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You belong at One Republic Mortgage if you are someone who has a real passion in real estate. When you join our team, you enter a family - a group of people who are driven by the opportunity to make a difference in peoples’ lives on a daily basis. Join Our Team Who We Are and Why You Belong Here One Republic Mortgage is a boutique mortgage company that prides itself on providing an intimate working environment where all brokers and associates receive professional support at every stage, provides a clear and tangible path to success, and allows for maximum room to grow and fulfill all your individual ambitions. You belong at One Republic Mortgage if you are someone who has a real passion for real estate. When you join our team, you enter a family - a group of people who are driven by the opportunity to make a difference in people’s lives on a daily basis. Our Culture Every single one of our agents is profoundly important to the success of our company, which is why as a member of our team, we would have a vested interest in facilitating your personal success. Everyone on the ORM Team is profoundly important for the success and prime goals of the company, which is why we are determined to invest in your personal and professional accomplishments. From our uniquely tailored mentoring program, to access to industry-leading software and marketing tools all at no charge to you, it matters to us that you have everything you need to be the best real estate broker you can be. Training and Mentoring The benefit of being part of our company is being surrounded by a specialized group of individuals that will train and mentor you throughout your entire journey at ORM. You will receive one-on-one guidance from people who are uniquely brilliant in their individual fields. With an ever-changing and rapidly evolving real estate industry with regard to technology, marketing strategies, and means of connecting with clients, it is our responsibility to assure that you are always trained to fully take advantage of all the cutting-edge resources that are available. ORM Marketing Vision Needless to say, we take advantage of the modern forms of marketing including Social media, Influencers, Affiliate Primary and Secondary Listing platforms, and Direct to Consumer strategies - but where we really stand apart from other agencies is our commitment to building real personal relationships with the community which we serve. We exclusively work in the “Greater Chicagoland” area - almost every member of our company has lived in this city for the majority of their lives and continues to build their careers and families within it. This level of community involvement, neighborhood familiarity, and cultural awareness cultivates an intangible level of trust that ultimately makes all of our marketing efforts that much more effective. Your Success Story Our privilege as a company is not to determine what your success story looks like to you but to provide an environment that empowers you to manifest a success story of your own design. One Republic Mortgage is a place for people that are excited by the limitless potential of their careers, are happy to come to work where they feel supported and uplifted, and are fulfilled by the opportunity to better peoples’ lives while simultaneously bettering their own. If that sounds good to you, then you belong at One Republic Mortgage We Hire Now MORTGAGE LOAN PROCESSOR View Job Start Your Journey Today

One Republic Mortgage, an Illinois lender and longtime servicer of Wheeling, Illinois home sellers as well as buyers. < Back ORM Notebook Share 2023 Real Estate Trends in Wheeling, IL Mark Kelner About author As a mortgage professional, I understand the significance of homeownership and take pride in being a reliable partner for my clients throughout their home buying journey. Jun 8, 2023 One Republic Mortgage, an Illinois lender and longtime servicer of Wheeling, Illinois home sellers as well as buyers. The company prides itself on the boutique-style approach, allowing its team to devote personal attention to every file, placing the needs of our clients above all else. ORM offers the best and most competitive mortgage interest rates on the market. Transparency, integrity, and honesty are above all else when presenting the best home loan options for each individual situation. The company leadership as well as the entire staff strive towards a customer-centric approach. Here are 2023 Real Estate Trends in Wheeling, IL Rising Home Prices: In many parts of the United States, including Illinois, there has been a trend of rising home prices. This can be attributed to factors such as limited housing inventory, increased demand, and low mortgage interest rates. However, specific trends in Wheeling may vary. Low Housing Inventory: A shortage of available homes for sale has been a common trend in the real estate market. This limited supply relative to demand can lead to increased competition among buyers and higher prices. Shift Towards Online Listings: The real estate industry has increasingly embraced technology, with online platforms becoming more popular for listing and searching for properties. Buyers and sellers are relying more on virtual tours, high-quality photos, and detailed property descriptions. Sustainable and Energy-Efficient Features: Homebuyers have shown an increased interest in energy-efficient homes and sustainable features such as solar panels, smart home technology, and energy-efficient appliances. These features can potentially increase a property's value and appeal to environmentally conscious buyers. Focus on Location and Amenities: Buyers often prioritize properties located in areas with convenient access to amenities such as schools, shopping centers, recreational facilities, and transportation hubs. Proximity to urban areas and major cities can also be desirable for those seeking job opportunities and a vibrant lifestyle. Millennial Homebuyers: The millennial