We offer personalized service and some of the most competitive rates in the mortgage industry. Our clients continue to recommend us because of our experience and knowledge of every aspect of the mortgage business and real estate market. Our expertise makes the purchase or sale of our client's homes and investment properties as well as the mortgage process a smooth transaction from start to finish.
Gloria and Laura worked with my husband and I to find the right mortgage for us. We were given many options and choose the one that was right for us. Gloria and Laura were very patient during this stressful time and were instrumental in making our dreams come true. Laura and Gloria have been working with us since we have purchased our first home back in 2003.
We have recently refinanced our home with the help of Laura and Gloria. They go the extra mile to help their clients. I highly recommend Avalon Mortgage Services! Gloria and Laura made the process of selling and buying at the same time seamless.
Gloria and Laura worked with my husband and I to find the right mortgage for us. We were given many options and choose the one that was right for us. Gloria and Laura were very patient during this stressful time and were instrumental in making our dreams come true. Laura and Gloria have been working with us since we have purchased our first home back in 2003.
We have recently refinanced our home with the help of Laura and Gloria. They go the extra mile to help their clients. I highly recommend Avalon Mortgage Services! Gloria and Laura made the process of selling and buying at the same time seamless.
Services
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We can help.
We guarantee your privacy.
By checking the box, you agree that Avalon Mortgage Services, Inc. an Illinois Residential Mortgage Licensee may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.
Message/data rates may apply.
What's better than getting a bunch of new furniture to adorn your future home?
Not much.
But buying big ticket items before your loan closes could be trouble.
There are still a few major hurdles to jump before your loan closes.
Below you'll find a list of actions to stay away from during this critical time of your home purchase.
Don't buy big-ticket items.
You may be itching to turn your new kitchen into a home magazine cover, or celebrate your new castle, but stay away from major purchases like furniture, jewelry, appliances, or vacations until the loan closes.
Not much.
But buying big ticket items before your loan closes could be trouble.
There are still a few major hurdles to jump before your loan closes.
Below you'll find a list of actions to stay away from during this critical time of your home purchase.
Don't buy big-ticket items.
You may be itching to turn your new kitchen into a home magazine cover, or celebrate your new castle, but stay away from major purchases like furniture, jewelry, appliances, or vacations until the loan closes.
Lenders use a ratio called "debt to income" to decide your maximum monthly payment after you have paid your other monthly debts.
Most conventional mortgage loans require a qualifying ratio of 28/36.
An FHA loan will usually allow for a higher debt load, reflected in a higher (29/41) qualifying ratio.
The first number in a qualifying ratio is the maximum amount (as a percentage) of gross monthly income that can be applied to housing (this includes principal and interest, PMI, hazard insurance, property taxes, and HOA dues).
Most conventional mortgage loans require a qualifying ratio of 28/36.
An FHA loan will usually allow for a higher debt load, reflected in a higher (29/41) qualifying ratio.
The first number in a qualifying ratio is the maximum amount (as a percentage) of gross monthly income that can be applied to housing (this includes principal and interest, PMI, hazard insurance, property taxes, and HOA dues).
Since our world is so automated, it's probably not that surprising that your creditworthiness boils down to a single number.
All the years you've been paying your various bills: your mortgage, vehicle payments, and credit card bills are analyzed, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.
Each of the three credit agencies has its own formula for building your credit score.
Fair Isaac and Cooriginally developed this score.
Experian uses this model and calls its score FICO.
All the years you've been paying your various bills: your mortgage, vehicle payments, and credit card bills are analyzed, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.
Each of the three credit agencies has its own formula for building your credit score.
Fair Isaac and Cooriginally developed this score.
Experian uses this model and calls its score FICO.
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