Mortgage Guide

VA Loan: How to Buy a 2-to-4 Unit Property in Chicago

Verified Mortgage Pre-Approval: How It Helps You Win a Home

A verified mortgage pre-approval can help you win a home in a competitive market. Many Chicago buyers submit strong offers but still lose the house. The problem is not always the..

Mortgage Gift Letter: How to Use Gift Funds for a Down Payment

Mortgage Gift Letter: Quick Answer A mortgage gift letter is a signed document confirming that the funds given to a homebuyer are a true gift and not a loan.

How Much Is the Minimum Down Payment on a House?

You don’t need 20% down to buy a house. Many buyers qualify with 3% to 5% down, depending on the loan program and property type. This guide explains the minimum down payment and..

Seller Credit: Can the Seller Pay Your Closing Costs?

A seller credit is money the home seller contributes toward the buyer’s closing costs. A seller credit can reduce the cash you need to buy a home. This guide explains how seller..

Mortgage Discount Points: Break-Even Calculator & Example

Mortgage discount points are upfront fees borrowers pay to lower their mortgage interest rate. One discount point equals 1% of the loan amount. In exchange, the lender reduces the..

How to Buy a 2–4 Unit Property in Chicago (2026 Guide)

Buying a 2–to 4-unit property in Chicago is one of the fastest ways to reduce your housing costs and build wealth.

Mortgage Co-Signer: How to Qualify for a Home Loan

A mortgage co-signer is a person who helps another borrower qualify for a home loan by sharing financial responsibility for the mortgage. The co-signer applies for the loan but..

VA Seller Credits and Concessions: How Veterans Reduce Closing Costs

VA seller credits and concessions allow veterans to reduce or eliminate many out-of-pocket costs when buying a home. On a VA loan, the seller can pay 100% of the buyer’s allowable..

Does mortgage pre-approval hurt your credit score?

Mortgage pre-approval does not have to hurt your credit score. It depends on whether your lender uses a soft or hard credit inquiry. Here’s exactly what happens during..

When should you get pre-approved for a mortgage?

Thinking about buying a home in Chicago this year? The right time to get pre-approved can make the difference between winning and losing your dream home.

Debt-to-Income Ratio for a Mortgage: DTI Limits & Calculator

Your debt-to-income ratio (DTI) is the percentage of your monthly income that goes toward debt payments. Mortgage lenders calculate this ratio to determine how much home you can..

What to expect at closing: Step-by-step for Chicago homebuyers

Closing day is the final step in the homebuying process. It is the moment when ownership officially transfers from the seller to you.

Real Estate Transfer Tax Calculator | Chicago metro area

Real estate transfer taxes are fees that the state, counties, and local municipalities charge buyers and sellers when transferring property ownership. Use our real estate transfer..

Illinois mortgage loan limits for 2026

The 2026 Illinois loan limits for conventional, FHA, and VA mortgages determine how much you can borrow, depending on the type of loan and property you're buying.

Mortgage Rate Lock: When to Lock Your Rate (And When to Wait)

Mortgage interest rates can change daily. A mortgage rate lock protects you from those changes while your loan moves toward closing. When you lock your rate, the lender guarantees..

Mortgage Insurance | How much is PMI?

The cost of private mortgage insurance (PMI) varies depending on several factors, including the lender. Some lenders charge more than others for the same PMI. In this article,..

VA Loan Closing Costs in Chicago, Illinois: 2026 Guide

A VA loan can require 0% down, but that does not always mean $0 at closing.