generation has been entering the housing market, and their preferences have had a significant impact on real estate trends. Millennials tend to value affordability, convenience, and walkability. They often seek properties with modern amenities and open floor plans. Co-living and shared spaces: With the rising cost of homeownership, some individuals and families are exploring co-living arrangements and shared spaces. This trend involves multiple individuals or families living together on a single property to share expenses and resources. Aging-in-Place Features: As the population ages, there has been an increased demand for homes with aging-in-place features. These include single-level floor plans, wider doorways, accessible bathrooms, and other accommodations that allow older adults to live comfortably and independently in their homes. Smart Home Technology: The integration of smart home technology has gained popularity among homeowners. Smart features such as security systems, energy management systems, and home automation can enhance convenience, security, and energy efficiency. Virtual Transactions: The COVID-19 pandemic has accelerated the adoption of virtual transactions in the real estate industry. Digital tools, online document signing, and virtual meetings have become more common, allowing buyers and sellers to complete transactions remotely. Real Estate Investing: Real estate investment, including rental properties and vacation homes, has remained popular. Investors often seek properties with strong rental potential, positive cash flow, and long-term appreciation prospects. Sustainable and Green Buildings: There is a growing interest in environmentally friendly and sustainable buildings. Features such as green roofs, energy-efficient designs, and eco-friendly materials are becoming more sought-after by buyers and investors alike. Remember that real estate trends can vary from one location to another, and it's always advisable to consult with local real estate professionals or conduct local market research to get the most accurate and up-to-date information about the specific trends in Wheeling, IL. Please note that these trends are general observations and may not reflect the specific real estate situation in Wheeling, IL. To obtain the most accurate and up-to-date information about real estate trends in Wheeling, it would be best to consult with local real estate professionals or conduct research using recent data from reputable sources. Contact us One Republic Mortgage, Buying a Home, Mortgage Services, Illinois mortgage, Northwest Suburbs Tags: < Back < Previous Next > Related Articles Gabriel Huerta Navigating Mortgage Loan Modifications and Alternatives Read more Oct 26, 2023 Mark Kelner Integrating Environmental Sustainability in Mortgages Read more Oct 25, 2023 Mark Kelner Building Long-Term Client Relationships for Referrals Read more Oct 24, 2023

Top Frequently Asked Questions Regarding Mortgages. There are hundreds of questions regarding mortgages that are asked on a daily basis. There are some questions that are more frequently asked than others when it comes to mortgages and home financing. Common Questions Calculators Mortgage Terms Common Questions Important Links Do you have mortgage questions? You aren’t alone. Mortgages can be complicated, but it’s important to understand your options. Knowing the answers to your mortgage questions can empower you to make smart decisions, whether you’re buying your first home or interested in refinancing your current mortgage. Learning about your different mortgage options before you meet with a lender can help you get the best deal on a house that will benefit your family for years to come. Here are some common mortgage questions you may have during the home-buying or refinancing process. 1. How do you qualify for a loan? The idea of meeting with a lender can be intimidating, especially if you’re buying your first home. After all, this is probably the biggest purchase you’ll ever make! Take a deep breath and relax—you don’t have to be stressed. Think of your first meeting with a lender as a get-to-know-you session. They’ll simply want to learn a few basics about you and your financial situation. Then comes the paperwork! Once your loan process gets started, be prepared to provide proof of: Where you work Your income Any debt you have Your assets How much do you plan to put down on your home A good lender will clearly explain your mortgage options and answer all your questions so you feel confident in your decision. If they don’t, find a new lender. A mortgage is a huge financial commitment, and you should never sign up for something you don’t understand! It’s likely that your lender will approve you for more money than you want to spend. But keep this in mind: Just because you qualify for a big loan doesn’t mean you can afford it! Just because you qualify for a big loan doesn’t mean you can afford it! 2. Can you get a mortgage without a credit score? This is one of the most commonly asked mortgage questions, and the answer may surprise you. If you’ve paid off all your debt—and we recommend you do before buying a home—it is possible you won’t have a credit score when you meet with a lender. That might make you nervous. But don’t worry; you can still get a mortgage. If you apply for a mortgage without a credit score, you’ll need to go through a process called manual underwriting. Manual underwriting simply means you’ll be asked to provide additional paperwork for the underwriter to review personally. Your loan process may take a little longer, but buying a home without the strain of extra debt is worth it! Not every lender offers manual underwriting. Do a little research on the front end to find the ones in your area that will, like One Republic Mortgage. 