Choosing a lender.
Call two or three lenders and ask to be "pre-qualified."
They will ask you a series of questions, and in a few
minutes, they will give you an estimate of how much you can
borrow. Ask questions about interest rates and mortgage
products too.
Select one lender, and
take the next step, which is to meet with the lender and
make formal loan application to get "pre-approved." A
pre-approved mortgage can be helpful when you are ready to
make an offer on a home. Do not select the based entirely
on the interest rate and product, as this could change by
the time that you are ready to lock-in your rate and
product. Generally, you are not able to lock-in to a rate
and product until you have a signed sales contract and are
within 60 days of closing. On the day that you are ready to
lock-in, you might want to call one or two other lenders to
make sure that you are getting a competitive rate.
John Mathy - The Private Bank
70 W. Madison St, Suite 200
Chicago, IL 60602
312-564-1984
jmathy@theprivatebank.com
Jim Rubel - Vice President M-Team Group
First Advantage Mortgage, a Draper and Kramer Company
2 Northfield Plaza #300
847-239-7825 Direct
847-502-6819 Cell
630-261-3841 Fax
jim@jimrubel.com
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