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 …

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

Keelin Billue Gubbels 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 …

$7500 in Cash Assistance for Down Payment and/or Closing Costs from the State

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

Funds are limited.  Contact us today! 1st Home Illinois First-time homebuyers in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties can get $7,500 in down payment assistance with an 30-year fixed rate mortgage. 1STHomeIllinois is tailored for first-time homebuyers, or anyone who hasn’t owned a home in the last three years and moving into one of the above …

Bad Loan Officers

Keelin Billue Gubbels 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 …

A Mortgage Should be your Fist Step in Buying a House

Keelin Billue Gubbels Mortgage, New Home Buyer

A first-time homebuyer might think that the mortgage is the last step in the home buying process, but that’s wrong.  Talking to a mortgage professional should be one of the first things you do, if not the very first thing you do. There is nothing more disappointing than finding your dream home only to find out that you do not …

6 Mortgage Mistakes and How to Avoid them

Keelin Billue Gubbels Interest Rates, Mortgage, New Home Buyer

We understand that buyers are not immersed in the world of mortgages as we are.  Here are some things to think about when looking to finance a home purchase. Here are the Mistakes: 1. Not checking your credit before starting the process You are making a major purchase and we will be looking at your credit history.  We need to …

Interest Rates – Hanging on Every Word

Keelin Billue Gubbels 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!

Keelin Billue Gubbels 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 …

What Makes us Different?

Keelin Billue Gubbels Chicago Real Estate, Interest Rates, Mortgage, New Home Buyer

You need a home loan.  What does it matter where you get the loan?  Mortgage companies are all the same, right?  Wrong. We are a lender, but we are not a bank. Banks have limited loan options. Banks typically have conservative loan guidelines. Banks are a one-stop-shop for all kinds of loans, checking accounts, savings accounts, money orders, and wire …

What Items are Considered Closing Costs?

Keelin Billue Gubbels Mortgage, New Home Buyer

Closing costs include but are not limited to fees for appraisal, credit report, tax service, processing, underwriting, document preparation, flood certificate, funding, title insurance, title closing, recording, attorney and transfer tax. You usually pay them at the time that you close on your mortgage. Most of the time, the home buyer who pays them.  Sometimes with loans such as VA loans, …