3. Pre-Qualification Vs Pre-Approval What’s the difference between being prequalified and preapproved? A quick conversation with your lender about your income, assets and down payment is all it takes to get prequalified. A quick conversation with your lender about your income, assets, and down payment is all it takes to get prequalified. But if you want to get preapproved, your lender will need to verify your financial information and submit your loan for preliminary underwriting. A preapproval takes a little more time and documentation, but it also carries a lot more weight. Which is better? Think of prequalification as an initial step and preapproval as the green light signaling that you’re ready to start your home search. When sellers review your offer, a preapproval means you’re a serious buyer whose lender has already started the loan process. 4. How much home can you afford? Buying "too much house" can quickly turn your home into a liability instead of an asset. That’s why it’s important to know what you can afford before you ever start looking at homes with your real estate agent. We recommend keeping your monthly mortgage payment to 25% or less of your monthly take-home pay. For example, if you bring home $5,000 a month, your monthly mortgage payment should be no more than $1,250. Using our easy mortgage calculator, you’ll find that means you can afford a $211,000 home on a 15-year fixed-rate loan with a 20% down payment. With a conservative monthly mortgage payment, you’ll have room in your budget to cover additional costs of homeownership, like repairs and maintenance, while saving for other financial goals, including retirement. 5. How much should you save for a down payment? We recommend putting at least 10% down on a home, but 20% is even better because you won’t have to pay private mortgage insurance (PMI). PMI is an extra cost added to your monthly payment that doesn’t go toward paying off your mortgage. Saving a big down payment takes hard work and patience, but it’s worth it. Here’s why: You’ll have built-in equity when you move into your home. You can finance less, which means you’ll have a lower monthly payment. On the flip side, if you buy a home with little to no down payment and the market dips, you could be stuck until home values recover. If the goal is to pay off your home quickly, why not get a head start with a big down payment? Now that’s a good game plan! 6. Which Home Mortgage Loan type is right for me? With so many mortgage options out there, it can be hard to know how each would impact you in the long run. Here are the most common mortgage loan types: The right home mortgage loan type for you depends on several factors, including your financial situation, goals, and preferences. Here are some common mortgage loan types and their key characteristics to help you make an informed decision: Fixed-Rate Mortgage: Ideal for those who want stable, predictable monthly payments. The interest rate remains constant throughout the loan term, typically available in 15, 20, or 30-year options. Choose this if you prefer long-term financial stability. Adjustable-Rate Mortgage (ARM): Suited for those who are comfortable with initial lower interest rates that may later adjust. ARMs typically start with a lower rate for a specific period (e.g., 5/1 ARM), followed by periodic adjustments based on market rates. Consider this if you plan to move or refinance before the rate adjusts. FHA Loan: Designed for first-time homebuyers or those with lower credit scores. FHA loans offer lower down payment requirements and flexible qualification criteria. Opt for this if you have limited savings or a less-than-perfect credit history. VA Loan: Exclusive to eligible veterans, active-duty service members, and certain reservists, VA loans provide favorable terms, including no down payment and competitive interest rates. Choose this if you qualify for VA benefits. Jumbo Loan: If you're buying a high-value property that exceeds conventional loan limits, a jumbo loan may be necessary. Keep in mind that jumbo loans typically require a higher credit score and a larger down payment. Interest-Only Mortgage: Allows you to pay only the interest for a specified initial period, potentially leading to lower initial payments. Consider this if you expect your income to increase in the future or if you plan to sell the property before the interest-only period ends. Reverse Mortgage: Designed for seniors aged 62 and older, a reverse mortgage allows you to convert home equity into cash. This option is suitable for retirees looking to supplement their income. Non-QM Loan: Non-QM loans are designed for borrowers with unique financial circumstances or complex income sources, offering more flexibility than traditional mortgages. Consider this if you have non-traditional income sources or specific financial challenges. Ultimately, the right mortgage type depends on your unique financial situation and homeownership goals. Consulting with a One Republic Mortgage professional can help you navigate your options and make an informed choice tailored to your needs. 7. How do interest rates affect your mortgage? High-interest rates bring higher monthly payments and increase the overall interest you’ll pay over the life of your loan. A low-interest rate saves you money in both the short and long term. Of course, just like you can’t time the stock market, it’s nearly impossible to time your home purchase with the best interest rates. The past five years have held some of the most affordable interest rates ever, according to the Federal Home Loan Mortgage Corporation, and their recent forecast predicts the trend will continue. It may be hard to time your home purchase with the best interest rates, but there are things you can do to get a lower rate. For example, a benefit of the 15-year, fixed mortgage is that it has a lower interest rate than a 30-year, fixed mortgage. Sometimes a bigger down payment can also help you get a better interest rate. The money you pay in interest doesn’t ever go toward paying off the principal balance of your home. That’s why it’s a smart move to get a low-interest rate on your mortgage and then pay off your house as quickly as you can.

