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Loan Estimate Explainer
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Sales Contract Explainer
Mortgage Payment Calculator
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FHA Self Sufficiency Calculator
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Discount Points Calculator
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Illinois Transfer Tax Calculator
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Maximum Seller Credit Calculator
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Mortgage Rate Lock | How do rate locks work?
Interest rates fluctuate. A mortgage rate lock freezes your interest rate for a set time, protecting you if it rises. As a result, you know how much your loan will cost before..
How to get a mortgage with pending asylum status
In this article, I'll explain how to get approved for a mortgage to buy a home while waiting for the United States Citizenship and Immigration Services (USCIS) to decide on your..
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..
Debt-to-Income ratio | What is a good DTI for a mortgage?
A mortgage debt-to-income (DTI) ratio is a measure that compares your debt to the income you receive. Mortgage lenders use it to determine how much you can afford to pay for a..
Seller Credit | Can the seller pay the homebuyer's closing costs?
Sellers can pay the buyer's closing costs. A seller credit is a sum of money the property seller agrees to give the homebuyer at closing. The buyer can use the credit to pay..
Down Payment | How much is a down payment on a house?
Most first-time homebuyers need a down payment of at least 3% of the property's purchase price.
FHA Self-Sufficiency Calculator | 3-4 unit properties
An FHA loan is a good option for financing the purchase of a multi-unit property. However, 3-4 unit properties must be self-sufficient, which means they must have a positive cash..
2-to-4-Unit Home | How to buy a multi-unit property
Multi-family, 2-to-4-unit homes are affordable and surprisingly easy to buy.
How future rental income can help you buy an investment property
When buying an investment property, you can use a portion of the future rental income to help you get approved for the mortgage. However, only some real estate investors can use..
FHA Mortgage Insurance | How much is it? Can you cancel it?
All Federal Housing Administration (FHA) loans require mortgage insurance. Homebuyers pay two types of mortgage insurance when purchasing a home using an FHA loan. First, you pay..
Can a non-permanent resident get a mortgage?
A non-permanent resident of the U.S. can get approved for a mortgage to buy a home. However, the process may have additional requirements compared to U.S. citizens. In this..
How a mortgage credit check affects your score
Multiple inquiries from mortgage companies within 45 days are grouped and counted as a single inquiry, which minimizes the impact on your credit score. In this article, I'll show..
Principal residence, second home, or investment property?
"Occupancy" refers to how you will use the property you plan to buy. Will it be your principal residence, second home, or investment property? Whether or not you will live there..
Can I pay mortgage closing costs with a credit card?
You can use your credit card to pay some of your closing costs when buying a home. But there are limits. I'll give you the details in this article.
How to buy a condo with an FHA loan
Buying a condo with an FHA loan can be tricky. The condo must be FHA-approved. But unfortunately, there are few. The chances of finding one in the neighborhood where you want to..
How to buy a mixed-use property with an FHA loan
Home buyers can use an FHA loan to buy a mixed-use, multi-unit property with a down payment of only 3.5% of the property's purchase price. FHA's low down payment option and..
Earnest Money | How it works when buying a home
Earnest money shows sellers you're interested in buying their house. It's a small amount, like 1% to 3% of the house price, that you deposit upfront when offering to buy the..
Mortgage Contingency | How it works when buying a home
In this article, I'll explain the mortgage contingency, show you where to find it in a real estate contract, and tell you why you need to know about it when buying a house. First,..
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,..
Can you get a mortgage if you're already a co-signer?
As a co-signer, you've committed to another person's financial obligation to the loan. You probably co-signed a car loan, student loan, or mortgage to help out a friend or..
How a mortgage co-signer can help you buy a home
When your income, savings, or credit history falls short, adding a co-signer to your application can give you the boost you need to get approved for a mortgage. In this article,..
Homeowners Insurance | How much do you need for a mortgage?
When buying a home, you must purchase a homeowner's insurance policy that meets the lender's requirements. Homeowner's insurance protects you and the lender in an accident or..
Gift Letter | How to use a gift to buy a home
In this article, I'll show you the best way to prove that your gift is from an acceptable donor so that everything goes smoothly with your home purchase. You can download the gift..
Why a verified mortgage pre-approval is better
In this article, I explain how a verified pre-approval letter improves your chances of getting the home you want.
When should you get pre-approved for a mortgage?
Getting pre-approved for a mortgage is generally a good idea before you start looking for a real estate agent or viewing homes to buy.
Loan-to-Value | How to calculate LTV for a mortgage
Loan-to-value (LTV) ratio is a measure that compares the amount of the mortgage loan to the value of the property. Lenders use it to determine the risk of lending you money for a..
Notice of Intent to Proceed
The mortgage lender must honor the terms of the Loan Estimate for ten days. If you wait more than ten days after receiving a Loan Estimate to give your intent to proceed, the..
Can you get a mortgage if you work through a staffing agency?
If you work for a staffing agency, you might need help buying a house. Most banks won't use your staffing agency income to approve your mortgage. And, unfortunately, without a..
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