mortgage information

Buying a Home When Self-Employed? Some Useful Tips

Gene Mundt, a Chicagol Mortgage Originator write another great post on how help move along your mortgage loan application by being pro-active.  This is even mor important during the current crises we are facing. I’m presently working with multiple self-employed mortgage applicants … and as you would probably suspect, the process for these applicants is a …

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The Importance of Verification of Funds in Mortgage Process

One topic … one direction provided during the Mortgage Process that seems to baffle and frustrate my prospective home buyers during their Mortgage Process, surrounds the sourcing and documenting of Down Payment and Closing Cost Funds. When I touch upon this portion of the Process I often hear the comment, “it shouldn’t matter where the …

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I Received a New Property Assessment. What Do I Do?

As a Chicago-area Mortgage Lender, I’ve always been asked a lot of questions regarding Taxes and Property Assessments.  Property Taxes, and subsequently monthly tax escrow contributions, play a very important role in loan approvals/denials. But throughout the recent housing downturn, the topic of property taxes and assessments has cropped-up more often and has become far …

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Waiting Periods After Short Sale, Foreclosure, Bankruptcy

I wrote recently about Fannie Mae’s announcement regarding the extension of the waiting period for those Buyers hoping to become Homeowners once again after having experienced a Short Sales (Pre-Foreclosures). The waiting period is now extended out to 4 years … regardless of Loan-to-Value considerations (or Down Payment percentages). Naturally, there’s been a wide range …

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