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Understanding Which Mortgage Loan is Right for You: An Interview with Kris Krajecki, Mortgage of I'

By Kris Krajecki

Tell us a little bit about your company and the services you offer.

My name is Kris Krajecki, a full service mortgage broker at great mortgage in Lombard Illinois, with offices in Geneva and Huntley. I offer many different loan programs and options including FHA, conventional, VA, reverse mortgages as well as special finance programs that will allow you to purchase a home for no money down as well as credit scores as low as a 560.

What is one of the most important things for potential homeowners to know when they're starting to look at the different types of homes?

One of the most important things to know is how much you are qualified for, but more importantly how much you actually want to spend. A 10 minute conversation on the phone with me can have you pre-approved for a mortgage and you will know how much of a home to look for as well as your mortgage payment including principal, interest, taxes, insurance, and mortgage insurance and any homeowners association dues.

Homeowners also need to keep in mind that the taxes on a home purchase are just as important as the actual purchase price of the home. In many cases the taxes are so high that the borrower would not qualify for that home even if it is with in their purchase price limit.

Is there a common misperception about mortgages that you've seen first time homebuyers have?

One common misconception is the amount of money needed to purchase a home. We have programs which would allow for no money down and no closing costs. You can buy a home with very little money in the bank and have mortgage payments that are less than rent!

How should people approaching trying to understand the types of loans that are available to them and deciding which one is the best fit?

That's easy! Just give me a call! That's what I'm here for.

What are two or three of the most common types of loans to people apply for and the main benefit of each one?

The two most common types of loans that people apply for our FHA and conventional. The benefits of FHA are lower interest rates, more money from the lender to use towards closing costs, the loan is assumable, only 3 1/2% down is required and it is much easier to qualify for this type of loan. The only disadvantage is a higher mortgage insurance premium.

Conventional loans have lower mortgage insurance premiums, however they are stricter and require a much higher credit score in order to be competitive with FHA. The minimum down payment required is 5%.

Typically, first time homebuyers go with FHA and once people are in the house for a period of time they can refinance and switch over to a conventional loan to get rid of the mortgage insurance.

What advice would you give prospective homebuyers who want a lot of flexibility with their mortgage?

As of full-service mortgage broker, I work with over 40 different lenders to offer any flexibility needed. We can even let you choose your own loan term anywhere from 8 to 30 years.

What is the best way for people to reach you and your company?

You can reach me 24 hours a day, 7 days a week at (630) 347-6321

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