Home Buying Team, Assemble!

 
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Fall is in full swing, and we are back again for another mortgage minute. Today we are talking about how to assemble your home buying team.

If you want your purchase to move along smoothly, it’s critical to gather a good team to back you up. You’re the buyer, yes, but you’re also the coach, so you need great people working around you. 

It’s essential that every member works together and communicates with you, from choosing your property, going through the mortgage process, and celebrating at closing.

Your purchase team is made up of your real estate agent, a home inspector, your real estate attorney, your mortgage lender, and even the closer at the title company. Choosing the right agent is critical, because each brings with them special talents and skills to get the transaction done.

Take everything into consideration with your decision to choose an agent with whom you feel comfortable. We work with some of the best agents in the business, who are available at a moment’s notice to help you find the home of your dreams. We recommend checking out some of the websites of some of our top agents (listed in the video above) and get to know them before you decide on who to hire.

If you have any questions, or would like a recommendation from us, feel free to give us a call or send us an email. We look forward to hearing from you!

What Documents Do You Need to Get a Mortgage?

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Today, I want to discuss documenting your mortgage. If you don't, you may get in trouble with the mortgage police!

Tightening regulations are making the mortgage process more complicated than ever. Deadlines for signing your loan documents, ordering the appraisal, and getting the file into underwriting are now actually contained in the sales contract.

Guidelines now dictate that YOU are responsible for how smoothly the process will go. This makes it critical that you provide all required documentation to your lending team with plenty of time to spare. The fact of the matter is, the mortgage process is intrusive, as all of your financial information is needed in order to get approved for a loan.

Since the mortgage process isn't known as a fun one, it's crucial that you do all you can to make it go as smooth as possible. When we request every document that you've signed in the last 24 months, provide it with a smile! W-2s, tax returns, bank statements, and identification are only a handful of the documents we'll ask for!

The faster we can provide you, your agent, and your attorney with the coveted document we call a Clear to Close, the better! Give us a call if you have any questions about this process, we're always available to help!

How to Get Your Finances in Order

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Today, we want to offer some quick tips on how to prepare for the home buying process.

If you were planning to sell your home, would you list it without any preparation? Probably not - you would clean, make repairs, and work to make your home more appealing. Preparing to get a home mortgage is very similar: you begin by cleaning your financial house.

If you're a first-time home buyer, you should consider the pre-qualification at least 6-12 months prior to looking for your home. You need to have your credit evaluated by a mortgage professional, as online credit score companies use a different model than lenders. If you go online and find that you have a score of 720, don't be shocked when a bank runs your credit and it actually turns out to be 660.

When applying for a mortgage loan, you will need to have some money in the bank, as you'll need money for a down payment and closing costs. Money is crucial in this process! We can't count cash toward your down payment, and any gift must be sourced in detail. If you're purchasing with a co-borrower, we need to qualify them. Additionally, if you're unsure of what you qualify for, we need to educate you and help you resolve collections.

If we start in advance, we can guide you so that by the time you find a home and fill out an application, all your problems have been resolved in advance and your financial house is already in order.

If you would like more information about the process, or if you're ready to get started, give us a call or shoot us an email. We would love to hear from you!

Restaurants in Libertyville Are Sizzling

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Today we're going to be chatting about some restaurants in Libertyville. Considering that we save the average borrower anywhere from $70-$450, we think that you might want to spend that money at one of the eighty-seven restaurants located here in Libertyville.

Let's talk about some of our favorite spots. We love outdoor patios because we can take our office dog with us, and this is why we love Mickey Finn's. They make and serve their own microbrews, and have been doing so since 1994. Their blarney balls are an excellent appetizer, just don't eat too many! (http://mickeyfinnsbrewery.com/)

Another favorite of ours is Chili U. They serve a variety of gourmet chilis such as African Chicken Chili and Thai Shrimp Chili. They also have a great outdoor patio. (http://chili-u.com/)

  

Casa Bonita is just down the street and they have upscale Mexican cuisine with great margaritas to match. They have a wonderful patio that is heated, which allows year-round dining. (http://www.casabonitalibertyville.com/)

If you're looking for a place with great ambiance, then you must head to Firkin. They have a huge selection of craft beers and possibly the best burger in the entire state. (http://www.firkinrestaurantlibertyville.com/)

We can't talk about restaurants in Libertyville and not talk about the Picnic Basket. It started out as a small deli and has morphed into a gourmet sandwich shop with great salads, soups, and vegetarian offerings. (http://www.picnicbasketfood.com/)

Check out this list of all the restaurants in Libertyville: (http://il-libertyville.civicplus.com/DocumentCenter/Home/View/1071)

If you have any questions about getting approved for mortgage loan in Libertyville, you know where to turn!

