Your Local Mortgage Lender
Located in Downers Grove, IL
Personalized Mortgage Experience
Mike Ruffalo offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams!
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Downers Grove, IL
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
Chicago Home Prices Are Rising Because Supply Can’t Keep Up
What Buyers and Real Estate Agents Need to Know About the Chicago Housing Market
There’s a Chicago housing statistic that changes the conversation around today’s real estate market.
In July 2026, Chicago’s median sales price reached $425,000, up 13.3% year over year. Across Illinois, the median sales price climbed to $338,000, up 6% from the previous year.
So, what’s driving these numbers?
It’s not just buyer demand.
It’s supply.
The Real Issue: Not Enough Homes Are Being Built
Illinois new home construction has fallen behind demand for years, and the gap appears to be widening.
At the same time, available inventory continues to decline:
Chicago inventory is down more than 20% year over year
Statewide inventory is down 7.4% year over year
Demand continues to compete for a limited number of available homes
This means the story behind rising home prices is more than simply competitive buyers pushing prices higher.
It’s a supply-driven appreciation story.
When there are not enough homes being built to keep up with demand, buyers are left competing for a smaller pool of available properties. That pressure can continue to support home prices, even when buyers are hoping the market will eventually become less competitive.
Why This Changes the Conversation for Buyers
Many potential buyers are sitting on the fence, waiting for the market to become easier.
But if the underlying issue is a shortage of available homes, waiting may not solve the problem.
When inventory remains tight and new construction is not keeping pace with demand, buyers who delay their home search may find themselves facing higher prices later.
The important question is not necessarily, “Will the market become perfect?”
It’s, “Does buying a home make sense for my financial situation and long-term goals today?”
Every buyer’s situation is different, but understanding the market forces at work can help them make a more informed decision.
What Real Estate Agents Should Be Talking About
For real estate agents, these market conditions create an opportunity to have a different conversation with clients.
Instead of focusing only on competition and interest rates, agents can help buyers understand the larger supply issue.
Key points to discuss include:
Chicago home prices are continuing to rise
Available inventory has declined significantly
New construction has not kept pace with housing demand
Limited supply can continue to create upward pressure on home values
Waiting for a dramatically different market may not always work in a buyer’s favor
The goal is not to pressure someone into buying before they are ready.
The goal is to help them understand what is actually driving the market so they can make a confident decision.
The Bottom Line: Supply Matters
Chicago’s recent price growth is about more than demand.
With fewer homes available and new construction struggling to catch up, the supply shortage is becoming an increasingly important part of the housing market conversation.
For buyers who have been waiting on the sidelines, it may be time to take a closer look at their options.
The right mortgage strategy can help buyers understand what they can afford, which loan programs may fit their goals, and whether now is the right time to begin their home search.
Ready to Explore Your Options?
If you have a buyer who has been sitting on the fence and needs help understanding their mortgage options, let’s talk.
A conversation today can help them better understand their buying power and create a strategy for moving forward when the time is right.
I’m Mike Ruffalo, owner of The Mortgage Store. If I can help one of your buyers get started, please reach out.
Sources
Illinois REALTORS® / ShowingTime MarketStats — Illinois Housing Market Update, July 2026
WTTW Chicago — “House Prices Jump in Illinois Amid Slow Pace of New Construction”
Chicago Agent Magazine — “Chicagoland sales, prices rise while inventory falls”
Market statistics referenced in this article are based on July 2026 housing market data from Illinois REALTORS® and ShowingTime MarketStats, with additional reporting from WTTW Chicago and Chicago Agent Magazine.
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