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Testimonials

My experience with Smart Mortgage was great. Service was excellent. Overall I had a great experience with your company. Thanks a lot!
N. Krishnan
Carol Stream, IL

I just wanted to thank you for the exceptional job you have done with my loan. And particularly I would like to thank (my loan officer), he has done an exellent job and has been extremely professional. Once again, I would like to thank you for everything you have done and loook forward to doing more business with you in the future.

V. O'Donoghue
Joliet, IL

I want to compliment you and your staff for the wonerful treatment I received in the refinancing of my home. All of you were so kind and professional, which made the transaction very comfortable and seamless. Thank you also for the expeditious manner that the loan was financed.
Rao Family
Naperville, IL

After throwing our money away on rent for months I decided it was time to buy my own home. I started calling around to different mortgage companies, and got the run-around. I knew it wasn't going to be easy. Then I called Smart Mortgage. My loan officer made himself available to me at odd hours of the day. Now I have a house I can call a home. Smart Mortgage helped me to make my dreams come true.
Mbilizi Family
Cortland, IL

Let me begin by thanking Smart Mortgage for their efforts in securing the best possible rate for my refinance loan. Thank you for keeping us constantly informed through all stages of the loan process. I guess the best possible testimonial for any business can be measured by not only a satisfied customer but by a repeat one. And you definitely have earned a repeat customer.
P. Smith
Plainfield, IL

I want to sincerely say I enjoyed doing business with you and will recommend you to my friends and business associates who are interested in buying or refinancing real estate.
P. Schmitt
Geneva, IL

As you well know this was my first experience with home ownership and I have to say I was extremely impressed with your customer service and responsiveness. Everyday I dealt with you was great. Thank you for your excellent follow through and great service.
S. Menon
Gurnee, IL

I want to thank you for all your efforts in helping us refinance our home. Everything went smoothly and efficiently - I can't believe the process was so painless. I'm sure your job was more difficult with our loan officer in Chicago and me flying all over as a flight attendant, but your attention to detail and great communication skills made this refinance easy. We look forward to referring friends and neighbors to you in the future.
J. Correia
Chicago, IL

It was a pleasant experience to close a loan with your organization. My loan officer was very professional, consultive and communicated thoroughly throughout the loan transaction. He gets my highest praise!
P. Surti
Aurora, IL

With not so perfect credit, Smart Mortgage was the only one willing to work withme to become a first time homebuyer, I'll recommend Smart Mortgage to all my friends.
L. Stark
Naperville, IL

The best, friendliest, low cost mortgage company we've ever worked with, and we've been around a long time.
Peterson Family
Plainfield, IL

You welcomed me into the office to help me with my loan options, and were available anytime of the day. Thank you so much.


D. Gass
Burbank, IL

You made the whole loan process so easy and stress free.


S. Alaimo
Joliet, IL


View All Testimonials

 

  1. What information do I need to provide when I apply?
  2. Where do I close and sign for my loan?
  3. What documents will I receive at closing?
  4. How long will the loan process take?
  5. When can I lock-in my rate?
  6. How long is my rate lock valid?
  7. Can I pay my loan off early, can I pay extra each month?
  8. What is an escrow account?
  9. What is PITI?
  10. What is a balloon mortgage?
  11. What is a conventional loan?
  12. What is a jumbo loan?
  13. What is PMI?
  14. What are points?
  15. What is a buy down?
  16. What is Pre-Qualification?
  17. What is a Pre-Approval?
  18. How do I know what loan is best for me?
  19. What are closing costs?

 

What information do I need to provide when I apply?
A: When you're ready to apply, you need the most current information on your monthly income and debt, a total of your assets, and employment information.
   
Where do I close and sign for my loan?
A: Typically your closing will take place at a title closing agent's or attorney's office.& When all parties agree upon a closing date, we will provide you withh the exact location and time of your closing.
   
What documents will I receive at closing?
A: At the closing you will sign and receive copies of all legal documents that will be recorded and placed on record regarding the property that you are purchasing or refinancing.& Also, you receive all& pertinent information regarding your mortgage payment and servicing information for your new loan.
   
How long will the loan process take?
A: Loan approval and funding time frames vary depending on the type of transaction and the complexity of your personal finances.& The process can take, on average, anywhere from 14-30 days.
   
When can I lock-in my rate?
A: You can lock or float your interest rate at any time during the process of your loan.& The Loan Officer will discuss these options with you upon taking your application.& If you are submitting your loan application via the internet, a loan officer will be contacting you to discuss your interst rate lock or float options.
   
How long is my rate lock valid?
A: Depending on the type of transaction and the time you need, lock periods can be valid anywhere from& 7 days up to 180 days.
   
Can I pay my loan off early, can I pay extra each month?
A: Yes, you can make principal payments at anytime during your loan term or pay the loan in full.& You can also pay a set amount each month above the normal payment due or make lump sum payments periodically.
   
What is an escrow account?
A: An account maintained by the lender to collect funds from the borrwer in order to pay the taxes and property insurance due on the loan.
   
What is PITI?
A:
This represents the accounts your money is applied to when you make your monthly mortgage payment:
P - Principal
I - Interest
T - Taxes
I - Insurance
   
What is a balloon mortgage?
A: A loan with a fixed rate payment for the first five to ten years of the loan, then a lump sum payment is due on the balance of the loan at a specified date when the balloon loan matures.
   
What is a conventional loan?
A: A mortgage not guaranteed by VA or insured by FHA, FMHA or State Bond Agencies.
   
What is a jumbo loan?
A: A conventional loan that exceeds the maximum agency (Fannie Mae, Freddie Mac) mortgage amount guidelines for a conventional loan.
   
What is PMI?
A:

This stands for Private Mortgage Insurance.& On a conventional loan PMI is required if you borrow over 80% of your appraised value in one loan.& This protects the lender against financial loss if the loan is defaulted.

   
What are points?
A: Points represent an origination fee charged by the lender and loan discount points sometimes charged on the note rate to lower the interest rate.
   
What is a buy down?
A: A fee paid to lower the interest rate on a mortgage.& The buyer, seller, or any other interested party may pay it.
   
What is Pre-Qualification?
A:

The process of determining how much money a prospective homebuyer will be eligible to borrow before a loan is applied for.

   
What is a Pre-Approval?
A:

This allows you the ability to get approved for a specific loan amount prior to finding the home you want to purchase.& This can give you a great advantage with a homeowner or realtor if someone else is interested in the same home at the same time.& Also, if you're thinking about refinancing and would want to payoff creditors or take cash out, but not sure you would qualify - you can apply ofr a pre-approval and could save on the cost of getting an appraisal on your home until you know if you qualify.

   
How do I know what loan is best for me?
A:
Review your current situation and future goals, then answer the following questions to help determine the direction you may wish to take.& Also, discuss these questions with your loan officer to help determine the type of loan you need.
&
- How long do you expect to stay in the house?
- Which is more important, low monthly payments, or low closing costs?
- Will my income increase or decrease in the next three years?
- How comfortable are you with your monthly payment potentially increasing?
   
What are closing costs?
A: Fees and costs that both buyer and seller must pay at closing.& They generally include: origination fee, discount points, appraisal fee, credit report fee, title search, recording fees, and other costs described in the HUD-1 at settlement.
   




















 
 
 

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