Schaumburg, Illinois based Mortgage Broker Dan Schwellenbach reveals 3 things you should watch out for when shopping for home-finance products on the Internet.

Schaumburg, IL -- (SBWIRE) -- 11/06/2012 -- Schaumburg, Illinois Based Mortgage Broker Reveals 3 Things Lenders Don't Want You to Know About Shopping for a Mortgage Online

Anyone who's even remotely interested in shopping for a home loan has probably paid attention to all those commercials on TV touting the ease of using any of a variety of Internet services to compare mortgage offers from the comfort of your home. You may even have tried a couple of them yourself. But Dan Schwellenbach, a Loan Officer with Crosscountry Mortgage, Inc., says Schaumburg, Illinois residents need to watch out when trying to use the Internet to do the heavy lifting for them.

"Sometimes, these Internet services might work fairly well for certain people." "But the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren't the best for them, or even worse, they may be shut out of the process altogether."

Dan Schwellenbach says the problem with these services is that they never really get to know anything about your financial situation other than your credit history and income level. "So basically what winds up happening is that you're reduced to a number to them. And if they don't like whatever that number is, you're out of luck."

Here are three things you should watch out for when shopping for home-finance products on the Internet – things most online mortgage sites hope you ignore:

*Do they take the time to find out about your unique situation, or are you just a cyber-borrower in their eyes? Most of these sites simply don't have the manpower to individually work with every borrower. So a lot of times you wind up with a bad loan simply because there was no one to check if they could have gotten you a better deal.

*What do they offer people in special financial circumstances – such as the self-employed or people with damaged credit? Most of these sites don't even want to work with you unless you meet their stringent criteria.

*Do they provide advice to help when choosing between loan products? Most sites simply gather offers, throw them in your lap, and pressure you to choose between them. Unless you're a pretty experienced mortgage pro, deciding on the best offer can be difficult, if not impossible.

So, what's the solution? Use the Internet to educate yourself and then work with a real human being. You may not have thought about "old-fashioned" methods of finding the best deal, such as working with a mortgage broker. "But for anyone who values a real person sitting down with you and working through the process, there's no better option," says Schwellenbach.

Schaumburg, Illinois - based mortgage expert Dan Schwellenbach specializes in providing information to Illinois residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Dan Schwellenbach is available for interviews and will welcome all your mortgage related questions.

Call (847) 907-9357 for a Free No-Obligation Consultation or visit:

http://schaumburgmortgageplanning.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Schaumburg, Illinois based Mortgage Broker Dan Schwellenbach reveals mortgage secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give the self-employed and other Illinois residents all the facts so they can make an educated decision when obtaining a mortgage.

Schaumburg, IL -- (SBWIRE) -- 10/10/2012 -- Second homes aren't just for the rich and famous anymore. More and more middle-class Illinois residents are finding that buying their dream vacation homes is easier than they thought.

"This is one of the best times in the last five years to go ahead and invest in a second home," says Dan Schwellenbach, a Schaumburg, Illinois based mortgage consultant. "They're becoming much more attainable now, thanks to low interest rates and a variety of other factors than benefit buyers."

In fact, Dan Schwellenbach is seeing this trend first hand in his own business and now works with investors who are looking to earn rental income, as well as those who simply want a gathering place for family vacations or weekend getaways, practically every day.

If you've been thinking about investing in a second home, here are some things to remember:

- The IRS has rules that can affect whether or not the interest on a mortgage for a second home is tax deductible. A financial advisor can explain these details to you. You don't want to get hit with an unexpected tax bill simply because you didn't know the rules.

- Consider the rental market. If you won't be visiting the vacation home more than a few times a year, you might want to consider renting the property during times when you won't be using it. This can help offset the cost of the new mortgage.

- Shop for the best rates. You wouldn't make any other major purchase without first shopping around, so there's no reason why you shouldn't do the same thing when looking at your financing options for your vacation home. This is also where a trained mortgage broker can help. Mortgage brokers have access to dozens of lenders and mortgage products many people don't even know exist, and can be a great choice for people who want expert advice on making the right financing choices.

Schaumburg, Illinois - based mortgage expert Dan Schwellenbach specializes in providing information to Illinois residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan – even second home and vacation home loans.

Dan Schwellenbach is available for interviews and will welcome all your mortgage related questions.

