Chicago Mortgage & Real Estate Resource Center
Mortgage Guidance, Homebuyer Education, Credit, Real Estate & Official Housing Resources for Chicago, Chicagoland and Illinois
Chicago Mortgage Information in One Place
Buying a home in Chicago or the surrounding suburbs involves much more than finding a house.
Homebuyers need to understand mortgage preapproval, credit, income documentation, down payments, closing costs, mortgage programs, property taxes, homeowners insurance, interest rates and the complete monthly housing payment.
I created this Chicago Mortgage & Real Estate Resource Center to give homebuyers one place to begin researching the process.
Whether you're a first-time buyer, repeat buyer, self-employed borrower, real estate investor or homeowner considering a refinance, the goal is simple:
Understand your options before making a major financial decision.
I'm David Braun, Mortgage Loan Officer, NMLS #303007. I began my mortgage career in 1997.
Build Your Mortgage Plan Before You Apply.
Chicago Mortgage Resource Directory
Mortgage Preapproval in Chicago
Mortgage preapproval can help prospective buyers understand their potential financing range before making an offer on a property.
Depending on the transaction, a lender may evaluate:
- Employment
- Income
- Credit
- Monthly obligations
- Bank accounts
- Assets
- Down-payment funds
- Property type
- Occupancy
- Loan program
Explore additional mortgage education at DavidBraunMLO.com.
Chicago First-Time Homebuyers
First-time homebuyers frequently focus on the purchase price, but buyers should also understand the complete housing payment and cash required for the transaction.
Important First-Time Buyer Questions
- How much house can I afford?
- How much down payment will I need?
- What will my closing costs be?
- What credit profile is required?
- Should I consider FHA or conventional financing?
- What will property taxes add to my payment?
- How much money should I keep after closing?
Illinois homebuyers can research potential housing programs through the Illinois Housing Development Authority .
Mortgage Programs for Illinois Homebuyers
There is no single mortgage program that fits every borrower. The appropriate financing structure depends on the borrower, property and transaction.
FHA Financing
Official FHA information is available from the U.S. Department of Housing and Urban Development .
Conventional Financing
Consumers researching conventional mortgage programs can learn more through:
VA Home Loans
Eligible borrowers can research VA-backed mortgage benefits through the U.S. Department of Veterans Affairs .
USDA Financing
Information regarding eligible USDA housing programs is available through USDA Rural Development .
Credit & Mortgage Qualification
Credit is an important component of mortgage underwriting, but it is only one part of the complete financial picture.
Common Mortgage Credit Questions
- What credit score is needed to buy a home?
- What credit score is required for FHA financing?
- How does credit affect mortgage pricing?
- What is a debt-to-income ratio?
- Can someone qualify after bankruptcy?
- How do credit-card balances affect qualification?
Consumers can obtain information regarding their credit reports through AnnualCreditReport.com .
Additional consumer mortgage information is available from the Consumer Financial Protection Bureau .
Self-Employed Mortgage Borrowers
Self-employed borrowers can qualify for mortgage financing, although income analysis and documentation can be different from traditional salaried borrowers.
Depending on the situation, underwriting may consider:
- Personal tax returns
- Business tax returns
- Schedule C income
- S corporation income
- Partnership income
- Business ownership percentage
- History and stability of income
- Rental income
This is an area where planning before applying can be especially valuable.
Chicago Mortgage Rates
Mortgage rates can change frequently and are influenced by broader financial markets as well as the characteristics of the individual mortgage.
National mortgage-rate information can be researched through the Freddie Mac Primary Mortgage Market Survey .
Economic and interest-rate information can also be researched through Federal Reserve Economic Data .
A national or advertised mortgage rate is not automatically the rate available to every borrower. Credit, loan program, down payment, property, occupancy, points, loan amount and market conditions can affect mortgage pricing.
Mortgage Payments, Down Payments & Closing Costs
A mortgage strategy should consider more than the interest rate.
Potential housing and transaction expenses can include:
- Principal and interest
- Property taxes
- Homeowners insurance
- Mortgage insurance
- Association assessments
- Down payment
- Lender costs
- Title costs
- Attorney fees
- Inspection expenses
- Appraisal expenses
- Prepaid expenses
- Escrow funding
Chicago & Chicagoland Mortgage Resources
Real estate markets, property taxes and housing characteristics can vary substantially across Chicagoland.
Chicago & Cook County
- City of Chicago
- Chicago Department of Housing
- Cook County
- Cook County Assessor
- Cook County Treasurer
Chicagoland Counties
Official Mortgage & Housing Resources
Resources for Chicagoland Real Estate Professionals
Mortgage professionals, Realtors, attorneys, inspectors, title professionals, insurance agents and other housing professionals each play different roles in a real estate transaction.
- Chicago Association of REALTORS
- Illinois REALTORS
- National Association of REALTORS
- Illinois State Bar Association
- International Association of Certified Home Inspectors
- American Land Title Association
- Mortgage Bankers Association
About David Braun — The Mortgage Maniac
I began my mortgage career in 1997 and have worked with borrowers through changing housing markets, lending environments and economic cycles.
DavidBraunMLO.com was created as an educational mortgage resource for consumers who want to better understand homebuying and mortgage financing.
Build Your Mortgage Plan Before You Apply.
David Braun
Mortgage Loan Officer
NMLS #303007
Thinking About Buying a Home in Chicagoland?
Understand your options before you make an offer.
Start building your mortgage strategy today.
Disclosure: This content is provided for educational and informational purposes only. It is not a commitment to lend, mortgage preapproval, approval, guarantee of financing or rate quote. Mortgage programs, underwriting guidelines, interest rates and eligibility requirements are subject to change and may vary by lender, borrower, property and transaction circumstances. Equal Housing Opportunity.
Third-Party Links: External links are provided for educational convenience. Third-party websites and their content are controlled by their respective organizations and may change.
David Braun | Mortgage Loan Officer | NMLS #303007