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Get a Mortgage

Purchase

First Time Home Buyer - Presentation

Pre-Approval Process -The Five Easy Steps

Pre-Approval
Applying for a Loan
Locking In the Interest Rate
Securing Loan Approval
Closing the Loan

Pre-Approval-Before you begin the search for your new home this helps you to determine what you can afford and enhances your offer and will make you more attractive to the seller

Pre-Approval

Credit History
Employment and Income
Salaried, commissioned, or self-employed
Length of employment

Applying for a Loan

Once all parties have agreed to the purchase price and terms
An executed contract.
Foundation of your mortgage
Applying for a Loan - Three actions to proceed with your loan:
Decide on a loan program
Sign all necessary loan documents
Gather your personal documentation
Sign all necessary loan documents

Required documents for a Loan

2002 and 2003 W2’s and 1040’s (all pages and schedules)
2002 and 2003 Corporate Tax Returns and Year to Date Profit and Loss (if applicable)
30 Days Current Paystubs Listing Year to Date Earnings
Three Months Most Current Consecutive Bank Statements for Checking, Savings, 401K, Investment Accounts, etc.
Fully Executed Real Estate Contracts and Copy of Earnest Money Checks
Landlord’s Name, Address and Number for Two Previous Years
Buyers and Sellers Attorney’s Names and Numbers
Listing and Selling Realtor’s Names and Numbers
Gift Letter, Copy of Gift Check and Gift Check Deposit Slip (if applicable)

Own vs. Rent

Rent to Own Programs

Partner Realtors

Refinance

Rate & Term

The refinancing of an existing mortgage for the purpose of changing the interest and/or term of a mortgage without advancing new money on the loan. This differs from a cash-out refinance, in which new money is advanced on the loan. Rate and term refinances can carry lower interest rates than cash-out refinances.

Rate and term refinancing activity is driven primarily by a drop in interest rate, while cash-out refinance activity is driven by increasing home values. Because there are pros and cons associated with a rate and term and cash-out refinancing, the borrower must weigh the pros and cons of each before making any final decisions.

Cash Out

A mortgage refinancing transaction in which the new mortgage amount is greater than the existing mortgage amount, plus loan settlement costs. The purpose of a cash-out refinance is to extract equity from the borrower's home. A cash-out refinance is an alternative to a home equity line of credit

Cash-out refinances are a popular way for borrowers to access the equity in their homes to pay down consumer debt or make additional purchases. Borrowers need to make a risk-based assessment of whether extracting equity from a home is economical. Borrowers also need to be aware that refinancing a mortgage has costs, including the fact that the lender may charge a higher interest rate on a cash-out refinance than a rate-and-term refinance.

Fix your ARM

Take you adjustable rate mortgage and refinance into a fixed mortgage.

Home Equity Line of Credit

By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax law--depending on your specific situation--you may be allowed to deduct the interest because the debt is secured by your home.

Special Programs

Program: Tax Smart

Tax Smart is a Mortgage Credit Certificate (MCC) program which entitles first-time home buyers to a federal income tax credit. A tax credit is a direct reduction of taxes due. Under the program, a home buyer would receive an MCC to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit is available each year the home buyer continues to live in a home financed under this program

Program: Employer Down Payment Assistance

Participating employers:

Starting in 2000 with one employer-assisted housing (EAH) program at System Sensor, REACH Illinois has grown dramatically. By mid-2005, more than 40 employers had committed to participate. While most employers follow the same homeownership model of providing down payment assistance and homebuyer counseling (services provided by a nonprofit REACH partner), each program is customized to meet the needs of the employer and its workers. Following is a list of some companies offering an EAH benefit.

Program: Public Safety Officer Homeownership Incentive
Chicago police officers, firefighters, and paramedics (referred to here as "public safety officers") who purchase homes in targeted areas of Chicago may be eligible to receive $3,000 in down payment and closing costs assistance. If the purchase is located in a CHA Redevelopment Property (defined as a residential development constructed as part of the CHA Plan for Transformation, as designated by the Chicago Housing Authority), $7,500 in assistance may be available.
The deferred loan is available per household and may be used for a down payment or closing costs, including title insurance; credit reports; recording fees; appraisals; points; transfer stamps; third-party property inspection fees; first year's payment of mortgage insurance; and other customary bank related closing charges. This loan will be fully forgiven if the officer resides in the home for at least five years.

Program Requirements:

The applicant must be a non-probationary police officer in good standing with the Chicago Police Department or a non-probationary firefighter or paramedic with the Chicago Fire Department;
Assistance is only available for properties located within the City of Chicago;
The applicant must be purchasing a single-family property (a building with 1 to 4 units) located within a census tract in Chicago where a minimum of 50% of the residents have incomes below 80% of the area median income, based on current census data or within a CHA Redevelopment Property;
The public safety officer must be one of the borrowers on the first mortgage loan and must live in the acquired home as his or her primary residence for at least five years after acquisition;
Contribute at least 1% of personal funds towards the down payment on the purchase price of the property.

Loan Programs

100 % Financing
97% Financing
FHA
Community Financing

Our Financing Specialists

Chicago Bancorp