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As a mortgage broker, we are able to search for the best deal that suits your situation. We deal
with several different lenders in order to find a company that not only has the best rate and
lowest fees, but will also approve your loan in the quickest and easiest manner.

Big banks and mortgage companies have only their own programs to offer you with one set of
underwriters to approve your loan. At First Residential Mortgage Corporation, we will search
for the lender that will approve your loan with the best terms available, whether it is
purchasig your home, or consolidating your debt, our focus is to deliver solutions to meet your
needs.

Getting Started

Before you go very far in your quest for a new home, you'll want to start off with a firm
knowledge of how much home you can really afford. As a general rule-of-thumb, you can
probably afford a house that costs up to two and one-half times your annual gross income
(that's before taxes). If you are buying with a spouse or roommate, you can add in their income
for calculation purposes. But you'll need a little more to go on than just that quick
calculation. There are a lot of other factors that will weigh into how much home you can
ultimately afford, such as how much cash you have available for a down payment and closing
costs, your monthly income (before tax), and debt payments and credit history.

Prequalification

Begin your shopping with confidence through a prequalification program. Prequalification
tells you how much mortgage you are eligible to receive if your loan application is approved.
It shows sellers that you are serious about buying a home - and helps you narrow down your
search to homes within your price range. We use a prequalification tool that provides the most
accurate results because it uses actual underwriting rules, current interest rates and loan
products available.

Know What Lenders Want

Here's an inside look at what lenders are looking for as they consider your loan request:

Down Payment - Your housing affordability hinges on the amount of money you can come up
with for the down payment and closing costs. The larger the down payment, the lower the mortgage payment.

Borrowing limits - Earnings and debt. That's what lenders examine, as they set your borrowing
limits. Your mortgage payments, property taxes, insurance and any other related fees should
not exceed 28% of your monthly gross income; this is known as your housing debt ratios. Other
debts, such as, car payments, student loans and credit card are then added to your housing debt.
The sum of all debt, should not exceed 41% of your monthly gross. If it does, don't panic.
Remember, these are only guidelines.

As a small Chicago business owner or real estate investor in Chicago, you
have specific commercial mortgage financing needs. First Residential
Mortgage Corporation exclusive focus is to meet those needs. Our
outstanding customer service combined with our unique commercial lending
solutions will save you time and money.

First Residential Mortgage Corporation specializes in assisting borrowers
with the placement of variety of commercial properties in Chicago. Whether
you are a developer of multi-family condominiums and apartment buildings,
retail shopping centers, mixed-use, office, retail, hotels, net-leased and
industrial properties.