Bartek Bachorski                      
5610 N. Milwaukee Ave.
Chicago, IL 60646
(773) 685-9445 Office
(773) 685-9446 Fax
(312) 927-5552 Cell


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Mortgage Calculator

Frequently asked questions:

What are points?
Points are loan fees paid to lenders. 1 point=1% of the loan amount. On a $100,000 loan 1 point is $1000. Points may be further classified into origination points or discount points. Origination points are charged by a mortgage company as a fee to process and approve your loan, while discount points are used to buy down the rate of interest. When a mortgage company states that a loan has 2 points be sure to ask them if the 2 points includes both discount and origination points.

What is an Annual Percentage Rate (APR)?

The annual percentage rate (APR) is an interest rate that is different from the note rate. It is commonly used to compare loan programs from different lenders. The Federal Truth in Lending law requires that mortgage companies disclose the APR when they advertise a rate. Typically the APR is found next to the rate.


30-year fixed


1 point

8.107% APR

The APR does NOT affect your monthly payments. Your monthly payments are a function of the interest rate and the length of the loan. We provide calculators to calculate your monthly payments as well as your APR.

The APR is a very confusing number! Even mortgage bankers and brokers admit it is confusing. The APR is designed to measure the "true cost of a loan." It creates a level playing field for lenders. It prevents lenders from advertising a low rate and hiding fees.

If life were easy, then all you would have to do is compare APRs from the lenders/brokers you are working with, pick the easiest one, and you would have the right loan. Right? Wrong!

Unfortunately, different lenders calculate APRs differently! So a loan with a lower APR is not necessarily a better rate. The best way to compare loans in the author's opinion is to ask lenders to provide you with a good-faith estimate of their costs on the same type of program (e.g. 30-year fixed) at the same interest rate. Then, delete all fees that are independent of the loan such as homeowners insurance, title fees, escrow fees, attorney fees, etc. Add up all the loan fees. The lender that has lower loan fees has a cheaper loan than the lender with higher loan fees.

The reason why APRs are confusing is that the rules to compute APR are not clearly defined.

What fees are included in the APR?

The following fees ARE generally included in the APR:

  • Points––both discount points and origination points.
  • Pre-paid interest. The interest paid from the date the loan closes to the end of the month. Most mortgage companies assume 15 days of interest in their calculations. However, companies may use any number between 1 and 30!
  • Loan-processing fee.
  • Underwriting fee.
  • Document-preparation fee.
  • Private mortgage insurance.
  • Appraisal fee.
  • Credit-report fee.

The following fees are SOMETIMES included in the APR:

  • Loan-application fee.
  • Credit life insurance (insurance that pays off the mortgage in the event of a borrowers death).

The following fees are normally NOT included in the APR:

  • Title or abstract fee.
  • Escrow fee.
  • Attorney fee.
  • Notary fee.
  • Document preparation (charged by the closing agent).
  • Home inspection fees.
  • Recording fee.
  • Transfer taxes.

An APR does not tell you how long your rate is locked for. A lender who offers you a 10-day rate lock may have a lower APR than a lender who offers you a 60-day rate lock!

Calculating APRs on adjustable and balloon loans is even more complex, because the future rates are unknown. The result is even more confusion about how lenders calculate APRs.

Do not attempt to compare a 30-year loan with a 15-year loan using their respective APRs. A 15-year loan may have a lower interest rate, but could have a higher APR, since the loan fees are amortized over a shorter period of time.

Finally, many lenders do not even know what they include in their APR because they use software programs to compute their APRs. It is quite possible that the same lender with the same fees using two different software programs may arrive at two different APRs!

Use the APR as a starting point to compare loans. The APR is a result of a complex calculation and not clearly defined. There is no substitute to getting a good-faith estimate from each lender to compare costs. Remember to exclude those costs that are independent of the loan.

Why Do Mortgage Rates Change?

To understand why mortgage rates change we must first ask the more general question: why do interest rates change? It is important to realize that there is not one interest rate, but many interest rates!

