Isabel Briones - Preferred Rate

Category: Mortgage lender in Libertyville, Illinois

Address: 339 N Milwaukee Ave, Libertyville, IL 60048, USA

Phone: +18474010123

Opening hours

Sunday: Closed

Monday: 8:30AM–6PM

Tuesday: 8:30AM–6PM

Wednesday: 8:30AM–6PM

Thursday: 8:30AM–6PM

Friday: Closed

Saturday: 8:30AM–6PM

Reviews

Rosa Welch

Nov 2, 2022

Isabel was the best! Great communication through the whole process and was always available.

Francesco DeStefano

Oct 27, 2022

The worst client experience ever! The mortgage commitment was 4 weeks late. The buyers were at risk of default under contract. The closing date is getting pushed back 6 WEEKS because they just found out ONE day before closing date that they didn’t have the transcripts from their client. DO NOT HIRE THEM CANNOT TRUST THESE PEOPLE TO DO THEIR JOB. They will make the seller and buyers live a NIGHTMARE when home buying should be easy for clients.

Maria Rosa

Jul 19, 2022

Isabel Briones is a very hard working person. During the whole process she keep me updated through phone calls, texts, and emails. She is very knowledgeable and patient.

Alfonso Ruiz

Dec 21, 2021

Excellent service! Isabel did a wonderful job getting our mortgage loan. She answered all of our questions and she was always available to assist with anything. Thank you Isabel.

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Questions & Answers

Are your offices open?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

All Preferred Rate offices are open! However, we ask that you kindly call ahead to make an appointment ahead of your visit.

When do I get the keys to my new home?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

This will depend on the seller’s terms. There are situations where this can be negotiated, but the keys are normally given to a buyer after the loan has funded. If you are trying to occupy your home before the loan funds, you will need to get that included in the contract. Talk to your real estate agent about early occupancy if you need to move into a home before it can close.

What happens after the loan is closed?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

There are three steps in the closing process: 1. Going to signing, where those who are purchasing the home and the sellers sign all of the documents. 2. Those are sent back to the lender, who then agrees that it’s good to go and funding is approved. 3. Your loan records with the county/state. Funding is the actual act of the lender wiring the loan amount funds to the title company, who will then release the funds to the seller. Once this happens, the purchase will be recorded with the county. Once that is done, the buyer receives the keys.

What are some things I shouldn’t do when waiting for a house loan to close?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

If you’ve already completed the application, had your offer accepted by the seller, and are now in underwriting, you are still under scrutiny. Your credit, employment, and finances are being watched, and they will be checked until you close your loan. During this time and until the loan has funded and you’ve signed the papers, do not: 1. Open a credit card. 2. Buy a new car. 3. Change jobs, or quit your job. 4. Spend all of your savings. If you have a desire to do any of those things, wait until after your loan closes.

What happens after I put in an offer on a home?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

Depending on the terms in your offer, the seller usually has a short window of time to respond to your offer, either with a counteroffer, declination, or acceptance of your offer. Your real estate agent is your advocate in this transaction and will negotiate on your behalf, or decline a counteroffer for you. Getting your offer accepted is just one of many steps in the home-buying process.

What happens when I find a house I want to buy?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

You put in an offer! First, though, you should be preapproved. The preapproval letter is a great way to show the home seller that you’re serious and that you can back up your offer. Depending on the real estate market in your area, getting preapproved before you find a home may be a good idea.

What is the debt-to-income ratio?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

There are many things we take into consideration when evaluating a loan application. One main determining factor is your debt-to-income ratio. The debt-to-income ratio is exactly what it sounds like: it’s the amount of debt you have compared to your income. For example, say you and your partner make $7,000 a month before taxes (your gross income), but you have student loans, a credit card payment, and a car loan that equates to $1,000. That makes your current debt-to-income ratio would be 14.

What can I do to prepare for a home loan application?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

While the ideal situation would allow for you to save a large amount of cash for a large down payment, that isn’t always possible. Save what money you can, but aside from that, you can begin getting your affairs in order so as to prove who you are, that you are employed, and that you have sufficient cash to close.

What is a mortgage loan?

Isabel Briones - Preferred Rate | Mar 11, 2022
Isabel Briones - Preferred Rate | Mar 11, 2022

A mortgage loan, also referred to as simply a mortgage is a loan offered to a person/entity in order to purchase real property. A mortgage can also be used to place a lien on a property being mortgaged in order to raise funds for whatever reason. This is often referred to as a second mortgage.

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