How Does Diamond Residential Mortgage Work?

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Usually, I take technical aspects of the mortgage world and try to break them down into more understandable terms. Today, I want to do something a bit different. I want to introduce you to the team that helps ensure your loan goes through without a hitch! 

Lisa is a credit analyst and is usually the first point of contact when beginning the lending process. 

Jacque is our file opener, or as we like to call her, the mortgage detective. She'll be collecting all your financial documentation.

Amy is our senior processor and is responsible for packaging your loan as nicely as possible for underwriting and making sure all conditions are met so you can meet your required moving date!

I'm so glad you've had the opportunity to meet my team. We can't wait for you to come to the office and work with us personally!

Why Should You Be Excited if You Have an FHA Mortgage?

Libertyville Real Estate Agent Jan Leasure talks about how the FHA has reduced the monthly mortgage insurance rate to .85%, allowing you to refinance and save thousands of dollars each year on your mortgage payments.

 If you'd like my free e-book of the Top 10 Credit Do's and Don'ts, you can contact me!

Hey there everyone, welcome back to Jan's Mortgage Minute for 2015. Today I have some amazing news for you if you have an FHA mortgage.

If you have an FHA mortgage that was originated between 2010 and 2014, I will be calling you to go over how much you can save by refinancing on your home this spring.
 
Mortgage insurance is the fee you pay on your mortgage payment if you purchased your home through FHA with 3.5% down. Mortgage insurance allows homeowners to refinance with just 3% equity in their home. The best thing about mortgage insurance is that the FHA has recently reduced the monthly insurance calculation from 1.35% to .85% on 30-year fixed loans.

What does this mean for you? Well, for every $100,000 you borrowed before the decrease, you were paying $122/month of your mortgage payment in mortgage insurance. Now, if you refinance, that mortgage insurance will be reduced to just $71 a month. This will save you money on every payment, and thousands of dollars throughout the year.

If you have any questions, be sure to give me a call or send me an email. I always look forward to hearing from you!

Save Money on Taxes with these Tips

Libertyville Real Estate Agent Jan Leasure discusses four different mortgage-related tax breaks that homeowners can receive when they file in 2015.

 If you'd like my free e-book of the Top 10 Credit Do's and Don'ts, you can contact me!

Have you done your taxes for 2015 yet? If so, are you aware of all the tax breaks that homeowners are eligible for? Whether your mortgage is paid off or not, your home is a tax shelter. There are four major mortgage-related tax deductions. These four deductions are mortgage interest, discount points, real estate taxes, and home improvements. 

1. Mortgage Interest: This is your #1 tax deduction. You'll receive a 1098 Form from your lender, but remember that if your mortgage is over $1 million you then lose the ability to deduct interest from your mortgage. If you want to lower your mortgage to reap these benefits, then be sure to contact me. 
2. Discount Points: If you paid discount points on your mortgage or refinanced in 2014 to lower the rate of your mortgage, then you ought to know that discount points are 100% tax deductible.  
3. Real Estate Taxes: These are sky-high in every state and out of control. Do not forget to deduct your real estate taxes. If you don't receive a document in the mail about your real estate taxes, then be sure to look it up online. 
4. Home Improvements: Repairs to your home can be counted towards tax deductions. For example, if you had to make improvements to your home to accommodate someone who was ill or disabled, then the cost of those repairs could be tax-deductible. The same goes for repairs that increase the environmental friendliness of your home.

If you have any further questions about preparing your mortgage taxes, please do not hesitate to contact me. I'm always willing to assist you!