  • Prime rate: The rate offered to a bank's best customers.
  • Treasury bill rates: Treasury bills are short-term debt instruments used by the U.S. Government to finance their debt. Commonly called T-bills they come in denominations of 3 months, 6 months and 1 year. Each treasury bill has a corresponding interest rate (i.e. 3-month T-bill rate, 1-year T-bill rate).
  • Treasury Notes: Intermediate-term debt instruments used by the U.S. Government to finance their debt. They come in denominations of 2 years, 5 years and 10 years.
  • Treasury Bonds: Long debt instruments used by the U.S. Government to finance its debt. Treasury bonds come in 30-year denominations.
  • Federal Funds Rate: Rates banks charge each other for overnight loans.
  • Federal Discount Rate: Rate New York Fed charges to member banks.
  • Libor: : London Interbank Offered Rates. Average London Eurodollar rates.
  • 6-month CD rate: The average rate that you get when you invest in a 6-month CD.
  • 11th District Cost of Funds: Rate determined by averaging a composite of other rates.
  • Fannie Mae Backed Security rates: Fannie Mae pools large quantities of mortgages, creates securities with them, and sells them as Fannie Mae backed securities. The rates on these securities influence mortgage rates very strongly.
  • Ginnie Mae-Backed Security rates: Ginnie Mae pools large quantities of mortgages, securitizes them and sells them as Ginnie Mae-backed securities. The rates on these securities influence mortgage rates on FHA and VA loans.

Interest-rate movements are based on the simple concept of supply and demand. If the demand for credit (loans) increases, so do interest rates. This is because there are more buyers, so sellers can command a better price, i.e. higher rates. If the demand for credit reduces, then so do interest rates. This is because there are more sellers than buyers, so buyers can command a lower better price, i.e. lower rates. When the economy is expanding there is a higher demand for credit so rates move higher, whereas when the economy is slowing the demand for credit decreases and so do interest rates.

This leads to a fundamental concept:

  • Bad news (i.e. a slowing economy) is good news for interest rates (i.e. lower rates).
  • Good news (i.e. a growing economy) is bad news for interest rates (i.e. higher rates).

A major factor driving interest rates is inflation. Higher inflation is associated with a growing economy. When the economy grows too strongly the Federal Reserve increases interest rates to slow the economy down and reduce inflation. Inflation results from prices of goods and services increasing. When the economy is strong there is more demand for goods and services, so the producers of those goods and services can increase prices. A strong economy therefore results in higher real-estate prices, higher rents on apartments and higher mortgage rates.

Mortgage rates tend to move in the same direction as interest rates. However, actual mortgage rates are also based on supply and demand for mortgages. The supply/demand equation for mortgage rates may be different from the supply/demand equation for interest rates. This might sometimes result in mortgage rates moving differently from other rates. For example, one lender may be forced to close additional mortgages to meet a commitment they have made. This results in them offering lower rates even though interest rates may have moved up!

There is an inverse relationship between bond prices and bond rates. This can be confusing. When bond prices move up interest rates move down and vice versa. This is because bonds tend to have a fixed price at maturity––typically $1000. If the price of the bond is currently at $900 and there are 10 years left on the bond, and if interest rates start moving higher, the price of the bond starts dropping. This is because the higher interest rates will cause increase accumulation of interest over the next 5 years and so a lower price (e.g. $880) will result in the same maturity price, i.e. $1000.

Sources for Obtaining a Mortgage

Brokers vs. Lenders

Mortgage brokers represent you––the borrower––in obtaining financing from a variety of lending sources. If mortgage brokers are middlemen between you and the lender, how can they save you money? Don't you have to pay extra for using a mortgage broker?

Independent surveys have shown that mortgage brokers do NOT cost you more than direct lenders. In many cases they even save you money. Mortgage brokers increase competiton in the market place, resulting in lower rates for everyone. Since mortgage brokers obtain their funds from a variety of sources, they allow you to access to a large number of lenders. When you apply for a loan with a mortgage broker, you are effectively applying for loans with all the lenders that mortgage broker is approved with.

Mortgage brokers obtain rates at wholesale. Mortgage brokers are NOT employees of the lender, rather they are independent contractors.

Why do lenders use mortgage brokers?

