Chicago Financial Services strives to be one of the best residential mortgage bankers in Chicago. We are flexible and do not have the layers of bureaucracy you find with larger, slower institutions. All aspects of the residential lending process occur in house at CFS. This allows for industry leading turn times and a prompt completion of each transaction.
We are committed to providing you with the home loan that best fits you, with the best possible rates, and unmatched customer service. We will walk you through each step of the mortgage process, answer all of your questions, and provide you with sound financial advice. The mortgage process will be simple and easy to understand.
We are committed to providing you with the home loan that best fits you, with the best possible rates, and unmatched customer service. We will walk you through each step of the mortgage process, answer all of your questions, and provide you with sound financial advice. The mortgage process will be simple and easy to understand.
Services
Chicago Financial Services, Inc. (CFS) was founded in 1990 and is headquartered at 1455 W. Hubbard Street in the West Town area of Chicago, IL.
We provide residential mortgage services to individuals for the purchase and refinance of one to four unit primary, secondary and investment properties, including Condos and COOPs in AZ, CA, CO, FL, GA, IL, IN, MI, WA, and WI.
We strive to be one of the best residential mortgage bankers in Chicago and differentiate ourselves from other mortgage lenders because of our boutique size.
We provide residential mortgage services to individuals for the purchase and refinance of one to four unit primary, secondary and investment properties, including Condos and COOPs in AZ, CA, CO, FL, GA, IL, IN, MI, WA, and WI.
We strive to be one of the best residential mortgage bankers in Chicago and differentiate ourselves from other mortgage lenders because of our boutique size.
There are five phases to getting your loan closed.
Your CFS mortgage consultant will be in contact with you during the entire mortgage process.
Your mortgage application can be made over the phone, in person, or online.
Be sure to provide detailed information about your annual income, current assets and liabilities, and property value.
Your CFS mortgage consultant will help pick the loan product that best suits you and your financial needs.
Your initial application will be submitted electronically to Fannie Mae or Freddie Mac for preliminary approval.
Your CFS mortgage consultant will be in contact with you during the entire mortgage process.
Your mortgage application can be made over the phone, in person, or online.
Be sure to provide detailed information about your annual income, current assets and liabilities, and property value.
Your CFS mortgage consultant will help pick the loan product that best suits you and your financial needs.
Your initial application will be submitted electronically to Fannie Mae or Freddie Mac for preliminary approval.
Typically an underwriter would approve your loan request if your new housing payment did not exceed 32% - 35% of your gross monthly income, and your total debts (including car loans, minimum credit card payments, etc.) did not exceed 42% - 45% of your gross monthly income.
We sell to as many as twenty different institutions that offer us loans at wholesale rates.
We can offer those same loans at a discount to you.
An ARM loan has an initial fixed rate period after which it adjusts (usually annually) according to an index plus a margin.
We sell to as many as twenty different institutions that offer us loans at wholesale rates.
We can offer those same loans at a discount to you.
An ARM loan has an initial fixed rate period after which it adjusts (usually annually) according to an index plus a margin.
Allows the lender to demand immediate payment of the balance of the loan in the event the borrower defaults on payments.
A mortgage in which the interest rate changes periodically based on a pre-selected financial index.
Most ARMs have caps on how much an interest rate may increase.
Also known as variable rate mortgage.
The repayment of a mortgage loan by equal periodic payments to cover the principal and interest.
The time between changes in the interest rate and/or monthly payment in an adjustable rate mortgage.
A mortgage in which the interest rate changes periodically based on a pre-selected financial index.
Most ARMs have caps on how much an interest rate may increase.
Also known as variable rate mortgage.
The repayment of a mortgage loan by equal periodic payments to cover the principal and interest.
The time between changes in the interest rate and/or monthly payment in an adjustable rate mortgage.
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