This blog post is #5 in a series we call "Mortgage 101." To see the whole Mortgage 101 document, click on this link:
It's important to explore all your options with a good lender. The key question no longer is "What's your rate?"-now it's "What the best fit for me?" You don't want a risky loan, and you will need a SOLID pre-approval so that you won't get any nasty surprises later.
Mortgage BANKERS are, we think, the single most important resource to be aware of. They are like mortgage brokers in that they work with many individual banks, but they are a step above other mortgage brokers in that they have been licensed to underwrite and fund their own loans. Our favorite Mortgage banker is::
•· Guaranteed Rate, located at 3940 N Ravenswood, Chicago, IL 60613. Contact Brian Weis (phone: 773-290-0591; fax: 773-516-5732).
But, if either the client or the property has any kind of ‘kink' to it (e.g., a ‘jumbo' loan), you may find it best to work with a bank who holds their own paper (meaning they service their own loans rather than sell them). Why? Because, at least in some respects, they can be more aggressive than if they knew they had to sell every loan they took. In Chicago, banks that service their own loans include Harris, Northern Trust, and Bank of America. The loan officer we recommend you call to see if this is a better option is:
•· Tammy Hajjar of Bank of America (2073 N Lincoln Ave, Chicago IL 60614). Her cell is the best way to reach her (773-726-4374) and her fax is: 866-408-4189).
In some cases, buyer are finding that the only way to get a loan is to turn to a ‘hard-money lender' (someone who loans their own money and therefore doesn't have the same need to follow typical guidelines).
•· Peter Argiannas at Gold Coast Bank (phone 312-5876-3200) is a great contact for buyers with high income / high credit/.
•· Josh Manchester at Hawthorne Financial (630-649-2920) might be particularly good to contact if you need construction financing or a rehab loan.
Here is a link that will take you to the Tools / Resources page of the Chicagoland2to4Flats.info website-where you can see and print:
And this is just the start of what you'll find at www.Chicagoland2to4Flats.info!!!
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