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How to buy a 2-to-4-unit property in Chicago
Buying a 2-to-4-unit property in Chicago is easier than you think.
VA Loan | How to use Seller Concessions & Seller Credits to buy a home
On a VA loan, a seller can pay for all of the veteran's allowable closing costs plus up to 4% of the home's value in additional concessions.
VA Loan | How to buy a 2-to-4 unit in Chicago
You can use a VA loan to buy a 2- to 4-unit property with no down payment or mortgage insurance and a low 30-year fixed rate.
Can I get a mortgage if I work through a temp or staffing agency?
Yes, you can get a mortgage if you work through a staffing agency. But there’s a catch. Most big banks and online lenders won't count your staffing agency income when approving..
Mortgage trigger leads: How to stop unwanted sales calls
Mortgage trigger leads can result in a deluge of unwanted sales calls. You apply for a home loan with a lender you trust, and suddenly, your phone rings nonstop with offers from..
Illinois mortgage loan limits for 2025
The 2025 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.
Seller Credit | Can the seller pay the homebuyer's closing costs?
This article explains how the seller can pay your closing costs when buying a house. You'll learn how they work, when to ask for them, and how to avoid common mistakes.
What to expect at closing: Step-by-step for Chicago homebuyers
Closing day is the final step in your home buying journey and one of the most exciting. Here’s what to expect, from getting "clear to close" to receiving your keys.
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..
7-Year Adjustable Rate Mortgage (7/6 SOFR ARM)
A 7-year Adjustable Rate Mortgage (ARM) is a home loan with an interest rate that stays the same for the first seven years, followed by adjustments every six months. After seven..
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..
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 get a mortgage working in the cannabis industry
If you work for a state-legalized marijuana business, getting a mortgage can be challenging. Many lenders don't count cannabis income, which leads to mortgage application..
How to get a mortgage with pending asylum status
Can asylum seekers get a mortgage to buy a home? Yes—but there are some additional steps and important rules to be aware of. In this article, you’ll learn how to qualify for a..
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 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 to Get a DACA Mortgage Loan
Getting a loan to buy a home is easier than you think for people in the Deferred Action for Childhood Arrivals (DACA) program. In this article, I'll outline the mortgage process..
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..
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,..
Debt-to-Income Ratio | How to calculate DTI
The debt-to-income ratio (DTI) compares your debt to your income. Lenders use it to decide how much you can borrow for a home.
How a mortgage co-signer can help you buy a home
If your income or credit history isn't enough to secure a mortgage, adding a co-signer to your application can improve your chances of approval. This article will guide you..
Gift Letter | How to use gift funds for buying a home
This guide explains how to document gift funds for a mortgage and meet lender requirements. Follow these steps to ensure a smooth home-buying process.
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..
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.
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..
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..
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..
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 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..
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..
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..
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