Mortgage Information

You can count on me to help you every step of the way. I am glad to discuss your financing alternatives with you. I have forged relationships with several talented real estate lenders who have a track record of success in our local market.

Below I have provided a list of questions to ask lenders when you are trying to decide who is the best lender for you and a mortgage calculator to try out different finanacing scenarios.

If you have questions or would like lender recommendation, please give me a call at 312-203-2416 (Cell Phone), 847-926-1959 (Direct Line) or send me an email.

10 Questions to Ask Your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

1. What are the most popular mortgage loans you offer?

2. Which type of mortgage plan do you think would be best for us? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.

5. Who will service the loan? Your bank or another company?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

Used with permission from Real Estate Checklists & Systems (http://www.realestatechecklists.com ).

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®Copyright 2005.
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