By Brad Boden

Below, we are going to take a look at some of the most frequently asked questions about mortgages and mortgage refinance.

How are mortgage refinancing advisors able to provide no closing costs?

There are a number of different ways that mortgage advisors are able to provide no closing costs. For some, it is because they roll these costs into the cost of the loan, making it technically appear like there are no closing costs when you’re still really paying for them anyway!APR Vs. Interest Rate

However, the best mortgage advisors don’t do this. Instead, they will use their commission to cover the closing costs. So, doesn’t that mean they are losing money? Well, yes; they make less per each mortgage refinance deal. Nevertheless, they prefer to take this approach in the hope that they will satisfy their clients, earn a good reputation, and secure more deals through word-of-mouth referrals. It’s about having those small wins on a regular basis.

A good example of this is Brad Boden. This is the sort of structure he works with. He uses his commission from the loans he sells off in order to pay the closing costs. He prefers to hit those small margins and give more back to his clients, and then he will secure more business in the future because he is able to offer this. It’s always important that a Chicago mortgage broker is honest and transparent about how they work.

Additional Read: How To Score The Best Refinance Rate 

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit

Will rates stay low or will they increase in the near future?

The current state of the economy indicates that the mortgage rates are going to stay low. Of course, no one has a crystal ball, and so it is impossible to predict the future. Nevertheless, at the moment rates are extremely low, and the last thing the government is going to want is for mortgage rates to increase during a recession period.

Because of this, there really is no better time to purchase a property or to refinance your current mortgage deal than now. Once the dust settles, if you are in a position to do this, it would certainly be a wise decision on your part.

Additional Read: An Update To The Rate Market For You

What is pre-approval?

Before you start looking for your dream property, it is important to make sure you call up and get a pre-approval on a home mortgage. Don’t do things in the reverse order.

A pre-approval will help you to understand the costs, payments, and rates. You will be able to figure out your price range. After all, there is nothing worse than falling in love with a property, only to discover that it’s really not something you’re going to be able to comfortably afford. A lot of people underestimate the costs associated with real estate.

By getting your pre-approval, you will know your price range and you will be able to inform your realtor of this so that you don’t end up looking at properties that simply aren’t right for your monetary situation.

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit

What is a pre-approval contingency?

You may have heard the term “pre-approval contingency” and you may be wondering what this means and whether or not it is relevant to you. This is a phrase that applies when you already own a property, and you are looking to purchase another one.

In a lot of cases, people cannot afford to buy a second home unless they sell the first one. There are also cases whereby people could afford to carry both mortgages, i.e. the mortgage on their current property and a new mortgage on the property they are going to purchase, however, they don’t want to do that.

Therefore, pre-approval contingency refers to you being offered pre-approval on the basis (contingency) that the other house is sold. Effectively, you will get a mortgage approved for the second property so long as you have sold the first property.

If you have a pre-approval contingency, it is really important to let the seller know. After all, this impacts the buying process because it can slow the chain down. They will want to know when you are selling your home, or if anyone has made an offer yet. Being transparent is critical; there is no point in trying to cover-up the truth.

If you’d like to personally work with Brad so he can help you through the complicated loan process please visit He will be more than happy to answer any further questions that you may have regarding mortgages and mortgage refinance deals.

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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