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With most homebuyers, qualifying for a mortgage loan is a simple process. However, there are many factors to be considered. We believe that a personal touch to the initial process is not only important, it is a necessity!
 
The new paradigm in the mortgage industry requires an experienced loan originator (LO) to navigate the loan choices. 1st Mortgage of Illinois, Inc., provides that in spades.  And traditional mortgage products, such as Conventional, Government (FHA/VA), and Jumbo mortgage loans are our forte.

Automated Underwriting (AU), such as Fannie Mae's "Desktop Underwriter (DU)" and Freddie Mac's "Loan Prospector (LP)" allow the experienced LO to deliver written loan commitments with minutes, essentially making your purchase offer as good as that of any cash buyer.  Don't settle for the pre-qualification - get the full AU approval.
 
Work with an 1st Mortgage of Illinois loan officer to find the best program to custom fit you and your situation.
 
 
How much of a home can I afford?
 
The answer to this question is based upon several factors. First, "financial comfort level" and secondly, financial condition. It is quite possible for you to qualify for a loan amount that is greater than your comfort level. Call a 1st Mortgage of Illinois loan officer today!
 
What is a pre-qualification?
 
A pre-qualification is an estimate of how much you can afford in a monthly mortgage payment. A pre-qualification is just that, an estimate. It is based upon the information you provide, and is subject to the approval process, including further details such as a credit report, appraisal, and income verification.
 
What is a pre-approval?
 
A pre-approval is the actual loan process without a property! Simply put, it is the loan application process prior to the written offer purchase a property. All real estate contracts contain a "mortgage contingency clause", this clause requires, within a specific time frame, a "written commitment to make a mortgage loan" on behalf of a mortgage lender.
 
The advantage of the Pre-Approval process!
 
The "Pre-approval" gives today’s homebuyer a distinct advantage in the marketplace! It is much easier to negotiate with a home seller when you already have obtained a "written commitment to make a mortgage loan already in hand. Closing the transaction requires a shorter period of time.
 
Pre-approval also makes the home buying process less stressful knowing that you're already approved for a mortgage loan. Every part of the loan approval process is complete with exception of locking in a rate, and the commitment is subject to the appraisal of the house you intend to purchase!
 
1st Mortgage of Illinois recognizes the importance of our clients’ ability to conduct timely & aggressive negotiation, we therefore offer the Pre-approval process at no charge!
 
Please use the 1st Mortgage of Illinois Advantage today!
 
TNOTE: 1st Mortgage of Illinois, Inc. Serves Illinois Properties Only!

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