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. …

Reliable On-Time Closings

Keelin Billue Gubbels Mortgage, Realtor

We are Loan Officers who are serious about accountability.  We do whatever it takes to make sure that everyone at CFS Mortgage who touches a loan file does so with no errors, and does so promptly. We understand and respect that a contract is the product of many hours of work by the real estate agent and the client.  All aspects of the residential lending process occur in …

Buyers with Reliable Pre-Quailifications and Pre-Approvals

Keelin Billue Gubbels Mortgage, Realtor

Successful real estate agents don’t want to spend their valuable time with a buyer prospect who cannot qualify for financing.  Why drive them around and show them listings? On the flip side, real estate agents also don’t want to miss opportunities because a loan officer didn’t know how to help a borderline borrower become qualified.  At Chicago Financial Services, we have the experience to get …

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 …

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 …