Best Rates Mortgage, LLC was formed by Thomas Buchmiller and John Buchmiller, Esq. Thomas and John worked with distressed homeowners for several years saving their homes from Foreclosure. By teaming up together, Thomas was able to analyze borrower’s loans, and determine the likeliness that they would be approved for a loan modification, and John was the attorney going to court to prevent sale dates on borrower’s homes. Although Thomas and John are still involved with saving homes from Foreclosure, they decided to start Best Rates Mortgage, LLC, and provide borrowers with FHA and Conventional loan products. Thomas and John’s mission is to put borrowers into traditional loans that they can afford and qualify for to prevent another mortgage crash and to keep the American dream of home ownership alive!
Our brokers come with many years of legal experience. Even if you have poor credit, they can likely find you a mortgage or mortgage refinancing in Chicago, IL. that works for you.
what our clients say
West UC Services, Sales Director
Best Rates helped me from start to finish when I purchased my first home. They explained the different purchase prices that would be available with my finances, and walked me through exactly what to expect from the bank once I found my home. When I found my first home, the loan process to funding was exactly what they said it would be, and I was cleared to close on my loan weeks before our closing date. Thanks again for all the help!
First Time Home Buyer
Getting my mortgage through Best Rates Mortgage was an excellent experience. Best Rates' talented professionals provided me with both easy to understand information and great customer service, which made the whole process completely stress free. Plus, Best Rates got me a great rate on my mortgage loan!
Become a Homeowner
IN CHICAGO, IL
Steps to Take Before You Apply
It’s Faster Than You think
Before embarking on a home buying venture, candidates must meet with a lender and receive a pre-approval for a mortgage. The lender, whether it be a private individual, bank, or other financial institution, will pull together comprehensive research. This research will include a credit check, an in-depth look into your total assets, income, and financial liabilities, and any other factors the lender might deem important based on the information given. Pre-approval can strengthen your ability to make an offer when you do find a home you like as sellers generally favor offers from pre-approved buyers.
Lenders will sometimes provide a mortgage pre-approval letter. This serves as tangible proof of your pre-qualification, and can be used when dealing with potential sellers. Keep in mind that this pre-approval letter may only be valid for a limited time.
An Indicator of Seriousness
With pre-approval, real estate agents will understand that you’re serious about purchasing a home.
A pre-approval letter may give you a step up on the competition in top neighborhoods, as it will help you stand out when multiple offers are on the table.
Knowledge of Your Credit History
With detailed knowledge about your credit history, you’ll know exactly what lenders see.
As you begin canvassing your favorite neighborhoods for the home of your dreams, keep several things in mind. Create a list of the amenities and features you’re looking for. Consider the number of bedrooms and bathrooms you’ll need, and consider the amount of square footage you’d like. Take a look at neighborhood offerings, including school districts, local businesses, crime rates, and consider the cost of the average home in that area.
As you determine cost, take into account utilities and property taxes while calculating your monthly mortgage payment capabilities.
A Narrowed Search
By knowing exactly what you’re looking for in a home, you can quickly narrow down the home search process.
Using a budget, you can quickly assess which homes you can realistically afford.
Finding Exactly What You Want
Neighborhood amenities are just as important as the home itself. Look at factors such as transportation, walkability, and local businesses to make a wholly informed decision.
After the loan application process, you’ll enter the processing phase. During this phase, the loan processor takes your mortgage application into consideration. The loan processor will first verify all information you’ve supplied, appraising the home and looking at extensive credit reports. They’ll compile proof of employment, income, and assets. They’ll also look into your homeowner’s insurance, debt issues, and any other outstanding payments you might have. Your income will receive a great deal of scrutiny. It’s the processor’s job to ensure that your total monthly mortgage payments don’t eat up your total monthly gross income.
During processing, all information you’ve supplied will be verified, so be diligent in accurately reporting your financial information.
Come Prepared with Documentation
Accelerate the process by coming prepared with all the documentation a loan processor may need.
Remain in Contact
Stay in constant contact with your lender. This will improve your relationship and move the loan process along at a quicker pace.
During this phase, mortgage underwriters will assess the risk associated with approving your loan. They will compare your financial profile and capabilities with your lender’s loan guidelines and required criteria. The underwriter makes the final call on your loan request. During the underwriting process, the underwriter will take a look at your proven ability to repay the mortgage. This will require the underwriter to take an in-depth look at your employment, debt, assets, and income. Underwriters determine whether you have or will have enough money to handle your current financial obligations, as well as the new proposed mortgage. Your credit score is essential in this process; your credit report will be examined to determine how you handle and repay past loans and bills. The underwriter will also look into whether the loan amount exceeds a property’s value; if it does, the loan will not be accepted.
The underwriter will call your employer to confirm your employment and income.
A lender will ensure that the price of the property you want is comparable to other, similar properties, and this appraisal might affect your mortgage rate and terms.
A title company will look into the legal history of the property, as a lender will be hesitant to lend money against a home that has previous claims.
Once you reach closing, you’ve rounded the final base. During the closing process, the property title is passed from the seller to the buyer. A closing agent oversees this process, which can occur in the title company, escrow office, or your new home. The closing agent serves as mediator between the seller and the buyer, and makes sure all essential documents are legally signed and recorded.
During closing, your role will largely consist of reviewing, authorizing, and dating a plethora of legal documents. After closing completes, you’ll receive the title, exchange money, and the house will officially be yours.
A Pre-Closing Walkthrough
Before closing, you’ll have a final opportunity to walk through the property with the seller to determine that the condition is as was agreed upon.
Practice Your Signature
You’ll will be signing multitudes of paperwork; this will likely be your only main duty throughout closing.
The House is Yours
As closing finishes up, you’ll finally receive the title. Start packing, because it’s time to move into your new home.
making the most
Sometimes the mortgage loan you have no longer meets your needs. You may decide that current market conditions would give you a lower payment. Or, perhaps by refinancing you can finance improvements to your home, or pay for a college education, or put a downpayment towards a vacation home or investment property.
what is your reson to refinance?
Choose the best loan program based on
Years you plan to stay in your home
|1-3y.||3/1 ARM or 1 year ARM or 6 month ARM|
|7-10y.||10/1 ARM or 30 year fixed or 15 year fixed|
|10y.+||30 year fixed or 15 year fixed|
Tools & Resources
Mortgage 101 With Elizabeth Banks