mortgage information

How to Get a Mortgage When You’re Self-Employed

Getting a mortgage while self-employed may be difficult because it adds additional layers of risk. However, it is not impossible. The key to securing financing is to prove to the underwriter that you, as the borrower, have had steady, consistent income on your last two years of tax returns. A self-employed borrower is defined as …

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How to Use Gifts for a Down Payment on a New Chicago Home

In today’s real estate market, lenders are requiring higher down payments than before the bubble burst in 2006. To meet this requirement, potential homebuyers are asking relatives to help fund their down payments and/or closing costs.  However, there are rules that apply when using gifts for these purposes. Gifts can only be used as a …

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Maintaining Good Credit While Purchasing a New Chicago Home

You’re buying a Chicago new home, and you’re far enough along in the process to have your loan application approved. In a recent post on the Equifax Personal Finance Blog,  real estate expert Ilyce Glink reminds us that now is not the time to party. You need to do everything you can to protect your …

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