage loans are considered higher risk for lenders due to their larger size.  The idea is that if a jumbo mortgage …

New Property Tax Breaks for Severely Disabled Veterans in Illinois

CFS Staff Chicago Real Estate, Mortgage News, News

Illinois has a new law that provides property tax breaks to severely wounded military veterans. Senate Bill 107 provides local property tax exemptions for homeowners who have a service-connected injury, with a disability of at least 30 percent.  The U.S. Department of Veterans Affairs certifies the percent of injury. Veterans with a disability of 30 to 49 percent would receive a $2,500 annual exemption. …

New Rules Impact Closings

CFS Staff Chicago Real Estate, Mortgage, Mortgage News, News, Realtor

Congress established the Consumer Financial Protection Bureau (CFPB) after the financial problems of 2008.  Starting in October, there are two new forms that the borrower is required to receive.  The Loan Estimate is given to the borrow at the beginning of the process and the Closing Disclosure is provided right before the end of the process. This Causes Delays in …

The Value of Experienced Loan Officers to the “Digital Mortgage”

CFS Staff Chicago Real Estate, Mortgage, New Home Buyer, Refinancing

There is a trend in the mortgage industry towards “Digital Mortgages”.  Basically, the idea is for the entire process to be handled through a website.  You upload your documents, fill out forms, and digitally sign documents. This is not really all that new and all that unique.  At CFS, we can process docments and forms online as well.  Utilizing technology to streamline the …

Bad Loan Officers

CFS Staff Chicago Real Estate, Mortgage, New Home Buyer, Realtor

Some people in the mortgage business just don’t get it.  Some loan officers are just bad. When a buyer is looking for a loan to buy a new home, the real estate agent will usually refer the buyer to a mortgage professional.  The real estate agent wants the buyer to have a good experience getting the mortgage and the buyer …

Interest Rates – Hanging on Every Word

CFS Staff Chicago Real Estate, Interest Rates, Mortgage, Mortgage News, News, Refinancing

CNBC looked at every word Fed Chair Janet Yellen has released in press statements and ever said at policy meetings.  They have analyzed every word to predict what the Fed will do regarding interest rates in September’s press conference. The full article can be found on the CNBC website. Here is a sample: and also look at this: The stakes …

We’re Way Better than Being Around Snakes!

CFS Staff Chicago Real Estate, Mortgage, New Home Buyer

We came across an article in the LA Times with the headline “Many buyers find the mortgage process unpleasant“. …more people were more comfortable with public speaking, being in high places, flying in an airplane, being around snakes and being in a confined space than they were going through the mortgage process. The article refers to Guaranteed Rate’s own customer …