FIRST TIME HOME BUYER PROGRAM

Mike Rzadzki Mortgage, New Home Buyer

Do you want to buy a home, but don’t have much money to put down?                   Are you in a household of 2 or less and make less than $79,432?                   Can you find a home for under $344,819 in Cook County?                    Then the 1ST Home Illinois Mortgage may be the loan for you!   If you are …

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 …

Get Pre-Qualified BEFORE you Search

Mike Rzadzki Mortgage, New Home Buyer

I am a Residential Mortgage Loan Officer and want to help you BEFORE you start shopping for a home or Condo. Over the phone I can review your financial condition and then issue a pre-qualification letter that will satisfy a seller or agent when you make an offer to purchase. I will run your credit report to give you a …

It’s Worth it to Refinance

Mike Rzadzki Interest Rates, Mortgage, New Home Buyer, Refinancing

I am a Residential Mortgage Loan Officer and want to give you some reasons for refinancing your current mortgage. Here’s the first one… YOU CAN SAVE A BUNCH OF MONEY! Even 1% Makes a Difference Here are some examples of the potential savings for a mortgage with a balance of $200,000 and a difference in rate of only 1%… $983.88 …

The Three C’s of Credit

CFS Staff Mortgage, New Home Buyer

To get a loan, you should have a good credit score.  Your score is based on a variety of factors.  The Three C’s are the general factors to keep in mind to develop and keep a great credit score.  They are Character, Capital, and Capacity. Character This is basically a lender determining if you will meet your financial obligations.  Charater is based …

How to Use a Gift for your Downpayment

CFS Staff 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?

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 …

PMI Tax Deductions are Back

CFS Staff 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?

CFS Staff 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 …