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Specializing in These Chicago Streeterville Condo Buildings:

Finding the Best Chicago Mortgage Brokers & Lenders

First things first – understanding the difference between Chicago mortgage brokers and mortgage lenders (banks). Banks, or mortgage lenders, finance the loan. However, most condo owners will work with a mortgage broker, who is a middleman, to secure their loan. Don’t worry about this too much, as there is no disadvantage to using one versus the other.

After you find an experienced and trustworthy Chicago realtor, you will need to research several Chicago mortgage lenders and decide which is best for your situation. A lender is vital to the total cost and success of your Chicago condo purchase. Below you will find helpful information explaining why choosing a great mortgage broker is so important, and tips to help ensure you find just that.

Lock in Low Interest Rates

First and foremost, you will rely on your lender to find a good interest rate, and more importantly, lock in your interest rate as quickly as possible. Considering the volatility of the market, interest rates can change from one hour to the next – meaning the difference of thousands of dollars in most cases.

Close on the Loan Quickly

If you can’t show proof of financing to the seller in a timely manner, they may very well move on to another buyer. It is crucial to have a good Chicago lender on your side that can close the loan fast. Any delay in closing on your loan could result in the loss of your dream home.

Begin Researching Early

The first thing you should do is determine what type of mortgage financing option you will choose. The lender you love may not be able to handle the type of loan you want, so be sure to settle on a loan type before searching for a lender.

Start watching interest rates like a hawk and have your finger on the pulse of the market. Obviously, you want to buy a Chicago condo when interest rates are at their lowest, so be sure to compare rates online for various types of loans. Evaluate the fees involved and compare lender rates from multiple places. You will need to consider the closing fees and points and possibly commissions charged. Calculate these numbers for each lender you are considering to help make your decision.

How to Find the Best Chicago Lenders

Like any other type of service you are looking for, it’s best to ask other people you know for advice. Of course you should do a good amount of research as well, this can save you a lot of time.

  • Zillow Mortgage Marketplace
    Here, you can obtain personalized mortgage quotes, compare all applicable fees and view customer ratings of Chicago mortgage brokers and lenders.
  • Realtor Referrals
    In all likelihood, your Chicago real estate agent will have serveral lenders they can refer you to. Your agent will want you to have pre-approval before they spend too much time helping you, to ensure they aren’t wasting their time. They have your best interest in mind, so take their advice!
  • Friend and Family Referrals
    Ask your friends and family members who they used when they purchased their Chicago home or condo. If they were happy with the lender they chose, consider using them yourself.
  • Bank or Credit Union
    Your banking institution will most likely be able to offer you a mortgage loan as well. Speak with a loan officer when you are comparing lenders to see if their rates are competitive.

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