  1. Saves them time and money. The mortgage broker does all the legwork of finding customers, pre-qualifying them and putting together their loan package. As a result, lenders are able to offer discounted pricing to mortgage brokers.
  2. Alternative to branch offices. Since personal contact with the customer is usually required, a mortgage broker serves as a lender's branch office. This saves the lender tremendous amounts of time and money. Through a network of mortgage brokers, lenders can service a wide number of customers.
  3. Provide a matching service. Mortgage brokers know what each lender is looking for and submit loans that a particular lender is likely to approve. This saves the lender a lot of time and expense since they approve a higher percentage of loans.
  4. Mortgage brokers generate about 50% of all loans. Lenders have established wholesale divisions and have account representativeson staff just to service their mortgage brokers. There is a lot of competition amongst wholesale lenders to get broker-generated business.
  5. Save sales and marketing expense. Mortgage brokers are responsible for all the sales and marketing required to find clients. Lenders in effect have a large sales force with little overhead cost.

It is important to understand that brokers do get a wholesale rate and are providing a valuable service and deserve to get compensated. The fact that the lender is paying the broker a commission does not mean that you are paying a higher rate. In fact, many brokers can save you money by shopping for your loan. 


Loan Categories

Conventional Loans

Any mortgage loan other than a VA or an FHA loan. A conventional loan may be conforming or non-conforming.

Government Loans

Loans purchased or guaranteed by government organizations such as the GovernmentNational Mortgage Association (GNMA or GinnieMae). Ginnie Mae which is part of HUD helps increase the supply of affordable housing by guaranteeing securities issued by private lenders backed by pools of residential mortgages insured by three federal agencies -- the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the Rural Housing Service.

Conforming Loans

A loan that conforms to the guidelines established by Fannie Mae or Freddie Mac. These guidelines establish the maximum loan amount, down payment, borrower credit & income requirements, and suitable properties. Lenders that make loans established to these guidelines may sell those loans to Fannie Mae or Freddie Mac. These lenders may retain the servicing on these loans - so that a borrower will continue to make payments to the original lender. Conforming loans make up the majority of loans in the U.S.

Conforming Loan Limits


No. Of Units

Contiguous States, District of Columbia and Puerto Rico

Alaska, Hawaii & Virgin Islands













Non-conforming Loans

A loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac is called a non-conforming loan. A loan that is larger than the conforming loan limit is called a Jumbo loan. Loans that do not meet the credit quality of conforming loans ('A' paper) are called 'B','C' and 'D' paper loans. Second mortgage loans - credit lines, home equity loans, home improvement loans are also non-conforming loans.

Portfolio Loans

Loans may be sold on the secondary market to Fannie Mae, Freddie Mac or a select number of conduits (e.g. GE Capital) or they be kept in the banks portfolio (e.g. American Savings Bank). Portfolio loans may have more flexible qualifying criteria, while saleable loans have to meet an investors criteria.

Commercial Loans

Loans programs discussed above are for 1-4 unit residential properties. For 5+ unit residential properties, office buildings, warehouses and other commercial property refer to the 1st Commercial Mortgage Directory.


Negatively Amortized Loans

There is not a clear understanding of the advantages and disadvantages of negatively amortized loans amongst consumers. A negatively amortized loan is not good or bad in itself––that depends on the consumers needs and preferences. It is important to understand the advantages and disadvantages of these loans––prior to judging them.

Most negatively amortized loans are based on the 11th district Cost of Funds Index (COFI). This index is the average cost of money to the San Francisco Federal Reserve, which is in the 11th district out of a total of 12 districts in the U.S.

The money for most 11th district loans comes from deposits made by customers. The Savings & Loans which make the majority of these loans like to match the interest rate on the loan to the interest rate they have to pay to their customers. So the loan interest rate is computed as follows :

Note rate=COFI + margin

where the margin is a fixed number (typically 2%-3%) & represents the S&L's profit margin. The interest rate on these loans have an initial teaser rate of 3-6 months, after which time the interest rate on these loans adjust monthly. Most loans have a lifetime interest-rate cap, which is the maximum the interest rate can go to. The lifetime cap is the actual maximum interest rate.

Some people have a misconception that the maximum interest rate can go higher than the lifecap, however this is not true.

The reason why the interest rate adjusts monthly is because the interest rate on S&L's depositor rates also adjust monthly. In addition, there are no monthly or annual caps on the interest rate. This is because there are no caps on the checking, savings, CD & money market accounts that the money is coming from. Even though there are no interest-rate caps a quick look at the history of the COFI will show that it normally changes less than 2% in a year.

Because this loan has no interest caps, the consumer protection agencies require the loan to have payment caps––they require that the minimum payment not increase more the 7.5% per year. So if the minimum payment in the first year was $1,000 then the minimum payment in the second year can be at most $1,075.

