Discover the "Secret" to a Successful Fluid Mortgage Process Having been in the mortgage business for as many years as I have, I've had the pleasure and opportunity to meet and work with many of Chicagoland's best real estate professionals ...   With some, the relationship goes back decades.  I say "relationship", as over the years we've come to know each other well.  I've gotten to know about spouses, kids, grandkids, pets, life situations, and more through our shared stories.    Subsequently, strong bonds and trust have been forged between us.  Because of that, I've had the pleasure of working with many of my referral partner's family members.  Those family members are entrusted to me because they trust and believe in me and my abilities.   Such was the case when I received a call fr... 11/01/2017

 Ingredients for SUCCESS -A Puppy, Documentation, and a Mortgage  Mortgage financing is a "people business" ... Because of that, human emotions, reactions, and life itself are on full and glorious display throughout the life of a mortgage transaction.   And surprises ... especially when young, first-time home buyers are involved ... sometimes occur. An Originator's life is never dull ... Experience has taught me:  No matter how long I've been in the mortgage business (and I have 40 years under my belt),  I can still encounter "firsts", "never befores" and outright surprises while assisting my clients and referral partners.  A transaction I had this last spring proved that point by containing ALL of the elements mentioned above ... plus a few more.  My eager client: Was a young home buye... 10/26/2017

 Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing Blogging's always been a great outlet for me as a Mortgage Originator ...   While it's served me well in many capacities, I've always found the greatest benefit takes place during the preparation of my articles.  The research, studying, and reading required of me in the production of my posts continually provides me ample and additional opportunities to learn.  That's a huge plus for me ... and my clients. The comments and questions left in response to my posts also prove very valuable too.  They often serve as a catalyst for future posts.  Such was the case when I received a comment from Riverside, CA Real Estate Agent, Author, and ActiveRain member, Richie Alan Naggar.  In a comment respond... 10/25/2017

  Is Saving for a 20% Down Payment a Wise Pursuit? Well ... that depends ... Listen, I'm not trying to be evasive or cute with my answer here.   By nature ... and because I'm a Mortgage Originator ... I'm typically a huge proponent of saving money.   As a rule, I firmly believe that budgeting resources and saving money should be a major focus and goal.  So saying, "it depends", cuts a bit across the grain for me. But as the old saying goes, "there is an exception to every rule" ...  The "exception" in this case, revolves around the myth supporting the absolute need for a 20% down payment when buying a home.  Take note that I said myth.  Despite the number of times I (and others) have denounced this myth, it prevails.  But the myth is not true or valid.  What is true:  Currently, home bu... 10/19/2017

  2017 - Safety Tips for Halloween Trick-or-Treaters & Family Pets Halloween and Trick-or-Treating is supposed to be lots of fun ... And scarrrrrryyyyyy!  Outlandish costumes.  Free candy.  Parties.  Trick-or-Treating with friends.   It's the perfect holiday for kids ... right? But danger and dangerous situations can lurk on Halloween too.  Extra preparations, planning, and precautions are needed in order to  ensure that  Halloween is fun and memorable for all the right reasons.  For both kids and adults alike ... the selection of Halloween costume is important.  Whether purchased or homemade, a costume needs to be safe, comfortable, and hazard-proof.    While making your costume selection, consider these tips:  Make sure that ALL costumes are made of flame retardant materials   Choose ... 10/12/2017

  Have Student Loan Debt? A Solution May Exist For You   I'm sure you've seen these headlines or others like them ...  "Debt-Locked: Student Loans Force Millennials to Delay Life Milestones"   "Yes, student debt is delaying homeownership" "Student Debt May Prevent Some Americans From Buying Homes"  It's a sad fact.  Student Loan Debt is a huge concern for many consumers in the present economy. And because of that, it's become a huge concern for the commercial and governmental sectors too.  Rightfully so.In a previous article, "Student Loan Debt Guidelines Simplified by Fannie Mae", I spoke of Fannie Mae, (the GSE, Government Sponsored Enterprise that oversees and ensures mortgage liquidity and guidelines to many Banks, Lenders, and Mortgage Providers) and how their recent clarification ... 10/04/2017

 Don't Give a "One and Done" to the Equifax Breach By now, you've probably heard and seen multiple articles regarding the recent Equifax breach of security.  I myself have written and addressed this breach in an earlier post. You may believe you've seen and absorbed all the details and instructions surrounding this breach.  And that you've taken the necessary steps to check your credit and finances in order to either repair your compromised credit or further protect yourself.  That may or may not be true.  Are you willing to take that gamble?  Seemingly, many are ...   I say that because, as I've continued to read comments left on my post and others' concerning this breach, one thing has become abundantly and alarmingly clear.  Too many people incorrectly believe that this notice of the... 09/12/2017