Call (847) 907-9357 for a Free No-Obligation Consultation or visit http://chicagomortgagesecrets.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Struggling Illinois homeowners now have real help available through the new FHA streamline refinance program.

Schaumburg, IL -- (SBWIRE) -- 09/05/2012 -- Illinois mortgage lender, Dan Schwellenbach is now offering a newly revamped FHA streamline refinance program aimed at enabling even the deepest underwater or upside down homeowners to reduce their payments and enjoy current record low mortgage rates.

The newly released FHA streamline mortgage no longer requires a home appraisal and offers superior savings in addition to many benefits which Illinois homeowners may not even know exist.

Until the release of the FHA Streamline Refinance program, Illinois borrowers with FHA home loans have had limited opportunities to receive mortgage assistance.

In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:

- Lower Mortgage Insurance
- No appraisals required
- 'No-cost' refinancing possible
- Lower credit scores OK
- No loan balance increase to cover loan costs
- Can refinance even if 'underwater' or 'upside down'
- Minimal paperwork

The Federal Housing Administration (FHA) who insures these home loans actually has no minimum credit score requirement and requires no income verification, although each individual mortgage lender may have their own underwriting guidelines requiring a minimum credit score and additional income verification.

Still, what is really different about the new streamline program is the reduction of mortgage interest for those whose original loans were endorsed on or before May 31st, 2009. According to the FHA this equates to additional savings of over $3,000 at closing and over $100 a month for the average borrower compared to the previous program.

This is on top of the ongoing payment savings for a borrower, which could be thousands of dollars per year depending on the loan amount and interest rate change.

Clearly, no borrower could ask for an easier mortgage program to qualify for and the savings could be quite significant, even for those who already thought they had pretty attractive rates.

FHA Streamline Specialist, Dan Schwellenbach says "these FHA loans are an exciting way for people to enjoy double savings with lower monthly mortgage payments and faster equity building with the long term restructuring".

Illinois property owners who currently have FHA loans can discover more information on the program and check out the 60 second eligibility form for personalized quotes and savings calculations at http://fhastreamlineil.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Real help for struggling Illinois homeowners is now available through the new FHA streamline refinance program.

Schaumburg, IL -- (SBWIRE) -- 08/15/2012 -- Illinois mortgage lender, Dan Schwellenbach has finally announced the release of the FHA Streamline Refinance program which can really help struggling local homeowners since qualifying for this program is easier than ever.

Many homeowners have become weary after years of promises that real help was on the way which would make their mortgage payments more affordable and enable them to avoid falling into foreclosure. However, until now initiative after initiative seemed unable to provide real assistance to property owners with FHA home loans.

HARP 2.0 delivered relief for some homeowners, but only for those with mortgages backed by Fannie Mae or Freddie Mac.

Thankfully, a real effort has been made to assist Illinois borrowers with FHA mortgages to reduce their monthly payments and take advantage of low interest rates.

This now means there are no appraisals being required to qualify so being underwater or upside down on their mortgage will not prevent homeowners from refinancing. The FHA has also announced that it is waiving the necessity for credit reports and income verification to enable more Illinois homeowners to qualify. However, it is important to note that individual mortgage lenders all have their own underwriting guidelines which may mean some income verification is needed as well as a credit check but most will still be far more lenient than trying to get approved for any conventional home loan today.

What is really different about the new FHA Streamline refinance program is the reduction in mortgage insurance for those who had their loans endorsed on or before May 31st, 2009. Until now, recent rate increases had eliminated much of the savings for those attempting to refinance or meant they had to bring cash to closing. Now 'no-cost' refinancing is available and that coupled with lower mortgage insurance rates can equal thousands of dollars in savings.

When asked about the new FHA streamline program benefits Dan Schwellenbach of Crosscountry Mortgage, Inc. said "This program finally delivers really substantial savings to underwater homeowners and anyone with an FHA loan who has not refinanced in the last six months should seriously consider this option, even if turned down before".

Those interested in finding out more about the FHA Streamline Program or would like to see if they qualify can discover more details on eligibility and receive a customized rate quote by visiting http://chicagomortgagesecrets.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Schaumburg, Illinois based Mortgage Broker Dan Schwellenbach reveals mortgage refinancing secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give Illinois residents all the facts about mortgage refinancing so they can make an educated decision when obtaining a mortgage.

