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Shopping a mortgage in Illinois (and throughout the country) is different that it was even a few years ago. The main reason is that consumers are more informed and they follow the market more closely.
Today homeowners (and home buyers) can spend countless hours online comparing houses and interest rate offerings. They have real time data regarding interest rate trends at their fingertips. This is great. I love doing business with savvy borrowers. They share their financing ideas and challenge me to provide a personal solution to their financial needs.
While information is good, sometimes a little information can be detrimental. I say this because there are so many websites with so many different qualifying tools it can be confusing. While most customers are more financially educated, generally I find that most people are unaware of all of the factors that must be considered when shopping a mortgage. To make things worse most buyers/homeowners are disappointed because advertised rates are for the premier borrowers that have large down payments, impeccable credit scores and large savings accounts.
What mortgage shoppers should be aware of is that there are many different risk overlays that determine a rate quote. Considerations include down payment, credit score, Debt-to-Income ratio, subordinate financing, size of loan, location of property, property type, escrow status, occupancy and lock period to name a few. If all of these factors are not disclosed a rate quote will not be accurate.
In short, don't believe all the generic quotes you receive on the web. Be informed but also find someone you can trust. Find a mortgage specialist that is enthusiastic, listens to you and is a seasoned professional with references.