Know the decision
before you make it.
Plain-language guides for Illinois buyers and sellers: buying, selling, mortgages, closing and taxes, disclosures, condominiums, risks, and community-specific decisions. 320 guides, each starting with the short answer.
Budgeting for an adjustable-rate mortgage payment change
Prepare for the financial variability of an adjustable-rate mortgage (ARM) by understanding the mechanics of payment adjustments and planning for the future.
2 min readBudgeting for two homes during a temporary overlap
Navigate the financial complexities of owning two homes simultaneously. Learn how to manage escrow, insurance, and overlapping mortgage payments.
2 min readBuying discount points without assuming how long you will keep the loan
Learn how to evaluate whether paying for discount points makes sense for your mortgage budget without needing to predict your future ownership timeline.
3 min readCalculating cash to close separately from the down payment
Distinguish between your down payment and total cash to close to accurately forecast the funds needed to finalize your home purchase.
3 min readChecking a mortgage offer for a prepayment penalty
Understand the implications of prepayment penalties and how to spot them in your loan documents before committing to a mortgage agreement.
2 min readChecking insurance assumptions before accepting a loan payment
Learn how to assess homeowners' insurance costs in your mortgage and ensure your premiums are accurately represented before finalizing your loan.
2 min readChecking property-tax assumptions in a lender estimate
Understand how property taxes impact your monthly mortgage payment and learn why it is critical to verify tax assumptions in your Loan Estimate.
3 min readChecking whether a quoted mortgage rate is actually locked
Protect your financing by verifying whether your interest rate is locked or floating, ensuring your mortgage offer remains stable until closing.
2 min readChecking whether your lender estimate uses the correct loan purpose
Ensure your Loan Estimate accurately reflects your home purchase goals by verifying the loan purpose and financial details provided by your lender.
2 min readChoosing a mortgage term using payment and total-cost tradeoffs
Evaluate your mortgage options by balancing shorter versus longer terms, focusing on how payment amounts affect your total long-term interest costs.
2 min readChoosing which closing services you are allowed to shop for
Navigate the closing process by identifying which services you can choose. Manage costs effectively by selecting providers from approved lists.
2 min readComparing a mortgage interest rate with its APR
Understand how to compare mortgage offers by looking beyond the interest rate to the APR to capture the true cost of your home financing options.
3 min readComparing escrowed and non-escrowed housing expenses
Navigate the differences between paying housing costs through an escrow account versus managing them yourself to determine which is better for your finances.
2 min readComparing lender origination charges on Loan Estimates
Learn to evaluate and compare lender origination charges across different Loan Estimates to ensure you receive a competitive deal on your mortgage.
2 min readComparing mortgage costs when the expected holding period is short
Strategically evaluate mortgage costs when planning for a short-term home ownership period to minimize upfront fees and total interest expenses.
2 min readComparing mortgage offers on the same loan amount
Master the art of comparing official Loan Estimates to secure the most favorable mortgage terms for your upcoming home purchase.
2 min read