homeowners can reap numerous advantages by using home renovation loans to finance their home improvement projects. < Back ORM Notebook Share Benefits of Home Renovation Loans for Chicagoland Homeowners Gabriel Huerta About author Recognize the ability for exceeding sales goals, drive profits, prevent loss, and ensuring customer satisfaction. Excellent communicator and innovative problem solver. Jul 11, 2023 In Chicagoland, homeowners can reap numerous advantages by using home renovation loans to finance their home improvement projects. Here are some key benefits of opting for a home renovation loan: Easy Financing: Home renovation loans offer a convenient and accessible financing option specifically tailored for home improvement purposes. They provide homeowners with the funds they need to enhance their homes without having to tap into their savings or use high-interest credit cards. Increased Home Value: Renovating your home can significantly increase its value. By using a renovation loan to upgrade your property, you can potentially enjoy a higher return on investment when you decide to sell. Upgraded features and modernized spaces can attract more buyers and command a higher selling price. Flexible Loan Options: Home renovation loans come in various forms, such as home equity loans, home equity lines of credit (HELOCs), and personal loans. This flexibility allows homeowners to choose the loan type that best suits their financial needs, preferences, and project requirements. Competitive Interest Rates: Depending on the type of renovation loan and your creditworthiness, you can often secure competitive interest rates that are lower than those of other types of loans or credit options. This can result in substantial savings over the life of the loan. Tax Benefits: In certain cases, the interest paid on a home renovation loan may be tax-deductible. Consult with a tax professional to understand the specific tax benefits available to you based on your circumstances and loan type. Simplified Application Process: Many lenders have streamlined the application process for home renovation loans, making it quicker and more straightforward compared to traditional mortgage applications. Some lenders even offer online applications, reducing the need for extensive paperwork and facilitating a faster approval process. Enhance Comfort and Livability: Renovating your home allows you to tailor it to your specific needs and lifestyle. Whether it's expanding living spaces, modernizing kitchens and bathrooms, or adding energy-efficient features, a renovation loan enables you to create a more comfortable and enjoyable living environment for you and your family. Access to Professional Contractors: Home renovation loans often require homeowners to work with licensed contractors for the projects. This ensures that the renovations are completed by skilled professionals, minimizing the risk of poor workmanship and ensuring that the upgrades meet industry standards and building codes. Preservation of Neighborhood Aesthetics: By investing in home renovations, you contribute to the overall aesthetics and appeal of your neighborhood. Well-maintained and upgraded homes can positively impact property values and maintain the overall desirability of the community. Avoid Relocation Costs: If you love your current home but feel it lacks certain features or doesn't meet your evolving needs, a renovation loan allows you to enhance your existing property rather than going through the hassle and costs of relocating to a new home. In summary, home renovation loans offer Chicagoland homeowners the opportunity to improve their homes while enjoying benefits such as easy financing, increased home value, flexible loan options, competitive interest rates, potential tax benefits, a simplified application process, enhanced comfort, access to professional contractors, preservation of neighborhood aesthetics, and the ability to avoid relocation costs. These advantages make renovation loans an attractive option for homeowners looking to upgrade and enhance their properties. Contact us One Republic Mortgage, City of Chicago, Buying a Home Tags: < Back < Previous Next > Related Articles Gabriel Huerta Navigating Mortgage Loan Modifications and Alternatives Read more Oct 26, 2023 Mark Kelner Integrating Environmental Sustainability in Mortgages Read more Oct 25, 2023 Gabriel Huerta The Pros and Cons of Adjustable-Rate Mortgages (ARMs) Read more Oct 23, 2023

An adjustable-rate mortgage (ARM) can offer several advantages for homebuyers in the Chicagoland area < Back ORM Notebook Share Advantages of an Adjustable-Rate Mortgage in Chicagoland Gabriel Huerta About author Recognize the ability for exceeding sales goals, drive profits, prevent loss, and ensuring customer satisfaction. Excellent communicator and innovative problem solver. Jun 6, 2023 An adjustable-rate mortgage (ARM) can offer several advantages for homebuyers in the Chicagoland area. Here are some key benefits: Lower initial interest rate: One of the primary advantages of an ARM is that it typically offers a lower initial interest rate compared to a fixed-rate mortgage. This lower rate can result in lower monthly mortgage payments, making homeownership more affordable, especially in the early years of the loan. Flexibility: ARMs provide borrowers with flexibility, particularly for those who don't plan to stay in their homes for an extended period. If you anticipate moving or refinancing within a few years, an ARM allows you to take advantage of the lower initial interest rate and potentially save money on your monthly payments during that time. Potential for rate decreases: While the initial interest rate on an ARM is lower, it's important to note that it is subject to adjustment over time based on market conditions. However, there is also the possibility of the interest rate decreasing in the future. If interest rates decline, borrowers with an ARM can benefit from lower monthly payments, potentially saving money over the long term. Shorter adjustment periods: Adjustable-rate mortgages have predefined adjustment periods, such as every year, three years, or five years, where the interest rate can change. In certain cases, shorter adjustment periods may be beneficial for borrowers who prefer to have their interest rates recalculated more frequently. This can be advantageous if interest rates are expected to decrease or remain stable shortly. Qualification for larger loan amounts: Due to the lower initial interest rate on ARMs, borrowers may be able to qualify for a larger loan amount compared to a fixed-rate mortgage. This can be beneficial if you're looking to purchase a more expensive home in the Chicagoland