Deb went above and beyond for us. We purchased a historic foreclosure home, with many flaming hoops. She was on top of every single item, and made sure everyone else was as well! Great recommendation.
Jill J.- West Chicago
Every Buyer has different needs and wants when it comes to a home, whether it’s for themselves to grow into, or their family.
Mortgage financing is an important part of the home buying process for most people.
Jill was referred to me by her sister, who I have helped several times. Jill was looking for a very specific home in the far western suburbs of Chicago that she could renovate over time.
For Jill, she was in love with historic homes that had quaint features and qualities to it. That was her focus and drive when buying a new home.
But it also brought challenges that we were able to overcome.
Let’s start at the beginning and what you can expect when needing a mortgage to purchase your home.
It’s very straight forward starting with a pre approval so your Real Estate agent can present your pre approval letter to the Seller when making an offer.
A pre approval is defined by a Loan Officer verifying your credit, income and assets and determining that your current financial situation will result in a successful loan approval.
When your offer gets accepted there will be a lot going on for you in the first week. Your home inspection gets scheduled, your loan application gets submitted to underwriting and an appraisal will be scheduled on the home.
When it comes to your mortgage you will be fully prepared by me and your loan expectations will be explained upfront. I believe in, and provide complete transparency on your loan.
Buying a new home is a huge investment for you and I am committed to helping and advising you on the best loan program that truly meets your financial situation now and in the future.
Refinancing Your Home
There are many reasons to consider if refinancing is right for you. Weigh your options and make sure you feel completely comfortable with your decision.
Deb was extremely helpful from start to finish. Always answered all of my questions, and was always on top of any issues that came up. Would definitely do business with her again in the future. Anthony – Chicago
An experienced loan officer should be able to provide a break even analysis, a post tax analysis, total cost savings analysis, a comparison of paying closing costs versus a no closing cost option.
Also a comparison of different amortization loan programs that can bring you the most efficient financial strategy.
Reasons for Refinancing
If refinancing is more of a forced decision due to a consideration of a divorce, it is very important to have the ex-spouse removed from the Mortgage Note.
“Deb is both professional and caring at the same time. She recently helped one of my divorcing clients with a refinance and did a great job explaining the entire refinance process to her. My client was much appreciative of the extra work Deb did for her to make sure she could afford the loan she was taking on by herself. Deb cares about her clients, and for me, that makes a world of difference when choosing a mortgage professional to work with.”
Brian James, C.E.L. &Associates: Divorce Mediation, Consulting & Coaching
The only way you can accomplish this is by refinancing into your name alone, as well removing the ex-spouse from the title to the property.
Of course this means you will have to qualify on your own merit. Contact me now to help you get approved for a mortgage.
Did You Buy Your Home With An Adjustable Rate Mortgage?
There are good reasons that make sense at the time of purchase that you chose an ARM.
However, by running an analysis on future payments after the fixed period ends of your ARM and comparing it a fixed rate now, it could make good sense to consider this refinancing strategy, if you will be staying in your home for a long time.
You may even want to refinance with an adjustable loan again and continue to lower your payment even more.
If your living plans have a defined time attached, then another ARM may be perfect for you. Contact me for current mortgage rates
Purchased with a Home Equity Second Mortgage
Some buyers bought their home by utilizing a HELOC or HELOAN to bridge the gap of a twenty percent down payment.
The potential downside can be: HELOC’s are a variable rate and HELOANS are fixed but come with a much higher interest rate because it is a second lien loan behind the first mortgage lien.
With the improvement in home values in very recent years, it could be possible to consolidate the two loans into one and lower your mortgage payment substantially.
Wealth Building Strategies
One way to increase your wealth is from real estate. Have you considered different term options for getting your mortgage paid off sooner?
Shortening your term can save tens of thousands of dollars over the loan term comparing to a 30 year. Of course the key to this refinancing strategy is how many years you will stay in the property for. Contact me for an analysis if you’re considering a shorter amortization loan.
Eliminating Mortgage Insurance
Now is the time because of increased property values combined with lower mortgage rates that refinancing should be a strong consideration.
Maybe you have had your loan that carries monthly mortgage insurance for quite some time and you want to explore the possibility of eliminating it.
By doing so, you can dramatically lower your mortgage payment every month.
Paying Closing Costs VS a No Cost Refinance
There are pros and cons to both side of this coin. I’m going to give it to you straight here – rate and cost go hand-in-hand.
You can opt for the very best rate available the day you choose to lock your rate and pay the lenders fee, or take a slightly higher rate and the lender will absorb the fees.
When you hear about no closing cost refinancing you will get quoted a slightly higher rate to cover those fees, could this make sense for you?…it just may.
Again, depending on your current situation, how long you intend on living in your home for and your financial strategy, it may make sense, and end up still being very beneficial for you. Contact me for any questions you have on paying costs versus not.
Refinancing Out of FHA to a Conventional Loan
There can be several reasons on why you have an FHA loan now. It could be credit, low down payment when your originally bought your home, or you had a non occupying co-borrower to help you qualify. there could be other reasons as well.
My goal is to help you improve your finances by lowering your housing debt.
Today we have conventional alternatives to FHA, that will net you a better, lower payment.
Back in the day FHA was the go-to program to help people start investing in the housing market, in its current form it really has become a more expensive option. Lets’ talk and find out if a conventional alternative option is available for you.
There is no reason your housing debt should be higher than it needs to be, there could be many reasons to take advantage of refinancing now.