Wishing you a happy Thanksgiving

Friends,

The 2018 holiday season has officially begun! We hope you are as excited
as we are.

We’d like to take a moment to express our gratitude to all of you this
Thanksgiving. We have met some truly wonderful people, and we’re
proud to have helped so many reach their real estate goals over the years.

We wouldn’t be where we are today without all of your support.

Enjoy your Thanksgiving dinner with all of your family and friends—
that’s what we plan to do!

In the meantime, please don’t hesitate to reach out to us if you have
any real estate questions. We would be happy to help you.

Happy Thanksgiving,

Jan Leasure

Division President

Diamond Residential Mortgage

NMLS #213431

533 N. Milwaukee Avenue

Libertyville, IL 60048

Phone (847) 362-1335

jan.leasure@thedrmc.com

What Documents Do You Need to Get a Mortgage?

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

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

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

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!

How Does Diamond Residential Mortgage Work?

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

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!

Buying a home can unlock a door to a great tax return

Welcome back and happy New Year! It’s tax time and nobody looks forward to that.  I have some exciting news, though. Did you know that if you itemize your taxes you are able to deduct up to $1 million of total mortgage interest?

You can also deduct $100,000 of equity mortgage interest. Make sure to check with your accountant or give me a call if you have any questions.

Also, if you know of anyone who is thinking of buying, be sure to send them my way!

The 3 Must-Haves in Order to Buy a Home

Thanks for joining me today. One question I get asked frequently is: What does it take to buy a home? Obviously, there are a lot of important requirements before you can step into  your dream home, but I've boiled it down to the three most important must-haves for buyers.

1)  Credit. You've got to have a credit history. You start a credit history when opening a credit card, purchasing an item with a loan, or attending higher education and taking out student loans. Whether that credit score is good or not depends on whether your payments have been timely. And a good credit score is needed and you need a credit score of at least 640.

2)  Two year job history. A lender wants to know that you have a steady income and verify how much you will be making in ratio to your mortgage payments.

3)  Money. Of course I'm stating the obvious, but you may not need as much as you think. With the FHA loan, you can put down as little as 3.5%. That is $3,500 for every $100,000 that you borrow.

If you have any questions about how to qualify for a home or what your credit score may be, please give me a call today and thanks for watching!

Housing Price Market Update with John Bloss

You’re probably sick of hearing about how great the market is and how you need to make your move now. Has anyone ever told you why you should make your move now? Interest rates and home prices are increasing, and with each increase, there is a decrease in your purchasing power.

Are you a first time homebuyer?

Are you a first time homebuyer?

Are you a first time homebuyer? Are you thinking of buying in the spring or summer? Now is the time to come and talk to us. We can help you with a strategy and make sure you’re approved. Find out more about how we can help you get ready to buy your first home!

4 Ways to Improve Your Credit

Welcome back! For the past few videos I’ve been telling you everything you CAN’T do, but now I have a list of different things you can do to improve your credit.

•    Join a credit program. It may have a slight cost, but these programs alert you when there are any unauthorized uses on your card. Stop any damage before it starts.

•    Make your payments on time. One missed car or mortgage payment can terminate the loan process immediately.

•    Use your credit normally. Continue to use your card and pay on time as normal, just don’t overcharge.

•    Keep in contact with loan originator. If you receive a collection letter or anything that you think may affect your credit, notify your lender immediately.

If you have any questions about how to improve your credit, give me a call. Thanks for watching!

More Credit Don'ts

Welcome back to my video bog! Last time I talked about things to avoid when you are applying for a mortgage. Well, I have a few more tips for you!

The first is do not go out and make new purchases. Just last week I had a couple that was all set for their loan. Then they cosigned for a relative’s car purchase. Because of that new $425 monthly payment, they were no longer approved for their loan. So, please do not go out and purchase a car, furniture or cosign for anyone!

Secondly, do not consolidate your credit cards. Some people think if they close their cards and consolidate to one payment their credit will be better. In reality, though, when you close a credit card, you lose all your credit history.

Thirdly, do not max out or overcharge your credit accounts. These two things can damage your credit by as much as 100 points. Plus, it can take months to untangle.

If you have any more questions about applying for a mortgage, please give me call! Thank you for watching!