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9031 W 151st St. Suite 206 Orland Park, IL 60462 Mobile (630) 606-9921 Tel (708) 518-3463 [email protected]
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- monday: 9:00AM – 5:00PM
- tuesday: 9:00AM – 5:00PM
- wednesday: 9:00AM – 5:00PM
- thursday: 9:00AM – 5:00PM
- friday: 9:00AM – 5:00PM
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- FHA Loan
- Investment Property
- Renovation Loan
- VA Loan
Ron Peake
- Vice President of Lending
- Orland Park, IL Mortgage Loan Officer
- NMLS #254862
Upgrading homes with renovation loans
Hi, you’ve reached Ronald Peake’s webpage. I’m part of America’s #1 Retail Mortgage Lender in Orland Park, IL, and I’ve been a mortgage loan originator for over 30 years. In that time, I’ve seen and done it all when it comes to mortgage loans. Whether you’re looking to refinance or purchase using conventional, FHA, VA, USDA, or Non-QM loans, I have the experience to assist you.
My true passion, however, lies in the “last frontier” of mortgage lending – renovation loans! There’s something incredible about helping homeowners create a vision of their dream home and then making it a reality. The process can seem daunting and overwhelming, but I always say, “Remember, a renovation loan is just a boring loan with a contractor!”
Being brought up in the south suburbs of Chicago, I know the housing market well. In addition to being local, I was in the USMC, where I learned persistence and discipline, two invaluable skills in this line of work. Perhaps this is where my belief that “no home should be left behind” originated!
Guides and resources
Should I buy a house or keep renting?
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Ron’s testimonials
Inspiration for your home loan journey
My social posts
Frequently asked questions
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Refinancing costs typically range from 2% to 6% of the loan amount and include fees such as appraisal, title insurance, and closing costs. Factors like your loan type, location, and credit score can significantly impact these expenses. Our team can help to provide strategies that can help minimize costs.
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To determine how much home you can afford, you’ll want to assess your financial situation. This includes your income, expenses, and debt-to-income ratio, to ensure your mortgage fits comfortably within your budget. A general guideline is to spend no more than 28% of your gross monthly income on housing costs and 36% on total debt.
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A good credit score typically starts at 620 for conventional loans, while FHA and VA loans may accept scores as low as 500, though higher scores offer better terms. A strong credit score can help you secure lower interest rates, saving you significant money over the life of a home loan.
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A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity in their home. HELOCs function like a credit card, giving access to funds up to a set limit, which can be used for expenses like renovations or debt consolidation. You only pay interest on the amount you borrow, and the repayment terms typically include a draw period followed by a repayment period.
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To calculate your mortgage payments, start with your loan amount, interest rate, and loan term. Your payment will depend on the interest charged over time and the repayment schedule. You can use a monthly mortgage payment calculator or connect with us to learn more.