Resources
Mortgage Resources & Education
Helpful tools, guides, and answers to help you navigate the mortgage process with confidence.
Loan Program Guide
Understand the differences between conventional, FHA, VA, jumbo, and other loan programs.
Mortgage Calculators
Estimate your monthly payment, affordability, and compare refinancing options.
First-Time Buyer Guide
Everything first-time homebuyers need to know about the mortgage process.
Reverse Mortgage Education
Learn how reverse mortgages work and whether they may be right for you.
Speak with Bruce
Get personalized answers to your mortgage questions directly from Bruce.
Frequently Asked Questions
How can I get pre-approved for a mortgage in Chicago?
You can start by scheduling a conversation with Bruce Bufe to discuss your goals and financial situation. Pre-approval involves a review of your credit, income, assets, and debts so you can shop with confidence. Bruce provides hands-on guidance through every step of the pre-approval process.
What documents are commonly needed for mortgage pre-approval?
Commonly requested documents include recent pay stubs, W-2s or tax returns, bank statements, and a list of debts and assets. Self-employed borrowers may need additional documentation such as business tax returns and profit-and-loss statements. Bruce will provide a personalized checklist.
What is the difference between FHA and conventional financing?
FHA loans are government-backed and often have more flexible credit and down payment guidelines, but require mortgage insurance premiums. Conventional loans are not government-backed and typically require stronger credit, but may offer more flexibility on mortgage insurance for borrowers with larger down payments. Bruce can help you compare which option fits your situation.
Who may be eligible for a VA loan?
VA loans are available to eligible veterans, active-duty service members, and qualifying surviving spouses. Eligibility is determined by the Department of Veterans Affairs and requires a Certificate of Eligibility. Bruce can help you understand whether you qualify and guide you through the process.
What is a jumbo mortgage?
A jumbo mortgage is a loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. These loans are used to finance higher-priced properties and typically have stricter credit, income, and reserve requirements. Bruce works with high-net-worth borrowers and complex income situations to structure jumbo financing.
Can Bruce help first-time homebuyers?
Yes. Bruce works extensively with first-time homebuyers, providing educational guidance from the first conversation through closing. He helps you understand credit, income, and down payment requirements, explains your program options, and makes sure you feel confident at every step.
What is a cash-out refinance?
A cash-out refinance replaces your existing mortgage with a new loan for more than you currently owe, and you receive the difference in cash. It allows you to tap into your home equity for goals like home improvements or debt consolidation. Closing costs apply, and the new loan balance will be higher.
Can I finance an investment property?
Yes. Bruce offers financing for 1-to-4 unit investment properties. Investment property loans typically require a larger down payment and additional income and reserve documentation. Bruce can help you compare options whether you are a new or experienced investor.
What should I know about condo financing?
Condo financing involves a review of the condominium project in addition to your personal qualifications. Some condos are considered warrantable and qualify for conventional financing, while others may require specialized loan programs. HOA dues are also factored into your qualification. Bruce will guide you through the requirements.
What is a reverse mortgage?
A reverse mortgage is a loan for eligible homeowners age 62 and older that allows you to access a portion of your home equity without making monthly mortgage payments. You remain responsible for property taxes, insurance, and home maintenance. The loan becomes due when the home is sold, you move out, or the last eligible borrower passes away.
Who may qualify for a reverse mortgage?
To qualify, you typically must be at least 62 years old, live in the home as your primary residence, have sufficient equity, and complete a counseling session with an approved HUD counselor. Bruce helps clients and their families understand the full eligibility requirements and whether a reverse mortgage may be appropriate.
Do I still own my home with a reverse mortgage?
Yes. With a reverse mortgage, you retain ownership of your home. You remain responsible for paying property taxes, homeowners insurance, and maintaining the property. The loan becomes due when the home is sold, you permanently move out, or the last eligible borrower passes away.
Does Bruce work with high-net-worth or complex borrowers?
Yes. Bruce has extensive experience working with high-net-worth borrowers, self-employed clients, and those with complex income or asset profiles. He helps structure jumbo loans and specialized financing tailored to each borrower's circumstances.
What areas does Bruce serve?
Bruce is rooted in Chicagoland and serves Chicago, the North Shore, Lake County, Cook County, and Northern Illinois communities. He also lends nationwide. His office is located at 515 N State Street, Suite 13-128, Chicago, IL 60654.
How can real estate agents partner with Team Bufe?
Real estate agents can partner with Team Bufe for responsive pre-approval support, clear borrower education, and experienced guidance through both traditional and complex transactions. Bruce prioritizes professional collaboration and communication throughout the transaction. Contact Bruce to discuss a partnership.