Since the minimum payment has caps and the interest rate has no caps, this can cause the loan to become negative––i.e. if the interest rate increases and the minimum payment does not increase sufficiently then the payment does not cover the interest payment causing the loan balance to increase. However, the customer can always pay a fully amortizing payment based on the current interest rate to keep the loan non-negative. This fully amortizing payment is exactly the same payment that would be made in the case of a non-negative loan at the same interest rate.

Example : 11 the district adj.
Start rate = 3.95% for 3 months.
>Margin = 2.5%, Lifecap = 10.95.
Current COFI value = 3.7%. (mid 1994 - value in mid 1995 is 5.1%)
Loan amount = $200,000
Start payment@ 3.95% = $949.55.

In the fourth month the interest rate becomes 6.2% (3.7% + 2.5%) and the payment should be $1225.55. However, the minimum payment remains at $949.55 & you may pay only $949.55. This payment is so low that is does not cover the interest payment & thus causes the principal balance to increase.

In the second year the minimum payment is 949.55 * 1.075 = $1020.77.

In summary

The main disadvantage of a negatively amortized loan is that you can lose equity in your property if you make the minimum payment. Also, the interest rate adjusts monthly so that if rates do increase, your rate would change immediately. This loan can be a bad choice if you want to build equity in your property but do not have the discipline to make more than the minimum payment.


The advantages of this type of loan are: low payments, payment flexibility––i.e. make high or low payments depending on your needs and easier qualifying. Loans are more flexible since they are made by S&Ls. This loan can be good choice for first time homebuyers buying more they can afford and for self-employed borrowers whose incomes may vary month to month. It also be a good loan for rental properties because the payment flexibility can be used to avoid negative cash flow.

Most Common Mistakes 

    If you're like most people, buying a home is the biggest investment you'll ever make.  Annual mortgage, taxes and insurance costs can range from 25% to 40% of your gross annual income.
    By visiting this reference page, you're on your way to protecting yourself, and making the home-buying process easier by becoming an informed consumer.
    Read, talk to family, friends and real estate professionals.  You'll be glad you took the time to understand the process.

Buying a home

  1. Looking for a home without being pre-approved.
        Pre-approval and pre-qualification are two different things.  During the pre-qualification process, a loan officer asks you a few questions, then hands you a "pre-qual" letter.  The pre-approval process is much more thorough.
        During the pre-approval process, the mortgage company does virtually all the work associated with obtaining full-approval.  Since there is no property yet identified to purchase, however, an appraisal and title search aren't conducted.
        When you're pre-approved, you have much more negotiating clout with the seller.  The seller knows you can close the transaction because a lender has carefully reviewed your income, assets, credit and other relevant information.  In some cases (multiple offers, for example), being pre-approved can make the difference between buying and not buying a home.  Also, you can save thousands of dollars as a result of being in a better negotiating situation.
        Most good Realtors® will not show you homes until you are pre-approved.  They don't want to waste your, their, or the seller's time.
        Many mortgage companies will help you become pre-approved at little or no cost.  They'll usually need to check your credit and verify your income and assets.

  2. Making verbal (oral) agreements!
        If an agent tries to make you sign a written document that is contrary to their verbal commitments, don't do it!  For example, if the agent says the washer will come with the home, but the contract says it will not--the written contract will override the verbal contract.  In fact, written contracts almost always override verbal contracts.  When buying or selling real estate, abide by this maxim:  Get it in writing!

  3. Choosing a lender because they have the lowest rate.  Not getting a written good-faith estimate.
        While rate is important, you have to consider the overall cost of your loan. Pay close attention to the APR, loan fees, discount and origination points.  Some lenders include discount and origination points in their quoted points.  Other lenders may only quote discount points, when in fact there is an additional origination point (or fraction of a point).
        This difference in the way points are sometime quoted is important to you.  One lender will quote all points, while another lender may disclose an extra point, or fraction thereof, at a later time--an unwelcome surprise.
        Within 3 working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate (GFE) of closing costs. You may want to consider requesting a GFE from a few lenders before submitting your application.  With a few GFEs to compare, you can get a feel for which lenders are more thorough, and you can educate yourself regarding the costs associated with your transaction.  The GFE with the highest costs may not indicate that a particular lender is more expensive than another--in fact, they may be more diligent in itemizing all fees.
        The cost of the mortgage, however, shouldn't be your only criteria.  There is no substitute for asking family and friends for referrals and for interviewing prospective mortgage companies.  You must also feel comfortable that the loan officer you are dealing with is committed to your best interests and will deliver what they promise.

