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Showing posts from January, 2016

Account Activities Matter When Applying for Your Chicagoland Mortgage

Account Activities Matter When  Applying for your Chicagoland Mortgage

     Almost all Mortgage Lenders require that Loan Applicants submit each and every page of their Bank Statement, Investment Account, and Retirement Fund (showing source of Down Payment), not just a first page.  

And note:  That's even if a page in the statement's sequence is only numbered and blank (something that trips-up many Applicants).  


 There are several reasons ... but the following are the issues that most commonly trigger Lenders' requests for full statement/documentation:

"Large" deposits from Income/Payroll Transfers, as well as deposits made frequently from other accounts, cash, etc.  (Tip:Avoid making cash deposits into accounts at all costs!)Having to identify sources of deposits. (Deposits direct from Payroll, Social Security, transfers from other accounts, "non-descript" deposits, check deposits, or wire transfers)  Automatic monthly payments for recurring debtProof …

My #1 Fail Proof Borrower Tip: Educate Yourself Early and Stay That Way

My #1 Fail Proof Borrower Tip:   Educate Yourself Early and Stay That Way

Yesterday I was contacted by a couple that are hoping to sell their present home and finance the purchase of a new one ...

As I do with all my new clients, I asked them to tell me what their hopes and goals are regarding their upcoming home purchase and its financing.

The answers I receive to these questions are always of tremendous assistance to me as a Mortgage Lender. They really help to clarify which financing options and programs might be of the greatest assistance in meeting their goals.

     But this preliminary part of our conversation helps reveal other things too ...

Such as:  Just how well-versed and educated my new clients are about the purchase and mortgage processes they'll be entering. Simply ... have they taken any steps to prepare?

With my newest clients, it quickly became obvious that they had done little in the way of education or preparation prior to contacting me. During our conversation,…

What's the Perfect Down Payment When Buying a Home?

What's the Perfect Down Payment When Buying a Home?

A 20% down payment is often heralded as the perfect goal for those contemplating the purchase of a home ...  

And it's hard to argue that there's anything wrong with having that goal in mind when saving for an upcoming home purchase.  The financial discipline it takes to save that amount of money is considerable.

Yet I have found as a Mortgage Originator, that this goal often seems totally unattainable to many dreaming of buying a home.  And as a result, it looms over them mentally and keeps them from inquiring about what options they might have at their disposal to buy.  

That's sad ...

Because fact is:  There are many NO or LOW down payment mortgage options now available to both First-Time Home Buyers and Move-Up Buyers.  Mortgage Originators, such as myself, currently have a menu of mortgage programs to consider from when trying to assist potential Borrowers.

But let's dive intothe topic of down payments a bit more de…

Overwhelmed or In Charge During Your Mortgage Process? YOU Decide

Overwhelmed or In Charge During  Your Mortgage Process?   YOU Decide    

Today's mortgage process can seem a bit 
overwhelming to some Borrowers ...  

     And that's true whether those Borrowers are First-Time Home Buyers or those that have bought a home a dozen times.

In comparison with financing conducted during the mid-2000's, today's mortgage process has become a more demanding process for Borrowers with regards to:  
Documentation neededVerifications requested Time and Attention demanded So there are some reasons for this to occur ... 

     With that in mind then, is there anything Borrowers can do to protect themselves from becoming overwhelmed during the processing of their mortgage?

     I've found that the two following issuesseem to be the issues that trip-up my Borrowers most often:

1.Refusing to just "give in" to the process for the duration of their transaction.  

          Truth is, there's no way to get around the process ... or an Underwriters&#…