Fixed Rate or Adjustable Rate? Which is better?
There is no absolute right answer but Mortgage Rate Chicago counselors will look at your individual situation and make sure you understand all the options available.

Should I be able to lock in my rate at or prior to application?
Yes, at Mortgage Rate Chicago we guarantee our rates in writing and encourage applicants to expect nothing less when shopping for Chicago mortgage rates.

Are fees important?
Yes. Once you have identified the lenders with the lowest rates, comparing fees will determine which lender is offering the best product.

What is the difference between pre-qualifying and pre-approval?
A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you may be approved for. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend.

Pre-approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. Getting your loan pre-approved allows you to close quickly.

Can I be pre-qualified for a loan?
Yes, Mortgage Rate Chicago will pre-qualify applicants for maximum loan amounts prior to their shopping for a new home. The pre-approval can be an effective tool when making a purchase offer. A seller who knows that the buyer has been pre-approved will be more secure in making a deal.