1st Eagle Mortgage | Mortgage and Loan Company | Chicago Northfield Illinois

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Can You Be Approved for a Home Loan Without A Contract?

Realtors and home sellers want to know that the buyer is approved for a mortgage. There are several levels of “approval” beginning with a brief look at credit and income. The next level would be an automated underwriting system, and finally a complete underwriting approval that guarantees you’re a ready and willing buyer. It can save time and disappointment if you know you’re approved for a mortgage without a purchase agreement.

1st Eagle Mortgage offers this complete underwriting approval system while you’re looking for a home. We don’t need an address. This results in the assurance that you’ll get the mortgage once you find a home and also shortens the time from contract to closing. Once your offer is accepted and the home passes inspection, we’ll order the appraisal. Once done, the contract and appraisal are reviewed by the underwriter and we can close within days, not weeks.

Call 1st Eagle Mortgage at 847-441-4116.


1st Eagle Now Offering the E-Z Doc Program!

Do you have self-employed borrowers looking for a Jumbo loan? Our EZ-Doc program provides options for self-employed borrowers who have the ability to pay their mortgage with ease but may not be able to supply the rigorous documentation that is required in today’s mortgage marketplace. This program is appropriate for:

  • Income is stated but not verified
  • Loan amounts to $2M
  • Minimum qualifying credit score 700
  • LTV’s/CLTVs up to 70%
  • Purch/RT/Cashout Accepted
  • Max Cashout $400, ed 000
  • DTI 33/43%
  • Self-employed only

Eligible Property Types

  • Primary Residence
  • Second Homes
  • 1 Unit SFR/PUD

Additional Details

  • Caps: 5/2/5
  • Margin: 2.5%
  • Index: 1 Year LIBOR

Call 1st Eagle Mortgage at 847-441-4116.


A Thought About Fiscal And Financial Health

Why go to a 15 year mortgage? Yes, doctor it is a lower rate and you’ll save many thousands of dollars in interest compared to a 20 or 30 year mortgage.

Remember, unhealthy you don’t make money by paying down your mortgage. Your home will appreciate (or not) based on the real estate market.

In my opinion, ask a 15 year (or 10 year) fixed rate mortgage makes sense if:

  1. You’re able to continue to maximize your retirement contribution each year.
  2. You’ve paid off your credit cards (or have paid them down 10% or 15% of the the available limit.)
  3. You have 6 to 12 months of mortgage payments (including taxes and insurance) in readily available funds (money market, CD stocks, etc.)

I realize that in some cases, the desire to pay off your mortgage as soon as possible is so strong that it overrides any other consideration. However, I would suggest you at least consider the three items mentioned above.

I have several financial advisers that I can recommend.

Call 1st Eagle Mortgage at 847-441-4116.