Schaumburg, IL -- (SBWIRE) -- 08/01/2012 -- It seems like everyone in Illinois is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering your monthly payments, sometimes significantly, is a great attraction for many homeowners.

But before you sign on the dotted line, there are a few things you should know about the way refinancing works so you don't make a mistake that could wind up costing you big time.

"With refinancing as popular as it is right now, Illinois residents have to be even more careful about shopping for the best loan," says Dan Schwellenbach, a Schaumburg, Illinois based mortgage consultant. "Even the most attractive offer can wind up being a disaster once you realize how much the loan is really costing you."

Schwellenbach offers these tips when considering refinancing:

- You should get a significantly lower rate for refinancing to make sense. Don't rush to refinance unless it's truly worth your while. If you're working with a mortgage broker rather than going it alone, you can be assured that they're bringing you the best offers out there. If you're going it alone, you'll have to do the legwork for yourself.

- Consolidating unsecured debt with a refinance loan can be a dangerous idea. You may not be in financial trouble now, but if in a few years things change, instead of simply missing a credit card payment or two, you'll now be in danger of losing your home as well.

- Your credit score counts... big time. If you've had credit problems in the past like a bankruptcy, it might make sense to wait a while for your credit score to recover before trying to refinance. Most lenders make it hard for people with less than perfect credit to get the best deals. But, again, if you choose to let an expert like a mortgage broker get involved in the process, they can often find loan options that most homeowners didn't even know existed - which can save you thousands over the long haul.

Schaumburg, Illinois - based mortgage expert Dan Schwellenbach specializes in providing mortgage information to Illinois residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Dan Schwellenbach is available for interviews and will welcome all your mortgage related questions.

Call 847-907-9357 for a Free No-Obligation Consultation or visit http://schaumburgmortgageplanning.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Illinois homeowners who are living under negative equity may be able to use the HARP 2.0 government program to allow them to refinance at lower interest rates.

Schaumburg, IL -- (SBWIRE) -- 07/24/2012 -- More people than ever with homes in distress are able to refinance under the HARP 2.0 program. This bodes well for homeowners looking to reduce their interest rates and lower their monthly mortgage payments.

The only problem is that still many Illinois homeowners don't know the program exists.

Illinois mortgage originator, Dan Schwellenbach educates his potential clients on the basics of this program at his Online HARP Refinance Information Center.

Schwellenbach explains that the Home Affordable Refinance Program (HARP) is a streamline refinance program created to help responsible borrowers who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their home value.

In October 2011, Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to refinance mortgages in Illinois.

With the changes announced to the HARP eligibility guidelines (now called HARP 2.0), more homeowners than ever are now eligible to refinance at lower interest rates.

According to Schwellenbach, the relaxed stipulations of the HARP 2.0 program have already resulted in a large amount of loan modifications. Those Illinois homeowners with high LTVs (Loan-to-Value ratios) and less than perfect credit scores have been able to successfully refinance their homes.

You May Be Eligible For A HARP Refinance If:

1) Fannie Mae or Freddie Mac owned or guaranteed your home loan.

2) Your loan was sold to Fannie Mae or Freddie Mac before May 31, 2009.

3) Your mortgage is current for the last six months.

4) You owe more than your home is worth, or is there minimal equity in your home.

5) Your mortgage has not already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.

6) You have no more than one late payment over the past 12 months.

7) Your loan is not an FHA, USDA or Jumbo Mortgage.

Call Dan Schwellenbach at 847-907-9357 or visit our HARP Refinance Center and fill out our Quick 1 Step Eligibility Form to see if you qualify for this new program.

For Answers to Your HARP Questions: http://chicagoharp2.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Updated HARP 2.0 government program provides refinancing options to Illinois homeowners who are living under negative equity by allowing them to refinance at lower interest rates.

Schaumburg, IL -- (SBWIRE) -- 07/16/2012 -- In October 2011, Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to refinance mortgages in Illinois that are HARP Eligible.

The Home Affordable Refinance Program is a financial aid program announced by the US federal government in 2009 to help millions of homeowners who are either near-underwater or underwater (means you have zero - or even negative - equity in your home) to refinance into a fixed loan with lower monthly payments.

With the changes announced to the HARP eligibility guidelines (now called HARP 2.0), more and more homeowners are now eligible to refinance at lower interest rates.

The elimination of the 125% loan-to-value for fixed rate Freddie Mac or Fannie Mae mortgages and the exclusion of appraisals for new properties where there is already a reliable Automated Valuation Model or AVM are two such major changes that help make more people eligible.