area. Initial affordability: The lower initial interest rate of an ARM can make homeownership more affordable, particularly for first-time buyers or those with limited initial funds. This can be especially advantageous in a competitive housing market like Chicagoland, where lower monthly payments can help you qualify for a higher-priced property or increase your purchasing power. Interest rate caps: ARMs often come with interest rate caps that limit how much the rate can increase during each adjustment period and over the life of the loan. These caps provide borrowers with some protection against substantial rate hikes and help mitigate the risk of rising interest rates in the future. Short-term residency or investment: If you're planning to stay in your home for a relatively short period, such as a few years, or if you're purchasing an investment property, an ARM can be advantageous. You can benefit from the lower initial rate during your ownership and potentially sell or refinance before any significant rate adjustments occur. Cash flow management: ARMs can be useful for borrowers who have varying income streams or irregular cash flows, such as self-employed individuals or commission-based professionals. The lower initial payments of an ARM can help with cash flow management during periods of lower income, providing more flexibility to allocate funds towards other financial goals or obligations. Potential savings through refinancing: If you have an existing ARM and interest rates have decreased significantly, you may have the opportunity to refinance to a lower fixed-rate mortgage or another ARM with a more favorable rate structure. This can result in long-term savings and increased financial stability. Remember, while ARMs have their advantages, they also carry some risks. It's crucial to understand the terms and conditions of the loan, including the adjustment periods, rate caps, and potential future payment changes. Evaluating your financial goals, plans, and risk tolerance will help you determine if an ARM is the right fit for your specific circumstances. It's worth noting that ARMs also have some potential drawbacks, such as the uncertainty of future interest rate adjustments and the possibility of higher monthly payments if rates increase. It's essential to carefully consider your financial situation, plans, and risk tolerance before deciding whether an adjustable-rate mortgage is the right choice for you. Consulting with a mortgage professional can help you understand the specific terms and conditions of an ARM and determine if it aligns with your needs and goals as a homebuyer. Contact us One Republic Mortgage, Illinois mortgage, Chicago mortgage, Mortgage Services Tags: < Back < Previous Next > Related Articles

For general mortgage related inquiries use our contact form or call 1-888-855-7211 or contact by Chat. Contact Us Don’t Hesitate To Connect With Us Toll Free 888-855-7211 Call now Fax Office Direct Phone 847-850-7335 Call now 847-297-4000 Live chat hours: Monday - Friday: 9AM - 6PM Saturday: 10AM -2PM Chat with one of our mortgage experts today! Barry Monica Gabe Directions Address 725 E. Dundee Rd, Ste 201 Arlington Heights, IL 60004 Today : Chicago time: 1 Mar 2025 12:18 AM Office Hours Monday - Friday: 8:00AM - 8:00PM Saturday: 9:00AM - 2:00PM Preference Upload Fill out form with your questions or initial thoughts and let us know how we can need help you We value your privacy, and your information will not be shared, sold or exchanged with anyone else Submit Document secure upload here Thank you for allowing us the opportunity to earn your business Chat Directions

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When you become an ORM partner, you join a family. We value and respect you in the exact way that you value and respect your members because we understand that we couldn’t exist without your support. Our Partners Our Partners and Vendors Visit Our Website United Realty Group* Our dynamic team of real estate brokers and administrative staff offer a full range of industry services specializing in the acquisition of real estate transactions through both traditional methods, the ever-growing use of technology, and virtual sales. With a “people first” mentality, the United team prides itself on their transparency, integrity, and exceptional customer service. *Because United Realty Group has a direct ownership interest in One Republic Mortgage, Inc. any United Realty Group referral of One Republic Mortgage to you may provide United Realty Group a financial or other benefit. Visit Our Website Chicago Title Insurance Company For more than 150 years, Chicago Title has been a leader in the title insurance industry. Chicago Title is a member of the Fidelity National Financial, Inc. family of companies, which collectively represent the largest title insurance and escrow company in the United States. Whether it's title insurance, closing and escrow, construction disbursing, recording & special projects or 1031 exchanges, CTT is here to provide their services to Real Estate professionals, Buyers, Sellers, Attorneys, Lenders, and Builders. Along with the financial strength, Chicago Title has 35 metropolitan area offices conveniently located in a neighborhood near you. Home Team Inspection Service Buying a home? Selling a business? HomeTeam Inspection Service is here to help make the process a smooth one. HomeTeam is a residential inspection company in Northwest Chicago that is committed to providing you with the information you need to make confident decisions. From home inspections to radon testing to pest and termite inspections, we cover every inch of your property and will provide you with a comprehensive, easy-to-read report detailing our findings. Visit Our Website Infiniwiz Infiniwiz is a unique Chicago IT company composed of friendly, highly skilled individuals who have expertise in a wide array of technology disciplines. Infiniwiz professionals provide comprehensive tech support and effective IT consulting including a full suite of managed IT services. We ensure you’re making the most effective investments for your long-term growth and success, employing a strategy that leverages the right tools to improve your operations. Visit Our Website Visit Our Website Christin's Curtains Christin’s Curtains offers a unique approach to custom design of curtains and draperies, and goes above any customers expectations when it comes to expressing elegance and refinement through custom window design. We are experts in curtains and blinds and have spent many years working personally with clients to create custom stylish interiors. Visit our website for a free in-home measure quote and advice.

This free mortgage calculator lets you estimate your monthly house payment, including principal and interest, taxes, insurance and PMI. Use this mortgage calculator to calculate estimated monthly mortgage payments and rate options. Calculators Calculators Mortgage Terms Common Questions Important Links Tools and calculators are provided as a courtesy to help you estimate your mortgage needs. The results shown are estimates only. Results are hypothetical and may not be accurate. This is not a commitment to lend nor a preapproval. Consult a financial professional for full details. Mortgage rates vary and depend on many factors such as the economy, inflation, and the borrower's credit score. It's best to check with a lender for the most up-to-date and accurate rate information which can be adjusted daily. Rates, program terms, and conditions are subject to change. Connect with Your Loan Specialist This is how mortgage calculator helps you Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living. Using our mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide: The home loan term length that’s right for you . 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage reduce the total interest you'll pay, but your monthly payment will be higher. c If an ARM is a good option . Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher. If you’re buying too much home. The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance, and private mortgage insurance. If you’re putting enough money down . With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you. How lenders decide how much you can afford to borrow Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio. Your debt-to-income ratio is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes. » MORE: Calculate your debt-to-income ratio Typical costs included in a mortgage payment If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment: Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe. Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them. Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due. Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan backed by the Federal Housing Administration. Typically, when you belong to a homeowner’s association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in our mortgage calculator. Reducing monthly mortgage payments The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments: Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower, but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan. Buy less house . Taking out a smaller loan means a smaller monthly mortgage payment. Avoid paying PMI . With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance. Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment. Monthly mortgage payments can go up Your monthly payment can go up over time if: Property taxes or homeowners’ insurance premiums rise. These costs are included in most mortgage payments. You incur a late payment fee from your mortgage loan servicer. You have an adjustable-rate mortgage, and the rate rises at the adjustment period.

The impact of inflation on mortgage borrowers can be significant and far-reaching. Inflation refers to the general increase in the price level of goods and services in an economy over time < Back ORM Notebook Share The Impact of Inflation on Mortgage Borrowers Barry Jilin About author Highly accomplished, results-proven financial transactions professional with 18 years of experience elevating company performance by capturing new business opportunities and minimizing risk. Oct 20, 2023 The impact of inflation on mortgage borrowers can be significant and far-reaching. Inflation refers to the general increase in the price level of goods and services in an economy over time. When inflation rises, the purchasing power of money decreases, meaning that the same amount of money will buy fewer goods and services. The impact of inflation on mortgage borrowers can be significant and far-reaching. Inflation refers to the general increase in the price level of goods and services in an economy over time For mortgage borrowers, inflation can have both positive and negative effects, depending on their specific circumstances. Let's explore some of the key impacts: Purchasing Power Erosion: Inflation erodes the purchasing power of the currency, which means that the money mortgage borrowers use to repay their loans will have less value over time. As inflation increases, the real cost of the mortgage decreases because borrowers are paying off debts with money that is worth less than when they initially borrowed it. This is more favorable for borrowers. Interest Rates: Inflation can influence central banks to raise interest rates to control its effects on the economy. When inflation rises, central banks may increase their benchmark interest rates to combat it. Higher interest rates can lead to increased borrowing costs for new borrowers looking to secure a mortgage. However, those with fixed-rate mortgages might benefit, as their interest rates would remain unchanged. Adjustable-Rate Mortgages (ARMs): For borrowers with adjustable-rate mortgages, inflation can have a direct impact on their monthly mortgage payments. Many ARMs are tied to an index, such as the prime rate or the London Interbank Offered Rate (LIBOR). As inflation rises, these indexes tend to increase, resulting in higher interest rates and potentially higher monthly mortgage payments for borrowers. Affordability: High inflation can negatively impact the overall affordability of housing. As prices rise for goods and services, including housing costs, borrowers might find it more challenging to make mortgage payments, especially if their incomes don't keep pace with inflation. Refinancing Considerations: Inflation may lead to higher nominal home values, which can be beneficial for mortgage borrowers who want to refinance their loans. With