The Equifax Security Breach: Assume the Worst Typically, making assumptions is not good.  In the case of the Equifax security breach discovered on July 29, 2017?  Just the opposite is true. Yep, you read that right ... ASSUME the worst and proactively take measures to protect yourself, your finances, and your credit history/credit scores.  Don't wait for confirmation yea or nay.   With this recent breach of security at Equifax being so large (an estimated 143 million people are affected), chances are good that you will be receiving notification soon, as that number represents a whopping 50+% of the population. The information/data stolen during this breach include: Birth Dates Social Security Numbers Addresses Driver's Licenses (on a small number of consumers) Personal Identification I... 09/08/2017

 September 1, 2017 Sees Appraisal-Free Purchase Mortgages Become Available from Fannie and Freddie Fannie Mae and Freddie Mac have recently come out with new directives and notifications relating to requirements on appraisals ...  What are those changes?As of September 1, 2017:  On transactions fulfilling "certain specific limited requirements" set forth by Fannie and Freddie, appraisals will no longer be required.First and foremost: This does NOT mean that the mortgage industry has forgotten the lessons learned during the meltdown of the late 2000's.  Only mortgage applicants with very low credit risk will be capable of taking advantage of these new directives.This new directive signals:  Fannie and Freddie feel they are now capable of streamlining the current mortgage process via thes... 08/30/2017

 The Sandwich Generation Dilemma: "What Do You Do With All the Stuff?" Recently, there's been a flurry of articles and videos highlighting a dilemma many older Americans currently find themselves in ...What do they do with their stuff if they downsize? For members of the "Sandwich Generation", this problem is also magnified, as many in this generation are decluttering their parents' homes as they're also looking to downsize and declutter their own.  The number of those that will face this dilemma is increasing rapidly.  A 2016 Population Reference Bureau report indicates that 98 million Americans will be of Sandwich Generation age by the year 2060.I've seen this dilemma up close, as I've watched my wife and her siblings struggling with this issue.  Family history is important to them al... 08/29/2017

 How to Spot, Avoid, Report a Credit Repair Scam  Don't Be a Victim! The airwaves are full of advertisements and infomercials aimed at consumers with credit issues ...  Some of these companies are legitimate.  But a fair number of them are fraudulent ... or just offering poor advice at a very costly price.  For those struggling with credit problems:  A "quick and easy" fix to a very painful problem can sound pretty enticing.  Unfortunately, there's really no such thing as quick or easy when it comes to credit repair.  It takes time.  It takes consistent effort.  Should you need to improve or repair your credit:  Prior to starting your journey to better credit, it's smart to take some time to educate yourself regarding credit repair and credit repair companies/organizations.  For discipl... 08/23/2017

 Have Student Loans? Think you Can't Buy a Home? WRONG!  Do you ... Want to buy a home? Have Student Loan debt? If you answered "Yes" to the questions above, it's important for you to know that contrary to what is commonly seen and believed, it is possible to buy a home when you have Student Loans ... and many are doing it.Student Loans do not have to stand in the way of home ownership.  You can buy and finance a home purchase successfully.  How?  Here's some information ...Remember back to your Student Loan search?  There were multiple options for you to consider, right?  There were:  Private Loan options   Federal Loan Options  Differing loan terms  Differing repayment plans   Options to defer payments  Re-payment that could be based on future income Interest-only payments More Well, ... 08/16/2017

 Buying or Refinancing a Home? Seek a Mortgage Originator that's a Good Conversationalist  Consider this scenario ...You've been invited to a party.  You don't know many people there.   You realize it's going to be a long boring party if you don't start to mingle and meet others.  So, you head-off to introduce yourself and make some new friends.But what do you say?  After the initial witty ice-breaker is through, what then?  How do you keep the conversation rolling?  Think back to those times when you were in a similar situation.  Who did you find a good conversationalist?  What made them stand out?  What made them memorable?  What did they say or do?  How did they make you feel?I'm guessing that those you remember as good conversationalists focused on you, not themselves.  When with yo... 08/11/2017

