Mortgage Guides for Illinois Homebuyers and Investors

Thinking about buying, refinancing or growing your rental portfolio? These guides from Alex MacLagan, NMLS #1912744, explain conventional, FHA, VA, USDA and jumbo loans, home equity lines of credit (HELOCs), and investor and self-employed options like DSCR, bank statement and fix-and-flip loans, all in plain English with real numbers for Illinois. Have a question about your own situation? Call or text (847) 899-6882.

Illustration of a rental building and calculator beside the headline How Much Cash Do You Need, DSCR Down Payment, Costs and Reserves.

November 5, 2026

How Much Cash Do You Need for a DSCR Loan? Down Payment, Closing Costs, and Reserves

Build a rental purchase budget that separates your down payment, closing costs, prepaid items, retained reserves, and operating cash.

Illustration of a Chicago rental building and checklist beside the headline DSCR Loans for an LLC, Documents and Closing Requirements.

November 4, 2026

Can You Get a DSCR Loan in an LLC? Documents and Closing Requirements

Prepare for a DSCR loan in an LLC with Alex’s document checklist, ownership review, and guidance on guarantees and closing requirements.

Illustration of a Chicago rental building beside the headline Access Your Rental Equity, DSCR HELOC vs. Cash Out Refinance.

October 22, 2026

DSCR HELOC vs. Cash Out Refinance: How to Access Rental Property Equity

Compare rental equity financing by lien position, usable proceeds, total costs, and your plan to repay the debt.

Illustration of rental homes beside the headline DSCR vs. Conventional, Investment Property Loans.

October 21, 2026

DSCR vs. Conventional Loans for Investment Properties: Which Should You Choose?

Compare investment property financing around your ownership plans, income, reserves, upfront costs, and expected mortgage timeline.

Illustration of a Chicago brick rental building beside the title DSCR Cash Out Refinance, No Seasoning Options.

October 17, 2026

DSCR Cash Out Refinance: Access Rental Equity With No Seasoning Options

Explore no seasoning DSCR cash out options, estimate net proceeds, and compare refinancing with preserving your current mortgage.

Illustrative suburban home with moving boxes beside the headline Buy Before You Sell, Plan Your Next Move.

October 13, 2026

Can You Buy a House Before Selling Your Current Home?

Explore ways to buy your next home before selling, with a clear plan for qualifying payments, available equity, closing costs, and the time between closings.

Brick rental duplex beside the headline DSCR Loan Prepayment Penalties, Before You Sell or Refinance.

October 12, 2026

DSCR Loan Prepayment Penalties: What to Know Before Selling or Refinancing

Compare common DSCR prepayment structures, hypothetical payoff costs, and the questions to ask before choosing financing for your rental property.

Illustration of a brick rental property beside the headline How to Calculate DSCR: Rent. Taxes. Insurance.

October 9, 2026

How to Calculate DSCR for a Rental Property: Rent, Taxes, Insurance, and Examples

Learn which rent and payment figures belong in a residential DSCR calculation, with examples showing how current leases and insurance costs can change the result.

Illustration of two homebuyers reviewing documents beside the headline Self Employed? Compare Your Mortgage Options.

October 7, 2026

FHA vs. Conventional vs. Bank Statement Loans: Which Mortgage Fits a Self Employed Buyer?

Compare three mortgage paths for self employed buyers using documented income, credit, cash to close, mortgage insurance, and the full monthly payment.

Illustration of a business owner reviewing documents beside the headline Bank Statement Loan Income.

October 5, 2026

How Is Income Calculated on a Bank Statement Loan? Business Deposits, Expenses, and Examples

Illustration of a business owner preparing for a mortgage income review. By Alex MacLagan, Loan Officer | NMLS #1912744 Bank