Your Mortgage Blog

Posted on
April 29, 2018
by
Neena Vlamis

Five Ways a Mortgage Broker Company Keeps Customers Happy

First-time homebuyers will tell you that it’s more fun to drive around looking at houses for sale than it is to sit in a mortgage broker’s office in Chicago going over your financial situation in painful detail.

Successful mortgage brokers understand their clients’ concerns and build their business around educating first-time homebuyers and helping them get approved for a home loan. These are five ways A and N Mortgage Services in Chicago makes sure their customers are satisfied with their services:

“I was a first-time homebuyer. A and N Mortgage made the process a thousand times less daunting…they guided me through the entire process…I was never left wondering what was next. I ended up getting approved for a great interest rate.” — Jo W., Chicago, IL

1. Mortgage Brokers are Easy to Reach

All mortgage consultants are available around the clock. They give their personal cell phone number to clients and are just a phone call away for any questions and concerns.

2. Mortgage Brokers Keeps You Informed

Even under the best circumstances, the mortgage loan approval process can be stressful, for first-time homebuyers. “That’s why we make sure our clients never have to wonder what’s going on,” said Neena L. Vlamis, president of A and N Mortgage Services, Inc. in Chicago. “Our mortgage consultants communicate with our clients by phone and email, letting them know the status of the process every step of the way.” Top 5 Arguments Couples Should Avoid During the Homebuying Process

3. Mortgage Broker give You More Options

Compared to a limited number of home loan options from banks, mortgage brokers present your mortgage application to a variety of high-quality home loan programs, looking for the best fit for your financial situation. “We have a network of dozens of potential lenders that have different mortgage loan guidelines and criteria than big banks,” explained Vlamis.

From fixed-rate and adjustable-rate loan programs to VHA-backed and VA-backed loans with 3.5% down payments, the greater variety of home loan options improves your chances of being approved. Should You Both Be Co-Signers on Your Home Loan

4. They have Lower Rates and Fees

From lower interest rates and fees to lower down payments, a top mortgage broker company in Chicago like A and N Mortgage Services can save you thousands of dollars on your mortgage loan.

I was blown away by how smooth this stressful process was, and I owe it all to A and N Mortgage. They basically just cut to the chase and made me feel confident that it would all work out and it did–beyond my expectations.” — Abby N., Chicago, IL

5. Faster Response Times of Mortgage Brokers

Big banks have bloated mortgage departments where you become just another number. Mortgage brokers work directly with you, respond faster and help remove obstacles that get in the way of your home loan approval.

Don’t limit your options for buying a house by applying to traditional banks. When you consult with A and N Mortgage Services, an exciting world of mortgage loan opportunities will open up to you, making it easier and more affordable to buy the home of your dreams.

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.

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How Condo Financing is Different Than Single-Family Home Financing

When it comes to buying a home, many borrowers assume that financing a condominium is the same as financing a single-family home. However, condo financing has unique requirements that can make the process more complex. Whether you’re a first-time homebuyer or an experienced investor, understanding these differences can help you navigate the mortgage process with confidence. 1. Loan Approval Involves More Than Just You For a single-family home, lenders primarily evaluate your financial profile—credit score, income, debt-to-income (DTI) ratio, and down payment. But when purchasing a condo, lenders also assess the financial health of the condo association and the building itself. Lenders will review: - The percentage of owner-occupied units versus investor-owned rentals - The financial reserves of the condo association - Any pending litigation involving the condo complex - Whether the association is FHA or VA approved (if applicable) 2. Different Loan Program Eligibility Not all loan programs allow condo financing, and some have additional requirements. For example: FHA Loans: The condo must be on the FHA-approved list. VA Loans: The condo development must be VA-approved. Conventional Loans (Fannie Mae & Freddie Mac): Some condos may require a full project review, ensuring the association meets strict guidelines. If a condo doesn’t meet these requirements, borrowers may need to seek alternative financing or put down a larger down payment. 3. Higher Interest Rates & Down Payment Lenders may charge slightly higher interest rates for condo loans compared to single-family homes due to the perceived risk of shared ownership. Condos often require a higher down payment if the condo project is not considered “warrantable” (approved by Fannie Mae or Freddie Mac). 4. Homeowners Association (HOA) Fees & Special Assessments When financing a condo, lenders take HOA fees into account as part of your debt-to-income (DTI) ratio, which can impact your loan approval. Additionally, special assessments—extra fees charged to condo owners for major repairs or improvements—can affect financing eligibility. If the building is undergoing major renovations or facing financial difficulties, lenders may be hesitant to approve the loan. 5. Property Insurance Differences For single-family homes, buyers purchase individual homeowners insurance to cover the property and its structure. Condo buyers, however, typically need HO-6 insurance, which covers the interior of their unit, while the condo association carries a master policy for the building and common areas. Lenders will verify that the condo association has adequate insurance coverage before approving the loan. Buying a condo can be a great investment, but the financing process requires additional considerations compared to a single-family home. Working with an experienced mortgage lender who understands condo financing can help you avoid delays and secure the best loan option for your needs. If you're thinking about purchasing a condo and have questions about financing, contact us today! Our team at A and N Mortgage is here to guide you every step of the way.