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 …

Tax Credit for Buying a Home

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

Qualified homebuyers can get a tax credit for buying a home.  This can be claimed each year you live in your home.  Call us to apply at 312.642.7979. Here Are the Details: TaxSmart Mortgage Credit Certificate Program TaxSmart is a Mortgage Credit Certificate (MCC) program that provides a federal income tax credit to qualified homebuyers. A tax credit is a direct …

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 …

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 …