In this installment of the Chicago Video Home Buyers Guide, we talk about income qualifying, and how your income is looked at when you apply for a mortgage. This is one of the major factors of qualifying for a loan, and for how much of a mortgage you can afford. Part of this

comes down to income stability, or how likely is your income to continue and how reliably can we predict what you will earn in the future. The other part of this is affordability, or how you can fit the new mortgage into your budget. For this we look at ratios, or comparisons of how much of your gross income will be taken up by the mortgage, and how much of your income it will take to pay off the mortgage and all your other debts.

If I can help in any way, please let me know.

Other videos in this series -

Credit Qualifying and What You Can Do to Improve Your Credit Scores

Pre-Qualification and Mortgage Pre-Approval

Equity build up – How you build value by paying down your mortgage

How leverage and home appreciation will build value over time

The tax benefits of owning your own home

You can trust in us to get the job done right.

Free- Home Buyer’s Guide

Free Mortgage Pre-approval

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

In this installment of the Chicago Video Home Buyers Guide, we talk about credit, and what you need to know when getting a mortgage. With mortgage guidelines tightening, having good

credit is more important now than ever before. That being said, you don’t need to have perfect credit to

get a loan. But you do need to show that if you have had credit problems in the past, these problems are behind you and you have control of your credit now.

In this video I talk about fico scores and what goes into the credit score, and what you can do to improve your credit and raise your credit score. The truth is, you have more control over your credit than you may think. Even if you have had problems in the past, you can improve your credit profile over time.

Here are links to past articles which cover how credit scores are determined, what you can do to improve your credit and how to remove mistakes on your credit report.

How to understand and improve your credit score-part1

How to understand and improve your credit score-part2

How to understand and improve your credit score-part3

How to understand and improve your credit score-part4

If I can help in any way, please let me know.

Other videos in this series -

Pre-Qualification and Mortgage Pre-Approval

Equity build up – How you build value by paying down your mortgage

How leverage and home appreciation will build value over time

The tax benefits of owning your own home

You can trust in us to get the job done right.

Free- Home Buyer’s Guide

Free Mortgage Pre-approval

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

In this installment of the Chicago Video Home Buyers Guide, we talk about what is involved with starting a mortgage pre-approval. Getting approved for a mortgage is the first step in buying a home. Knowing

how much of a payment you can afford, and how much cash you will need to close allows you to set your sites on a home that is within your price range and your budget. Mortgage guidelines have tightened over the last few years, and knowing what is involved, and what you can do to put yourself in the best position, can make the difference between being able to buy a new home, and continuing to rent. As part of a free mortgage pre-approval, a good loan officer will not only tell you what you can afford and what the best way to buy will be, but can also offer advice that will help you meet your long term financial goals.

The Chicago Video Home Buyers Guide will be released one segment at a time over the next few months. If this segment is helpful, please pass it on to friends or others who are thinking of buying their own home. Let me know your thoughts. Thanks for watching.

Other videos in this series -

Equity build up – How you build value by paying down your mortgage

How leverage and home appreciation will build value over time

The tax benefits of owning your own home

You can trust in us to get the job done right.

Free- Home Buyer’s Guide

Free Mortgage Pre-approval

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

In this installment of the Chicago Video Home Buyers Guide, we go over the tax advantages of owning your own home. The government encourages owning your own home and real estate is treated differently from every other

purchase. When you buy a home, you get to write off the amount you pay for mortgage interest as well as the amount you pay for real estate taxes. This means that the government is, in a sense helping you pay for your home, and you can afford a higher mortgage payment than the equivalent rental payment. Combined with other financial advantages of buying a home, this is a strong incentive to buy, and makes real estate more affordable.

The Chicago Video Home Buyers Guide will be released one segment at a time over the next few months. If this segment is helpful, please pass it on to friends or others who are thinking of buying their own home. Let me know your thoughts. Thanks for watching.

Other videos in this series -

Equity build up – How you build value by paying down your mortgage

How leverage and home appreciation will build value over time

Free- Home Buyer’s Guide

You can trust in us to get the job done right.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

This is the second installment of the Chicago Video Home Buyer’s Guide and in this installment we go over one of the major advantages of owning your own home, appreciation and leverage.  Property

appreciation, or how home values increase over time, was something that everyone took for granted up until the bubble popped. Home values now are down sharply from where they were a few years ago, but forces are in place which will stabilize the market, and buying now when home prices are so low means home appreciation is much more likely as we go forward. Leverage is when you use a mortgage to buy your home, and when home prices increase, your return is magnified. This is how people can buy a low priced starter home and build equity to move up to a larger home over time. Of course there is no guarantee that home prices will go up, but this has been a major benefit of owning your own home over time.

The Chicago Video Home Buyers Guide will be released one segment at a time over the next few months. If this segment is helpful, please pass it on to friends or others who are thinking of buying their own home. Let me know your thoughts. Thanks for watching.

Free- Home Buyer’s Guide

You can trust in us to get the job done right.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

Whether you are a first time home buyer or looking to move up, buying a home is a big decision, and not one to take lightly. One of my missions with this blog is to help people make the best decisions possible when buying a home or taking on a mortgage. I do this regularly through the information on this blog, and through my free Chicago home buyer’s guide – the Real World Home Buyers Guide (just click to download – it’s 55 pages of information and you don’t need to give up your email to get it). I get a lot of great comments about how helpful this is, and how knowing how the process works, and what to expect when buying a home or getting a mortgage, takes the stress out of buying a home and getting a mortgage at the best terms possible. We are now putting together a Chicago Area Video Home Buyer’s Guide which will break down this guide into short video segments.

The Chicago Video Home Buyers Guide will be released one segment at a time over the next few months. With this first installment we start at the beginning – Why would you want to own your own home? This is the first of three segment discussing the financial benefits of owning, and in this segment we cover equity build up, or how you can increase your equity or ownership interest just by paying down your mortgage. Let me know your thoughts. Thanks for watching, and I hope this is helpful.

Free- Home Buyer’s Guide

You can trust in us to get the job done right.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages