IMPORTANT! IMPORTANT! IMPORTANT! Click on the picture to the left to print our
Matrix of Loan Programs and Rates!Also, on our SALES DATA page, you will find a 'must reading' report on "Where is the market is headed?" It will document for you the extent to which the mortgage melt-down slowed sales in our market.
We at Chicagoland2to4Flats.info believe the most important thing that the Chicago real estate market needs right now is a better flow of mortgage money. Our hope is that the recent government action (which includes modernizing FHA loans) will help.
We do NOT want a return of predatory lending. We do NOT want to see the return of ‘exploding ARM’s’ (volatile loans approved based on a low intro rate that the lender KNEW were going to explode to an unaffordable levels). We do NOT want the return of fabricated loan applications (stated income way above reality, etc.).
On the other hand, we DO want to see STATED INCOME and INTEREST-ONLY once become again available for the situations they best fit. We think ALL loan applications should be verified (we do NOT favor fraud), and, if a loan is ‘non-conforming’ (meaning it doesn’t meet Fannie Mae / Freddie Mac’ guidelines), it should be at a higher price. But not all borrowers have regular paychecks (and therefore they can’t go ‘fully documented’), and most investors would choose Interest-Only, if it were available (since they don’t expect to ever hold an investment property for more than six to eight years). We hope to soon see 'normal' lending returns!!!
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Guaranteed Rate is our lending partner:
Since their founding in 2000, Guaranteed Rate Inc has grown to become the largest independent mortgage company in the Midwest. They’ve been able to achieve this growth by following the simple idea of providing a streamlined mortgage experience for clients combined with the lowest possible rates.
Outstanding customer service is the benchmark by which Guaranteed Rate measures their success, and their guarantee of the lowest rates available ensures that clients can realize their home ownership goals. They are continually investing in technology, training and product development to streamline the entire mortgage process from application to closing--and we are pleased to report that our main contact at Guaranteed Rate is Brian Weis (direct phone: 773-290-0591), who is a highly experienced mortgage lender and a Vice President of Mortgage Lending at Guaranteed Rate.
Many mortgage lenders claim to be able to provide both great customer service and the lowest rates but at Guaranteed Rate they actually deliver on that promise.
Click here for their website: http://guaranteedrate.com
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Click on the picture to the left to see our unique Property Analysis
Worksheet (then go to the Tools / Resources tab so you can register for free, unlimited access to this worksheet).> Contract to Close: What Happens When