  4. Not getting a rate lock in writing.
        When a mortgage company tells you they have locked your rate, get a written statement detailing the interest rate, the length of the rate lock, and other particulars about the program.

  5. Buying a home without professional inspections.  Taking the seller's word that repairs have been made.
        Unless you're buying a new home with warranties on most equipment, it is highly recommended that you get property, roof and termite inspections.  These reports will give you a better picture of what you're buying.  Inspection reports are great negotiating tools when it comes to asking the seller to make repairs.  If a professional home inspector states that certain repairs need to be made, the seller is more likely to agree to making them.
         If the seller agrees to make repairs, have your inspector verify the completed work prior to close of escrow.  Do not assume that everything will be done as promised.

  6. Not shopping for home insurance until you are ready to close.
        Start shopping for insurance as soon as you have an accepted offer.  Many buyers wait until the last minute to get insurance and find they have no time left to shop around.

  7. Signing documents without reading them.
        Do not sign documents in a hurry.  As soon as possible, review the documents you'll be signing at close of escrow--including a copy of all loan documents.  This way, you can review them and get your questions answered in a timely manner.  Do not expect to read all the documents during the closing. There is rarely enough time to do that.

  8. Making moving plans that don't work.
        You expect to move out of your current residence on Friday and into your new residence over the weekend.  Also on Friday, your lease terminates and the movers are scheduled to appear.
        Friday morning arrives: bags packed, boxes stacked, children under arm and the dog on a leash; you're sitting on your front door stoop awaiting the arrival of the movers.
        Your phone rings.  Your loan closing is delayed until the following Tuesday.  The new tenants turn into your driveway with a weighted-down U-Haul and the movers pull up across the street.
        You ask yourself, "Where's the nearest Motel 6 and storage facility?  How much will the movers charge for an extra trip?  Can we afford it?"
        How can you avoid such a disaster?  Cancel your lease and ask the movers to show up five to seven days after you anticipate closing your transaction.  Consider the extra expense an insurance policy.  You're buying peace of mind--and protecting yourself from expensive delays.

Refinancing your home

  1. Refinancing with your current lender without shopping around.
        Your current lender may not have the best rates and programs.
        Believing it's easier to work with your current lender is a common misconception.  In most cases, they'll require the same documentation as other lenders and mortgage brokers.  This is because most loans are sold on the secondary market and have to be approved independently.  Even if you've been good at making payments to your existing lender, they'll still have to process the verifications all over again.

  2. Not doing a break-even analysis.
        Determine the total transaction costs and how much you'll save each month by lowering your monthly mortgage payment.  Divide the transaction costs by the monthly savings to determine the number of months you'll have to stay in the property to recoup your refinancing costs.
        For example, if the costs of refinancing total $2000, and you save $50 per month, you break-even in 2000/50 = 40 months.  In this case, you should only refinance if you plan to stay in the home for at least 40 months.

    Note: The above example is suited to comparing two similar loans when the intent is to lower your monthly payment and recoup transaction costs relatively quickly.  Other refinancing transactions require different kinds of analyses which are beyond the scope of this document.  Other types of refinancing transactions include exchanging a fixed rate for an ARM, or a 30 year mortgage for a 15 year mortgage.

  3. Not getting a written good-faith estimate of closing costs.
        Within 3 working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate of closing costs.

  4. Paying for a home appraisal when you think the appraised value may be too low.
        Have the appraisal company conduct a Desktop/drive-by appraisal and provide you with a range of possible values. Your mortgage company can ask an appraiser to do this for you.
        Do not waste your money on a complete appraisal if you believe the home is unreasonably priced.

  5. Using the county tax assessor's value as the market value of your home.
        Mortgage companies do not use the county tax assessor's value to help determine if they'll originate your loan. They, like real estate agents, usually use the sales comparison approach (formerly known as the market data comparison approach).

  6. Signing documents without reading them.
        Do not sign documents in a hurry.  As soon as possible, review the documents you'll be signing at close of escrow--including a copy of all loan documents.  This way, you can review them and get your questions answered in a timely manner.  Do not expect to read all the documents during the closing. There is rarely enough time to do that.

