One of the frequently asked questions at Gustan Cho Associates is can realtors become MLO at the same time? Real estate and mortgage lending are two closely related industries, and professionals are not uncommon to be involved in both. Realtors help buyers and sellers with property transactions, while Mortgage Loan Originators (MLOs) facilitate the mortgage financing…
This guide covers Chicago home purchase. Thinking about buying a home in the city of Chicago? You may want to rethink a Chicago Home Purchase after reading this article. City has one of the highest tax rates among all major cities in the United States. Property taxes, sales, gas, income, vehicle stickers, and extra city…
This guide covers a real-life case scenario of buying a new construction home. The guide was written by one of our borrowers who was questioning buying a new or existing construction home. We will take one homebuyer’s experience in buying a new construction home and the homebuying and mortgage process. Buying a new construction home…
Apply Now This guide covers the breaking news on the downpayment requirement on 2-to-4 Unit Multi-Family mortgage loans and the eligibility requirements to purchase a two-to-four-unit multi-family home. Fannie Mae lowers the down payment requirement on a two-to-four-unit multi-family primary home to a 5% down payment from the previous 15% to 25% down payment requirements,…
This guide covers the IDHA down payment assistance mortgage program for first-time homebuyers. In today’s rising economy, many Americans need down payment assistance to buy their dream home. Many hard-working. Americans make good incomes and can easily afford a mortgage payment on an average $200,000 Illinois home purchase. However, many do not have the down…
This guide covers buying a home in Hawaii with bad credit and low credit scores. Even though buying a home in Hawaii on the islands is often a challenge, it’s not impossible. It is doable and realistic for those with not-so-good credit reports and some prep work. In many cases, those who had previously declared…
This guide covers what mortgage fraud is. What is mortgage fraud during the homebuying and mortgage process? There are two types of loan fraud. Fraud for housing (tricking a lender into approving a loan it would otherwise decline). Fraud for profit (stealing cash and equity from lenders or homeowners). A real estate agent might secretly…
This guide covers how the Federal Reserve Board affects mortgage rates. Information received since the Federal Open Market Committee met last quarter indicates that economic activity is expanding moderately. Federal Reserve Board affects mortgage rates whenever there is good news in the economy. Mortgage interest rates normally go up. Inflation has been running below the…
This guide covers the benefits of buying a home with a homeowner warranty. Most home builders offer their homebuyers a home warranty. Homeowner warranty is different than homeowners insurance required by lenders. A home warranty will not cover defects or repairs from wear and tear. If a home is 30 years old and the HVAC…
This guide covers who is responsible for the mortgage after the borrower dies. A mortgage is a long-term debt that usually takes decades to pay off. But what happens when the borrower, or the mortgagee, dies before the loan is not fully repaid? Does the mortgage loan die when the borrower dies or passes on…
This guide covers mortgage and real estate market updates for 2024. In 2023, the market faces some headwinds due to high-interest rates, low inventory, high inflation, and economic uncertainty. This blog post will summarize key trends and challenges you need to know and list tips on adapting to the situation. Rising interest rates are the…
This Article Is About Open House Benefits For Home Buyers Prior To Offer Offer Many seller’s realtors offer an open house on their home listings. The open house is a great marketing tool for sellers. This is because it is an invitation for not just potential homebuyers but also for realtors. A good open house…
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