The Three C’s of Credit

Keelin Billue Gubbels 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 …

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 Recent Fed Rate Hike Means to Homebuyers

Keelin Billue Gubbels Interest Rates, News

On December 16th, the Federal Reserve raised the benchmark interest rate .25%.  This should not cause home buyers to panic about mortgage rates.  Home mortgage rates are determined by the market and are always changing.  Many factors influence the financial market and your interest rate is not determined by any single factor.  You are borrowing money, so your interest rate offered by a …