🎉Alabama Mortgage Specialist | Lindsey Nance

Selecting the best mortgage plan can be challenging, but Ben Cohen at Guaranteed Rate provides expert guidance to help you navigate this process in Illinois. With deep knowledge of Illinois’s mortgage landscape, Ben ensures that you find a mortgage tailored to your unique needs and financial goals.

• Evaluate Your Financial Situation: Ben starts by understanding your financial profile, including credit score, income, debt-to-income ratio, and assets. This helps in identifying loan options that best suit your financial circumstances.
• Define Your Homeownership Objectives: Whether you’re purchasing your first home, refinancing, or investing in a high-value property, Ben customizes his recommendations based on your specific goals. He may suggest a fixed-rate mortgage for stability or an adjustable-rate mortgage for initial savings.
• Compare Loan Products: At Guaranteed Rate, Ben provides an array of loan options, including conventional loans, jumbo loans, FHA loans, and VA loans. He will walk you through each option, comparing interest rates, loan terms, and down payment requirements, so you can make an informed choice.
• Analyze Loan Terms: Ben explains the benefits and potential drawbacks of different loan terms. A shorter-term loan may have higher monthly payments but reduce overall interest, while a longer-term loan provides lower payments.
• Understand Additional Costs: Ben ensures transparency around all associated costs, such as closing costs, property taxes, homeowners insurance, and PMI (Private Mortgage Insurance), if applicable. This helps you assess the full scope of your mortgage commitment.
• Adapt for Future Flexibility: Ben helps you select a mortgage plan with flexibility, allowing options for refinancing or early pay-off should your financial needs change over time.

To begin your mortgage journey with expert guidance, contact Ben Cohen at Guaranteed Rate by calling 312-339-5533 or visiting illinoisjumbolender.com.

A strong credit score can significantly impact your mortgage terms. Ben Cohen at Guaranteed Rate recommends these 10 steps to improve your credit score before applying:

1. Review Your Credit Report
   Start by obtaining your credit report from all three bureaus (Equifax, Experian, and TransUnion) to check for errors that might be dragging down your score.
2. Dispute Errors
   If there are inaccuracies, dispute them with the credit bureaus. Correcting mistakes can lead to an immediate score improvement.
3. Reduce Credit Card Balances
   Aim to keep your credit utilization below 30%. Paying down your credit card balances significantly improves your credit profile.
4. Limit New Credit Applications
   Avoid opening new lines of credit within a few months of applying for a mortgage, as each inquiry can temporarily lower your score.
5. Consistently Make On-Time Payments
   Payment history has the most significant impact on your score, so paying all bills on time is crucial.
6. Pay Off High-Interest Debt
   Reducing high-interest debt can help decrease your debt-to-income ratio, an essential factor for mortgage lenders.
7. Resolve Negative Items on Your Credit Report
   Work on addressing any collections, late payments, or charge-offs. Ben can advise on strategies to negotiate or settle these items.
8. Use Credit Monitoring Tools
   Regularly monitor your credit score to keep track of changes and quickly address any new issues that may arise.
9. Build a Strong Credit History
   Maintain older credit accounts, as a longer credit history positively impacts your score.
10. Exercise Patience and Consistency
    Improving your score takes time. By starting at least six months before applying for a mortgage, you’ll be better positioned for optimal terms.

For personalized credit improvement strategies, connect with Ben Cohen at Guaranteed Rate by calling 312-339-5533.

Yes, Ben Cohen at Guaranteed Rate is experienced in helping clients with both mortgage refinancing and new home purchases in Illinois. Whether you’re aiming to reduce monthly payments, access home equity, or secure a new property, Ben provides expert support for every situation.

Home Purchase with Ben Cohen at Guaranteed Rate

• Pre-Qualification and Pre-Approval: Ben guides you through obtaining pre-qualification or pre-approval, giving you a clear budget range and increasing your credibility as a buyer.
• Loan Program Selection: Guaranteed Rate offers a wide range of loan programs, including conventional, FHA, VA, and jumbo loans. Ben will help you choose the best program for your financial and homeownership goals.
• Competitive Interest Rates: Ben works to secure the most competitive rates, ensuring your loan is both affordable and beneficial in the long term.
• Dedicated Support: From application through closing, Ben provides detailed guidance, answering your questions at every stage to make the process seamless.

Refinancing with Ben Cohen at Guaranteed Rate

• Reduce Monthly Payments: By refinancing, Ben can help you lower your monthly payments, freeing up funds for other expenses.
• Access Home Equity: If you have built significant equity, Ben can assist with a cash-out refinance to fund renovations, consolidate debt, or cover other financial needs.
• Choose Flexible Terms: Refinancing also allows you to adjust the length of your loan. Ben will help you find the best option to meet your financial goals.
• Debt Consolidation Options: Consolidate high-interest debt into a more manageable payment through refinancing with Ben’s assistance.

For refinancing or home purchase support, reach out to Ben Cohen at Guaranteed Rate by calling 312-339-5533.

To begin your mortgage application with Ben Cohen at Guaranteed Rate, gather these key documents. Being prepared helps streamline the process and reduces delays.

Essential Documents for Mortgage Applications

• Proof of Income
  • W-2 Forms: W-2s from the past two years provide verification of income.
  • Pay Stubs: Include your most recent pay stubs covering at least 30 days.
  • Tax Returns: Self-employed applicants will need two years of federal tax returns for income verification.
• Proof of Identity
  • Government-Issued ID: A valid driver’s license or passport is required.
  • Social Security Number: Required for credit reporting and identification.
• Credit and Debt Information
  • Credit Report: Ben will review your credit report to understand your history and assess your eligibility.
  • Debt Documentation: Include information on outstanding debts, which will factor into your debt-to-income ratio.
• Proof of Assets
  • Bank Statements: Provide recent bank statements to verify funds for down payments and closing costs.
  • Investment Accounts: Statements from retirement or other investment accounts can support your financial profile.
• Employment Verification
  • Employer Contact: Guaranteed Rate may reach out to your employer for verification. Self-employed applicants should provide additional documentation like a business license or profit and loss statement.

Additional Documentation for Loan Types

Certain loans have specific requirements:

• Conventional Loans: Typically need comprehensive income and asset verification.
• FHA Loans: May require proof of eligibility, especially for lower credit scores.
• VA Loans: A Certificate of Eligibility (COE) is needed for veterans.
• Jumbo Loans: Often require higher credit scores and extensive financial history.

For more information and a customized checklist, contact Ben Cohen at Guaranteed Rate by calling 312-339-5533.