  7. Not providing your mortgage company with documents in a timely manner.
        When your mortgage company asks you for additional paperwork--get cracking!  They're trying to get you approved!  If you don't quickly respond to your broker's requests, you could end up paying higher rates should your rate lock expire.

  8. Not getting a rate lock in writing.
        When a mortgage company tells you they've locked your rate, get a written statement detailing the interest rate, the length of the rate lock, and other particulars about the program.

  9. Drawing against your home equity credit line before you refinance your first mortgage.
        Many lenders have "cash-out" seasoning requirements.   If you draw against your credit line for anything other than home improvements, they'll consider your first mortgage refinance transaction a "cash-out" refinance.  This creates stricter lending requirements and can, in some cases, break your deal!

  10. Getting a second mortgage before you refinance your first mortgage.
        Many mortgage companies look at the combined loan amounts (i.e., the sum of the first and second loans) when you are refinancing only your first loan.  If you plan on refinancing your first loan, check with your mortgage company to see if having a second loan will cause your refinance to be turned down.

Getting a home equity credit line.

  1. Not checking to see if your credit line has a pre-payment penalty clause.
        If you are getting a "NO FEE" credit line, chances are it has a pre-payment penalty clause.  This can be very important (and expensive) if you are planning to sell or refinance your home in the next three to five years.

  2. Getting too large a credit line.
        When you get too large a credit line, you can be turned down for other loans.  Some lenders calculate your credit line payments based upon the available credit, even when your credit line has a zero balance. Having a large credit line indicates a large potential payment, which makes it difficult to qualify for loans.

  3. Not understanding the difference between an equity loan and a credit line.
        An equity loan is closed--i.e., you get all your money up front, then make payments on that fixed loan amount until the loan is paid.  An equity credit line is open--i.e., you can get an initial advance against the line, then reuse the line as often as you want during the period the line is open.  Most credit lines are accessed through a checkbook or a credit card.  Credit line payments are based upon the outstanding balance.
        Use an equity loan when you need all the money up front--e.g. home improvements or debt consolidation.
        Use a credit line if you have an ongoing need for money or need the money for a future event--e.g., you need to pay for your child's college tuition in three years.

  4. Not checking the lifecap on your equity line.
        Many credit lines have lifecaps of 18%.  Be prepared to make high interest payments if rates move upwards.

  5. Getting a credit line from your local bank without shopping around.
        Many consumers get their credit line from the bank with which they have their checking account.  Shop around before deciding to use your bank.

  6. Not getting a good-faith estimate of closing costs.
        Within three working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate of closing costs.

  7. Assuming that the interest on your home credit line/loan is tax deductible.
        In some instances, the interest on your home credit line is NOT tax deductible.
        It is beyond the scope of this document to provide tax advice or quote from the IRS code.  Contact an accountant or CPA to determine your particular situation.

  8. Assuming a home equity line is always cheaper than a car loan or a credit card.
        A credit card at 6.9% can be cheaper than a credit line at 12%, even after the tax deduction.  To compare rates, compare the effective rate of your credit line with the rate on a credit card or auto loan.
    Effective rate  =  rate * (1 - tax bracket)
        Example:  If the rate of the home equity credit line is 12% and your tax bracket is 30%, your effective rate is12% * (1 - 0.3) = 12% * 0.7 = 8.4%
        If your credit card is higher than 8.4%, the credit line is cheaper.
        Besides the interest rate, you may also want to compare monthly payments and other terms of the loan.

  9. Getting a home equity credit line if you plan to refinance your first mortgage in the near future.
        Many mortgage companies look at the combined loan amounts (i.e., the first loan plus the equity line/loan) even though they are refinancing only the first mortgage.  If you plan on refinancing your first loan, check with your mortgage company to determine if getting a second line/loan will cause your refinance to be turned down.

  10.     Getting a home equity credit line to pay off your credit cards if your spending is out of control!
        When you pay off your credit cards with your credit line, don't put your home on the line by charging large amounts on your credit cards again!  If you can't manage the plastic, get rid of it!
Contact info
Armando Chacon Century 21 S.G.R., Inc. - West Loop
Local expertise, boutique service, great results, every time!
Century 21 S.G.R., Inc. - West Loop

1161 W. Madison, Chicago, IL 60607

IL License Number: 475.153391