How to Improve Your Homeowners Insurance Coverage

How to Improve Your Homeowners Insurance Coverage
Posted Tuesday June 30, 2020 in Mortgage

If you own a home in Illinois, you need to have adequate homeowners insurance coverage. Nearly all mortgage lenders require it as part of the conditions for issuing a home loan anyway. However, as time goes on, you may find that you want to make certain changes to your homeowners insurance to create a better…
Why Does My Mortgage Keep Getting Sold?

Why Does My Mortgage Keep Getting Sold?
Posted Tuesday June 23, 2020 in Mortgage

A letter arrives in the mail and tells you your mortgage has been sold. It also informs you to send your monthly payments to a new address. Don’t panic! This happens all the time, and you shouldn’t see many (if any) changes. So why does your mortgage get sold—and why can it happen multiple times?…
Mortgage Payments Are Getting Relatively Cheaper

Mortgage Payments Are Getting Relatively Cheaper
Posted Monday February 17, 2020 in Mortgage

The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October). Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to…
A Whole New Credit Score Is Coming

A Whole New Credit Score Is Coming
Posted Monday March 11, 2019 in Mortgage

Chances are good you know all about  your credit score. Also called a FICO score, this magical number is a major factor in many financial transactions, including qualifying for a mortgage and renting apartments in Illinois. In October 2018, the Fair Isaac Corp. (the creators of FICO) announced a whole new scoring method called the UltraFICO.…
Things You Should Know Before Applying for a Mortgage

Things You Should Know Before Applying for a Mortgage
Posted Monday January 7, 2019 in Mortgage

Unless you’re sitting on a ton of cold, hard cash, you’re going to need a mortgage to buy a home in Illinois. Unfortunately, you can’t just show up at a bank with a checkbook and a smile and get approved for a home loan—you need to qualify for a mortgage, which requires some careful planning.…
Fannie & Freddie Raise Conforming Loan Limits

Fannie & Freddie Raise Conforming Loan Limits
Posted Tuesday November 27, 2018 in Mortgage

After not increasing the maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for 10 years, the Federal Housing Finance Agency has now increased the conforming loan limit for the third straight year. The FHFA announced Tuesday that it is increasing the conforming loan limit for Fannie and Freddie…
How Much Home Can I Qualify For?

How Much Home Can I Qualify For?
Posted Monday November 26, 2018 in Mortgage, Real Estate

Most new home buyers in Illinois are caught in a weird spot when they decide to buy a home. They want to know what kind of houses they could buy, but need to know, “How much mortgage can I qualify for?” Fortunately, there’s an easy way to get a ballpark figure so you can start…
Should you pay off your mortgage?

Should you pay off your mortgage?
Posted Friday October 27, 2017 in Mortgage

If you're planning not to pay off your Illinois mortgage before retirement, you won't be alone. Fewer than half of owner-occupiers in the age group 65-69 years were mortgage-free in 2015. What's in and what's out That record-low number came from an October 2017 study by Fannie Mae. But the report revealed something even more surprising:…
Housing Market Optimism

Housing Market Optimism
Posted Wednesday October 18, 2017 in Mortgage, Real Estate

The housing market is on an upswing - at least that's what most American buyers, sellers and even renters think. According to Fannie Mae's Home Purchase Sentiment Index (HPSI), all three are feeling optimistic about their chances in today's market. A good time to buy From August to September, the number of consumers who said…
Self Employed and Need a Mortgage? No Problem!

Self Employed and Need a Mortgage? No Problem!
Posted Wednesday June 7, 2017 in Mortgage

Big bonus of self-employment: You’re your own boss! A challenge: Proving that you have the financial stability needed to get a mortgage loan. I’m here to tell you today that it IS possible for you to get a loan. There are just a few extra steps you may need to take before you’re off shopping…
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