Mortgage Blog

The Mortgage Approval Process Explained

You’ve found it–that dream home, the one with the perfect kitchen and just enough space out back, the place you could see yourself sticking around for many years to come. You’re ready to settle. Now, you just have to figure out how to pay for it. Luckily for you, getting approved for a mortgage isn’t nearly as frightening as it might sound. If you’ve been holding out on a new home due to fears of being denied by loan officers, it’s time to take ownership if your situation and start mapping out a plan. Here are just a few tips and strategies for mortgage approval in Chicago.
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Learn All About Illinois Jumbo Mortgages

Illinois Jumbo Mortgage LoansA jumbo-rate mortgage is a mortgage whose loan amount exceeds the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO) and therefore isn’t eligible to be purchased by Fannie Mae or Freddie Mac. In other words, it’s a loan that’s bigger than most, as the name might imply. While the conforming limit might vary by location in some states, it’s $417,000 across Illinois (the most common limit).
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When Is It Time to Refinance Your Mortgage?

Illinois Jumbo Loans

Ultimately, the decision whether or not to refinance your mortgage depends on your own personal situation. There are a variety of reasons as to why you should consider refinancing your mortgage and here are just some factors to consider:

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What Can a Home Buyer Do to Increase Their Chances for a Mortgage Approval

While applying for a mortgage might seem like you’re putting your fate in the hands of a lender, there’s a lot you can do to take control of your situation and boost your chances of getting approved for a loan. Obviously, the best preparation for a mortgage approval is to have a solid financial history, but not everyone shows up to the bank with a perfect credit score, sparkling debt record and impressive pay stubs. Even those with some smears on their background can get the mortgage they need for the house they want provided they go about their application strategically.
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