The Biggest No-Brainer in the History of Mankind: A Smart and Easy Way to Save THOUSANDS

Keelin Billue Gubbels Interest Rates, Mortgage, Refinancing, Uncategorized

With today’s low interest rates, the average homeowner may save hundreds a month or tens of thousands of dollars over the lifetime of a loan just by refinancing.  It sounds too good to be true, but it’s totally true.  In fact, refinancing your mortgage to a lower rate is a NO-BRAINER.   “Households that fail to refinance when interest rates …

Cash-Out Refinance

Keelin Billue Gubbels Mortgage, Refinancing

What Is a Cash-Out Refinance? Homeowners do cash-out refinances so they can turn some of the equity they’ve built up in their home into cash.  A cash-out refinance is refinancing an existing mortgage, but the new mortgage loan is for a larger amount than the amount still owed, and you get the difference. Here’s an example.  Let’s say you own …

How to Use a Gift for your Downpayment

Keelin Billue Gubbels Mortgage, New Home Buyer

To buy a home, you need a downpayment.  The more money that you can put down, the smaller the amount you will need to finance.  A downpayment also reflects on your ability to repay a loan, so it makes sense that it should be your own money and just not a gift from someone else. Coming up with that initial amount can …

Jumbo Loan – What is it?

Keelin Billue Gubbels 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 …

PMI Tax Deductions are Back

Keelin Billue Gubbels Mortgage, Mortgage News, New Home Buyer, News

Private Mortgage Insurance (PMI) was tax deductible, but that law expired…Now it’s back and covers 2015 retroactively. PMI is required if you only put down a small amount to buy a home, so it protects the lender against default. A tax package extends for 2015 and 2016 a provision that lets you deduct the cost of your premiums if you itemize your deductions. How much …

What is Underwriting?

Keelin Billue Gubbels Mortgage, New Home Buyer

We do a bunch of stuff behind the scenes as part of the loan process.  Underwriting is the process by which CFS decides to loan money based on credit, employment, assets, and other factors.  We match this risk to an appropriate rate, term, and loan amount. Here are some things that may be included in your underwriting: Verification Under the rules from …

Reliable On-Time Closings

Keelin Billue Gubbels Mortgage, Realtor

We are Loan Officers who are serious about accountability.  We do whatever it takes to make sure that everyone at CFS Mortgage who touches a loan file does so with no errors, and does so promptly. We understand and respect that a contract is the product of many hours of work by the real estate agent and the client.  All aspects of the residential lending process occur in …

Buyers with Reliable Pre-Quailifications and Pre-Approvals

Keelin Billue Gubbels Mortgage, Realtor

Successful real estate agents don’t want to spend their valuable time with a buyer prospect who cannot qualify for financing.  Why drive them around and show them listings? On the flip side, real estate agents also don’t want to miss opportunities because a loan officer didn’t know how to help a borderline borrower become qualified.  At Chicago Financial Services, we have the experience to get …

New Rules Impact Closings

Keelin Billue Gubbels 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 …