Here are some of the questions that you need to ask a mortgage broker in Chicago who will be able to help you obtain the best deal with your Chicago home mortgage.

1.       What would be the best Chicago home mortgage for me?

There are several types of loan and the broker should help you pick one. In order to help you he or she should collect the following information from you.

·         Your finances

·         Credit score

·         Debt-Income ratio

·         Upcoming lifestyle or financial changes (promotion, new car, education, etc)

The broker should consider all this to recommend you the appropriate lender.

2.       What expenses will I incur to get the loan?

The lender should provide you an estimate itemizing all the costs that you will be bearing at the closing of the process. This estimate is called Good Faith Estimate (GFE). It lists the following expenses

·         Credit report

·         Appraisal

·         Title papers

·         Title insurance

·         Loan origination

·         Recording

·         Stamps

·         Notary

·         Attorney service

·         Down payment

·         Interest

·         Insurance

·         Prepaid taxes

3.       Will you be able to lock in loan rates?

Most lenders provide the service of locking in the interest rate for their clients especially if there are chances for the rates to go up in the market. Usually a 30-day lock in is provided free of cost. However enquire with the mortgage broker in Chicago as to how long he can lock in, how much and he would charge for the service; and also get the lock in rate in writing.

4.       What is the estimated time period to get the loan?

Even though the process usually takes anywhere between 3 and 7 weeks, it is not possible to determine a fixed time period. However the broker having expertise in the field and experience with Chicago home mortgage process should be able to give a near close estimate.