Chris Eastman

NMLS# 197104

Branch Manager, Producing

Chris Eastman
Branch Manager, Producing

NMLS# 197104
State Lic: IN# 19523; IL# 031.0026003; WI# 197104;
3701 Algonquin Rd
870
Rolling Meadows, IL 60008
Mobile: (847) 609-9224
Fax: (630) 206-1088
chris.eastman@academymortgage.com

Academy's My Mortgage App

As a distinguished member of the real estate finance industry for the last 16 years I have and continue to pride myself on the ability to exceed my clients’ and trusted partners’ expectations. My commitment to the industry has allowed me to participate in a wealth of educational opportunities and industry designations that have given me the insight to better assist even the most challenged borrowers. As an employee of Academy Mortgage Corp., a progressive national mortgage banker, I have broadened the scope of available products and programs to bring home ownership access to the largest prospective client base.

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Chris Eastman was knowledgeable, responsive, and harder-working than we could have ever asked for. His service level was above and beyond anything we've ever experienced, he even worked with us on the morning of the 4th of July! We will absolutely refer him and Academy Mortgage to all our friends and family!Lukass Gagainis

NMLS# 197104

State Lic: IN: 19523; IL: 031.0026003; WI: 197104;

Corp Lic: IN: 10966; IL: MB.6760661; WI: 3113BA and 3113BR;

Illinois Residential Mortgage Licensee;

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Fannie Mae helped finance $28.8 billion for multifamily housing in 2013

The housing market saw a revival in 2013, as evidenced by a recent report. According to Fannie Mae, it provided $28.8 billion in financing for multifamily loans last year, with help from its Delegated Underwriting and Servicing (DUS) program. 

"I am proud that Fannie Mae continued to serve the multifamily market in 2013 with $28.8 billion of new acquisitions," said Jeffery Hayward, senior vice president and head of the multifamily mortgage business at Fannie Mae. "The need for quality, affordable rental housing is greater today than it's ever been, and we will continue to do our part by providing liquidity, stability and affordability to the multifamily market and maintaining our credit standards. Over 85% of the multifamily units we financed in 2013 were affordable to families earning at or below the median income in their area."

The report also indicated that the financing was for 507,000 multifamily housing units, showing just how many Americans benefited from the wide array of mortgage options available. Fannie Mae credits the help to its DUS program, as it provided swift execution, delegated underwriting and servicing, competitive pricing and credit risk management. 

Other signs of recovery. Aside from the clear availability of financing in 2013, the fact that mortgage delinquencies have declined for the last four years is another signal that the housing recovery is on strong footing, Black Knight Financial Services reported. 

"In many ways, 2013 marked an abatement to crisis conditions in the U.S. mortgage market," said Herb Blecher, senior vice president of the data and analytics division at Black Knight Financial Services. "Delinquencies neared pre-crisis levels, foreclosure inventory declined 30% over the year, new problem loan rates improved in both judicial and non-judicial foreclosure states, and foreclosure starts ended the year at the lowest level since April 2007." 

The report also showed that 2013 was the strongest year for home sales since 2007, as they were better through November alone than they were during the entire year in the three years before. 

Blecher accredits that decline in delinquencies to the rapid price appreciation seen last year. Home prices rose 8.5% in November compared to the year before, HousingWire reported. As these gains were common throughout 2013, more homeowners were able to watch their equity improve. 

Those looking for an affordable housing loan can be confident the market will continue to show strong gains in the new year. 

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2013 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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Three Key Factors in Qualifying for a Home Loan

When a mortgage company makes a decision about a home loan application, the lender primarily considers three basic factors:  (1) your ability to repay the loan; (2) your willingness to repay the loan; and (3) the collateral.

Ability to repay the mortgage is determined by verifying your current employment and analyzing your total income.  Lenders prefer for you to have been employed at the same place for at least two years or to at least be in the same line of work for a few years.  Your estimated monthly payment will be compared to your monthly income and debt.

Willingness to repay is influenced by how you have paid previous loans and by examining how the property will be used.  Willingness can be gauged by your credit report and previous commitments to pay rent and/or utility bills. 

Collateral is property that is pledged by a borrower to protect the interests of the lender.

It is important to remember that there are a set of rules each lender uses to assess these factors on each loan and determine if the lender will ultimately lend you money.  These rules are called a Credit Policy.  Each loan application is evaluated individually on a case-by-case basis.  Many loan applications may come up short in one area, but make up for it with other strong points.  These compensating factors may include: a large down payment, extensive educational background, or overall financial health.  Securing mortgage insurance to protect a lender in the event you are unable to make your payments may also impact your qualifying for a home loan.

Contact your Academy Mortgage Loan Officer with any questions about qualifying for a home loan.

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Choosing a Loan Program

There isn’t a single or simple answer to the question: “Which loan program should I choose?” The right type of mortgage for you depends on many different factors, including:

For example, a 15-year fixed-rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher than with a 30-year fixed-rate mortgage.  An adjustable-rate mortgage may get you started with a lower monthly payment than a fixed-rate mortgage, but your payments could greatly increase when the interest rate changes.

The best way to find the “right” answer is to discuss your current finances, your financial prospects, and your preferences frankly with an experienced mortgage professional, and make sure you analyze all of your options. Contact your Academy Mortgage Loan Officer today.

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