   VA Loans:  Flex Your VA Benefit Muscle     Veterans of the U.S. Military - Armed Forces, through their active service provided to our country, become eligible for VA benefits.  One of those benefits is a home loan guaranty.     I've been honored to work with many Veterans during my years as a Mortgage Originator ... While VA Loans are made possible via the U.S. Dept. of Veterans Affairs, I, as their Mortgage Originator, originate, direct, and my team handle the processing of my clients' VA Loans.     U.S. Veterans can obtain a mortgage with: NO MONEY DOWN (No Down Payment Needed)   Using no Mortgage Insurance  A Fixed Rate Interest well under 4% (currently).   It's definitely one amazing benefit and advantage for Veterans to have at their disposal when they hope to buy a home. (Other... 07/27/2017

 2017 - New School Year for New Lenox Public Schools, District #122  Citizenship ... Knowledge ... Excellence ... Pride ...Those are the words emblazoned on the New Lenox School District #122 crest.  For the 600+ teachers and staff of the District, they represent the focus, aspirations, and goals of their daily school life ... and for the approximately 5400 students under their guidance.  The 2017 school year for New Lenox School District #122 kicks into gear beginning Monday, August 21st.  That's the first full day of school with transportation.  (The calendar for the entire 2017/2018 school year can be found HERE.  This calendar also includes the dates for Student Walk-Through, Orientation, and Open Houses).If you are new to District #122, you must complete school registration at the ... 07/24/2017

  Wire Fraud:   What you need to know prior to Application for Mortgage     An increased focus is being given to the topic of wire fraud these days ...  Rightfully so, as the number of stories of attempted and successful wire fraud and scams is on the rise.  On ActiveRain, a social media and blogging community of real estate-related professionals I belong to, there have been multiple blogs written and discussions held on this timely topic.  It's good that ActiveRain members (and others) are shedding light on this matter.  The sharing of information and warnings, amongst professionals and the public, serves to educate and alert as to the dangers of the scams ... and how to avoid them.The education and attention are gravely needed.  Consider the following staggering statistics I discovere... 07/20/2017

 "Staging" Yourself and Your Finances for the Best Mortgage Available  Analogies are a tool I often use with my mortgage clients, as the comparisons and similarities showcased within my analogies deliver a bite-sized, more easily understood and digested method for my explanations ...  When utilized, analogies can produce an "ah hah" moment, sometimes with an understanding and reaction so immediate and startling that I virtually see them forming on my client's face.  It's as though a switch "clicked" and clarity and understanding began to flow.  As of late, I've really begun to note some strong similarities ... an analogy ... between the benefits and services produced by home staging and those realized by Borrowers when they seek mortgage consultation and advice prior to entrance into th... 07/14/2017

 Part #2 of Game Plans & Options:Determining the "Best" Loan Type for You In Part 1 of this post, I likened my role as a Mortgage Originator to that of a coach on a sports team ... The goals are surely similar.  And some of the skills, responsibilities and aptitude demanded of each, including the ability to conduct a deep analyzation of their "team" abilities, talents, and options, are much the same. At initial contact, many of my Borrowers, especially those that are First-Time Home Buyers, have a preconceived notion about the type of loan they're seeking.  This is usually a result of their having performed an internet search ... or friends and family members have shared their financing experiences with them.  While both can prove insightful, it can also lead to my clients having a pret... 07/12/2017

 Get Ready for "HomeReady" from Fannie Mae After years of warranted tightening of guidelines in the Mortgage Industry, there are some new changes taking place that help to "relax" some guidelines, as they pertain to Fannie Mae (Conventional Loans) ... Come mid-July, 2017, Fannie Mae's Automated Underwriting Systems will be "tweaked" to allow up to a 50% Total Debt-to-Income Ratios (DTI) ... in some cases, not all. I believe there will be a sort of "learning curve" or learning period that takes place during the early days of this "tweak" ... but, you can probably safely assume that the following scenarios will NOT fall within those scenarios considered for the new higher 50% DTI:  Low Credit Scores Low Down Payments/ Limited Assets Unstable Employment Histories  In addition to its upcomi... 07/06/2017

 2017 - 4th of July Fireworks in Will County The skies across Will County will light up with fireworks, during the upcoming 4th of July weekend ... There's a huge assortment of municipalities and groups hosting firework shows and spectaculars (sometimes as part of a community fest) throughout Will County. Below you'll find a handy list I've compiled of those shows. Take this opportunity along with your family and friends to celebrate our freedom, our Country's rich history, its people, and many wonderful accomplishments ...Will County 4th of July Fireworks - 2017Aurora FireworksDate: July 4th - Start: 9:35 pmWhere: RiverEdge Park - 360 N Broadway St., AuroraInfo(Portions of Aurora are in Will County)  Beecher FireworksDate:  July 4th  -  Start:  9:30 pmWhere:  Firemen's Park - 673 Penfi... 06/30/2017