Staging My Home to Sell

Keelin Billue Gubbels 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 …

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 …

How Much House Can I Afford?

Keelin Billue Gubbels Uncategorized

Are you renting and wondering if you can buy a home?  Are you thinking of buying a bigger house?  Did your income just change? Use the form below to quickly find out the size of the loan you should qualify for.  Even better than a form, you should contact the loan officers at CFS to get an ever better idea, …

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 …

New Property Tax Breaks for Severely Disabled Veterans in Illinois

Keelin Billue Gubbels 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. …