The goal of the newly modified HARP 2.0 Program is to help stabilize the real estate market and encourage more people to buy homes on loans.

You May Be Eligible For A HARP Refinance If:

1) Fannie Mae or Freddie Mac owned or guaranteed your home loan.

2) Your loan was sold to Fannie Mae or Freddie Mac before May 31, 2009.

3) Your mortgage has not already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.

4) You owe more than your home is worth, or is there minimal equity in your home.

5) You have been current on your mortgage for the last six months.

6) You have no more than one late payment over the past 12 months.

7) Your loan is not a USDA, FHA or Jumbo Mortgage.

Call Dan Schwellenbach at 847-907-9357 or visit our HARP Refinance Center and fill out our Quick 1 Step Eligibility Form to see if you qualify for this new program.

For Answers to Your HARP Questions: http://chicagoharp2.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Illinois HARP Refinancing Expert Dan Schwellenbach explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0.

Schaumburg, IL -- (SBWIRE) -- 07/05/2012 -- Help has finally arrived for Illinois home owners whose property values have dropped over the past couple of years. In order to lower costs of mortgage installments today and get a good fixed rate plan underway for repayment, many people are turning to the Home Affordable Refinance Program (HARP or HARP 2.0), also known as the Making Home Affordable Program.

However, as new information appears on government sites, people are finding the documentation to be lengthy and somewhat confusing.

Dan Schwellenbach, a Schaumburg, Illinois based mortgage consultant, has released a new web site at: http://chicagoharp2.com designed to remove the confusion about this latest government program.

This new HARP 2.0 resource site shares details about the basics of this mortgage lending solution and answers questions like:

- What are HARP loans all about, in a nutshell – in layman's terms? 
- What are the benefits of HARP loans? 
- What kind of mortgage loans can HARP funds be used for?
- Do I qualify for the HARP program?
- What documents do I need to bring to the lender when I apply?
- And much more…

The new resource site showcases pages of information to help Illinois borrowers realize that HARP loans are an ideal way for families with homes that have dropped in value to rebuild their investment, creating equity faster under a new structure.

HARP Specialist Schwellenbach, says "readily available and with low interest rates, these HARP loans are an exciting way for people to enjoy double savings with lower monthly mortgage installment loan payments and increased equity over the long term restructuring."

Dan Schwellenbach is available for interviews and will welcome all your mortgage related questions.

Call 847-907-9357 or visit http://chicagoharp2.com to see if you qualify for this new program.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Chicago, Illinois Based Mortgage Lender Dan Schwellenbach reveals mortgage secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give consumers all the facts so they can make an educated decision when obtaining a mortgage.

Schaumburg, IL -- (ReleaseWire) -- 04/24/2012 -- Chicago, Illinois based Mortgage Expert finally reveals the secrets at a brand new website

http://www.chicagomortgagesecrets.com

This site is loaded with FREE REPORTS, an informative home buying guide, mortgage calculators consumers can use to run various loan scenarios and home buying resources you can use to save time and money before and after you purchase your home.

If you're planning to buy your next home, your first home, that dream home, a condo, vacation home, investment property or looking to refinance in Chicago or the surrounding areas, you will find that this site is a complete resource full of insider secrets that will allow you to choose the loan program best suited to your financial needs.

Here is just a small sample of the secrets revealed on this site...

* Little Known Secrets That Will Show You How To Improve Your Credit Score

* Important Terms You Must Know BEFORE Obtaining A Mortgage

* Tested and Proven Strategies For Building A Better Credit Record Faster and Easier

*The Top Mortgage Questions Borrowers Must Ask Before Applying For A Mortgage

* How To Finally Stop Renting And Own A Home Of Your Own

* How To Own A Home With Low Interest Rates And A Low Down Payment, Regardless Of Your Credit

* 7 Things You Should NOT Do When Applying For A Home Loan

* 12 Secrets To Lowering Your Homeowners Insurance Cost Your Agent Doesn't Want You To Know

Chicago, Illinois - mortgage expert Dan Schwellenbach specializes in providing information to consumers that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Dan Schwellenbach is available for interviews and will welcome all your mortgage related questions.

Call 847-907-9357 for a Free No-Obligation Consultation or visit

http://www.chicagomortgagesecrets.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm