Chicago property tax increases don’t just make headlines—they can raise your mortgage payment even if your interest rate never changes. That’s because most homeowners pay taxes through an escrow account. When the annual tax bill rises, your lender adjusts your monthly escrow deposit to cover it. In this guide, you’ll learn (in plain English) how…
Buying out of state homes online is no longer a risky experiment—it’s a practical, step-by-step way to shop, inspect, finance, and close without boarding a plane. You can make confident decisions from anywhere with live video tours, uncut walk-throughs, secure e-signatures, and remote notarization. This guide shows how buying out of state homes online works…
Buying a lake house should feel like sunrise on calm water—not a guessing game. In this guide, you’ll learn how to finance a lake home (second home vs investment), what insurance and flood rules to expect, which shoreline and dock permits can delay closing, and how local short-term rental laws affect your loan and cash…
Preparing Credit Profile to Qualify for Mortgage: 2025 Guide Buying a home is exciting, but getting approved for a mortgage can feel confusing—especially when your credit isn’t perfect. At Gustan Cho Associates, we work with borrowers turned down by other lenders. We help you prepare your credit profile to qualify for mortgage approval, even if…
Steps of the Home Mortgage Process: A Simple Guide to Get Approved Fast Are you thinking about buying a home but feel confused by the mortgage process? You’re not alone. Getting a home loan can seem scary, but it doesn’t have to be. At Gustan Cho Associates, we help make the steps of the home…
In this blog, we will cover and discuss FNMA waiting period guidelines after foreclosure for 2025. Conventional loans are often referred to as conforming loans because they need to conform to Freddie Mac and/or Fannie Mae guidelines. If lenders do not make sure conventional loans they originate and fund do not conform to FNMA or…
Many Americans are familiar with the terms Fannie Mae and Freddie Mac, but may not know exactly what they represent. Many believe Fannie Mae and Freddie Mac are branches of the federal government. Christy Hembree, a senior mortgage loan originator at Gustan Cho Associates says the following about rental payments reported on credit bureaus. The…
Getting a denial letter after you’ve already fallen in love with a home is stressful, embarrassing, and, honestly, heartbreaking. The good news is that a “no” from a traditional lender does not always mean the end of the road. For many borrowers, using non-QM loans after being denied is the exact second chance they need…
The bankruptcy manual underwriting guidelines on FHA and VA loans are covered in this guide, which focuses on the exclusive mortgage programs that permit manual underwriting. Manual underwriting occurs when a borrower fails to receive an approve/eligible status via the automated underwriting system and necessitates human underwriter assessment. Dale Elenteny is a loan officer at…
In this article, we will cover the correlation between credit card balance vs credit scores. There are mortgage guidelines on credit score requirements. The first step in qualifying for a particular mortgage loan program is to meet the minimum credit score requirements. The higher the credit scores, the lower the borrower’s mortgage rates. It is…
Refinancing your home shouldn’t feel like a maze. If you’re hunting for a lower monthly payment, a shorter term, or cash for debt consolidation or home upgrades, this Chicago mortgage refinance guide explains the options, the costs, the timeline, and how to avoid low-appraisal roadblocks—using simple steps you can follow today. Quick take: You don’t…
How Do Principal Payments Work On Home Mortgages Understanding how principal payments work on home mortgages is one of the most important things every homeowner should learn. Whether you’re a first-time homebuyer or an experienced homeowner, knowing how your mortgage payments are divided between principal and interest can help you build equity faster and save…
How to Cancel PMI on Conventional Loans in 2025: Step-by-Step Guide to Save Money Private Mortgage Insurance (PMI) is one of those extra costs most homeowners want to get rid of as soon as possible. If you’re paying PMI every month, you might be wondering how to cancel it and lower your monthly mortgage payment….
The Truth About Getting a Mortgage With Charge-Off Balances If you’re worried about buying a home because your credit report shows charge-off balances, you’re not alone. Thousands of borrowers each year are told by banks and lenders: “You must pay off your charge-offs before you can qualify for a mortgage.” Here’s the good news: that’s…
Introduction: Your Credit Score Is the Key to Homeownership Buying a home is one of the most significant financial steps you’ll ever take. But before you can get the keys, lenders want to know one thing: What’s your FICO score? Your FICO score determines if you qualify, how much you’ll pay each month, and even…
Apartment Building Loans: Your Complete Guide If you plan to buy or refinance a multifamily property, look for apartment building loans. Whether it’s a small duplex, a medium-sized apartment complex, or a large multifamily project, getting the right financing is key to your investment success. At Gustan Cho Associates, we help real estate investors and…
Non-QM Loan Waiting Period Guidelines: Buy a Home Sooner After Bankruptcy or Foreclosure Life happens. Job loss, medical bills, divorce, or other hardships can leave borrowers facing bankruptcy, foreclosure, deed in lieu, or a short sale. For many, the biggest question after a financial setback is simple: “How long do I have to wait before…
Conditional Mortgage Approval Versus Pre-Approval: What Borrowers Need to Know in 2025 Buying a home is super exciting, but the mortgage process can be overwhelming if you’re unclear on what all the terms mean. One of the biggest things that trips up homebuyers is understanding the difference between conditional mortgage approval and pre-approval. At first…
This guide covers the pros and cons of a home equity conversion mortgage. There are the pros and cons of home equity conversion mortgage. A government-insured Home Equity Conversion Mortgage (HECM) offered the Federal Housing Administration (FHA) is one type of mortgage loan program commonly referred to as a reverse mortgage. Dale Elenteny, a senior…
How to Avoid Customer Complaints as a Loan Officer: Proven Tips That Work The mortgage business is full of moving parts, pressure, and paperwork. When something goes wrong, the borrower finds it hard. That’s why knowing how to avoid customer complaints as a loan officer isn’t just important—it’s essential. At Gustan Cho Associates, we specialize…
This guide covers the benefits of FHA loans for first time homebuyers. There are many benefits of FHA loans for first time homebuyers. There are also the benefits of FHA loans for homebuyers with prior bad credit, bankruptcy, foreclosure, deed-in- lieu of foreclosure, and short sale. FHA loans make home ownership possible with only a…
This guide covers Fannie Mae non-citizens mortgage guidelines on conventional loans. Recently Fannie Mae added clarity to Fannie Mae non-citizens mortgage guidelines. Per Fannie Mae non-citizens mortgage guidelines on conventional loans, borrowers do not have to be U.S. citizens to qualify for home loans. Fannie Mae non-citizens mortgage guidelines, homebuyers can qualify for a home…
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