increased home values, borrowers may have more equity in their homes, potentially allowing them to access better loan terms when refinancing. Economic Uncertainty: Rapid or unexpected inflation can create economic uncertainty and instability, which may impact job security and overall financial stability for borrowers. This could lead to missed mortgage payments and increased default rates. Long-Term Loans: Inflation's impact on mortgage borrowers can be more pronounced for those with long-term fixed-rate mortgages, such as 30-year loans. While the purchasing power of their monthly mortgage payments decreases over time, borrowers with fixed payments may find it harder to adjust their budgets to accommodate other rising expenses. To mitigate the impact of inflation on mortgage borrowers, financial planning and prudent decision-making are crucial. It's essential for borrowers to consider their financial situation, future income prospects, and the potential for inflation when choosing between fixed and adjustable-rate mortgages. Additionally, having an emergency fund and budgeting wisely can provide a buffer against unexpected financial challenges due to inflation. Contact us Mortgage, Borrowers, Impact of inflation Tags: < Back < Previous Next > Related Articles Barry Jilin The Impact of Inflation on Mortgage Borrowers Read more Oct 20, 2023 Eleanor Kelner How and Where to Study a Mortgage Advisor Read more Aug 29, 2023

Mortgage professionals who work remotely face unique challenges and opportunities, and adopting best practices can help ensure their productivity, efficiency, and professionalism < Back ORM Notebook Share Best Practices for Mortgage Professionals Working from Home Mark Kelner About author As a mortgage professional, I understand the significance of homeownership and take pride in being a reliable partner for my clients throughout their home buying journey Oct 17, 2023 Working from home has become increasingly common in many industries, including the mortgage industry. Mortgage professionals who work remotely face unique challenges and opportunities, and adopting best practices can help ensure their productivity, efficiency, and professionalism. Here are some best practices for mortgage professionals working from home: Designate a Dedicated Workspace: Set up a dedicated and comfortable workspace that is separate from your living areas. Having a designated space helps create a clear boundary between work and personal life and allows you to focus better during working hours. Maintain a Consistent Schedule: Stick to a regular work schedule as much as possible. This includes starting and ending work at specific times, taking breaks, and adhering to a routine. Consistency helps maintain work-life balance and fosters discipline. Use Secure Technology: Ensure that you have secure access to your company's network and databases. Use a virtual private network (VPN) to connect securely to your office systems and avoid public Wi-Fi networks for work-related tasks. Invest in Reliable Equipment and Software: Acquire the necessary hardware and software to perform your job effectively. This includes a reliable computer, high-speed internet connection, a headset, and any specialized mortgage software required. Communicate Effectively: Stay in regular communication with your team and clients. Utilize various communication channels like email, instant messaging, video conferencing, and phone calls to stay connected and updated on tasks and projects. Set Goals and Prioritize Tasks: Establish clear goals and prioritize your tasks each day. This will help you stay focused on what needs to be accomplished and ensure you are meeting deadlines. Minimize Distractions: Identify potential distractions in your home environment and take steps to minimize them during working hours. Inform family members or housemates about your work schedule to avoid unnecessary interruptions. Take Regular Breaks: Give yourself short breaks throughout the day to rest and recharge. Stepping away from your workspace can help prevent burnout and increase productivity. Maintain Professionalism: Even though you are working from home, it's essential to maintain a professional demeanor during virtual meetings and phone calls. Dress appropriately and ensure your background is tidy and suitable for a professional setting. Regularly Backup Data: Back up your work regularly to avoid potential data loss. Utilize cloud storage or an external hard drive to ensure your important files are secure. Stay Updated on Regulations and Compliance: The mortgage industry is subject to regulations that may change over time. Stay informed about the latest compliance requirements and updates to ensure you are always operating within legal boundaries. Continuing Education: Invest in your professional development by attending webinars, online courses, or industry conferences. Continuous learning will keep you updated on industry trends and help you stay competitive. Practice Self-Care: Working from home can blur the line between work and personal life. Make time for self-care activities, such as exercise, hobbies, or spending time with loved ones, to maintain a healthy work-life balance. By following these best practices, mortgage professionals can excel in their remote work environment and continue to provide excellent service to their clients and colleagues. Working from home offers flexibility and convenience, but it also requires discipline and adaptability to ensure long-term success. Contact us One Republic Mortgage, Company history Tags: < Back < Previous Next > Related Articles Gabriel Huerta Navigating Mortgage Loan Modifications and Alternatives Read more Oct 26, 2023 Mark Kelner Integrating Environmental Sustainability in Mortgages Read more Oct 25, 2023 Mark Kelner The Crucial Role of Real Estate Agents in Mortgages Read more Oct 18, 2023

Here are some trends that were observed in downtown Chicago's real estate market < Back ORM Notebook Share Recent Real Estate Trends in Downtown Chicago Mark Kelner About author As a mortgage professional, I understand the significance of homeownership and take pride in being a reliable partner for my clients throughout their home buying journey. Jun 14, 2023 Here are some trends that were observed in downtown Chicago's real estate market: Continued Development: Downtown Chicago has been experiencing ongoing development and revitalization. New residential, commercial, and mixed-use projects have been transforming the skyline and contributing to the area's growth. High-Density Living: There has been an increasing demand for high-density living options, such as condominiums and luxury apartments. Many developers have focused on creating upscale residential properties with modern amenities to cater to young professionals and empty nesters. Transit-Oriented Development: Proximity to public transportation, such as the CTA (Chicago Transit Authority) lines and Metra stations, has become a crucial factor for both residential and commercial real estate. Transit-oriented developments that offer convenient access to transportation have gained popularity. Tech-Friendly Spaces: The tech industry has been growing in Chicago, and as a result, there has been a rising demand for office spaces that cater to tech companies. These spaces often feature modern designs, open floor plans, and amenities that support collaboration and innovation. Mixed-Use Developments: Mixed-use developments that combine residential, retail, and office spaces have gained traction in downtown Chicago. These developments aim to create vibrant, walkable neighborhoods that offer a live-work-play lifestyle, with amenities such as shops, restaurants, and entertainment venues within close proximity. Sustainable and Green Buildings: Environmental sustainability has become an important consideration in real estate development. There has been an increased focus on constructing energy-efficient buildings and incorporating sustainable features, such as green roofs, LEED certification, and renewable energy sources. Emphasis on Amenities: Developers have recognized the importance of amenities in attracting buyers and tenants. Properties with high-end amenities, such as fitness centers, rooftop gardens, concierge services, and communal spaces, have been in high demand. Co-Living and Co-Working Spaces: Shared living and working spaces have gained popularity, particularly among young professionals and entrepreneurs. Co-living developments offer furnished apartments with shared amenities, while co-working spaces provide flexible office environments that foster collaboration and networking. Affordable Housing Initiatives: With the rising cost of living, there has been an increased focus on affordable housing initiatives. The city and developers have been exploring ways to provide more affordable housing options, including the conversion of existing buildings into affordable units and the inclusion of affordable housing requirements in new developments. Adaptive Reuse: The conversion of historic buildings into residential or mixed-use spaces has gained popularity. Adaptive reuse projects preserve the architectural heritage of downtown Chicago while meeting the demand for unique and character-filled properties. Flexible Workspaces: The COVID-19 pandemic has accelerated the adoption of remote work and flexible work arrangements. As a result, there may be a shift in the demand for office spaces, with a greater emphasis on flexible workspaces that cater to remote workers and small businesses seeking on-demand office solutions. Wellness-Oriented Features: The focus on wellness and health-conscious living has influenced the real estate market. Properties that offer wellness amenities, such as fitness centers, spa facilities, and access to green spaces, may be in higher demand. Urban Farming and Community Gardens: The urban farming movement has gained traction in many cities, including Chicago. Rooftop gardens, community gardens, and urban farming initiatives are becoming more prevalent, providing residents with opportunities for sustainable food production and a closer connection to nature. Smart Home Technology: The integration of smart home technology has become increasingly common in new developments. Home automation systems, energy-efficient appliances, and advanced security features are being incorporated to enhance convenience, comfort, and energy efficiency. Virtual and Augmented Reality: Real estate developers are leveraging virtual and augmented reality technologies to provide immersive experiences for potential buyers and tenants. Virtual tours and 3D renderings allow people to explore properties remotely, making it easier to showcase and sell real estate in a more interactive way. Focus on Sustainability and Resilience: As climate change concerns grow, there is a greater emphasis on sustainable and resilient design in real estate development. Green building certifications, stormwater management strategies, and measures to enhance energy efficiency and reduce carbon footprints are becoming increasingly important. It's important to note that these trends are speculative and based on general observations. To obtain the most accurate and detailed information about the current real estate market in downtown Chicago, it's advisable to consult local real estate professionals or sources specializing in the Chicago market. Contact us City of Chicago, Illinois mortgage, One Republic Mortgage, Buying a Home Tags: < Back < Previous Next > Related Articles Gabriel Huerta Navigating Mortgage Loan Modifications and Alternatives Read more Oct 26, 2023 Mark Kelner Integrating Environmental Sustainability in Mortgages Read more Oct 25, 2023 Gabriel Huerta The Pros and Cons of Adjustable-Rate Mortgages (ARMs) Read more Oct 23, 2023