 708-597-8884 - S.W. |
Your complete resource for buying a home.
Call Us. Ask questions. We'll give you straight answers! No pressure. No obligation. No Hype. No Fluff. Call today! |
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Our guiding principle: Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live. |
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Envision Mortgage Solutions is a local company with 2 locations to serve you: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 396-2144 Schaumburg Office
1051 Perimeter Drive, Suite 900
[contact us] [directions]
Schaumburg, IL 60173 [888] 536-8474
Licensed with the Illinois Department of Banks & Real Estate # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Brokers www.iamb.org, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
- Are you ready to buy a home?
- When determining your housing budget, think about property taxes, home owner's insurance and utilities! A great place to start is to compare your current situation, most likely renting, to buying. Click here to learn and compare renting vs. buying.
- A mortgage company calculates your total housing expense based on principal, interest, property taxes and home owner's insurance (they also include private mortgage insurance premiums and association dues, if any).
- You can buy with no money down, Click here to learn more.
- You can buy a home even if your credit is, um... "less than perfect?" Click here to learn more.
- Having considered all these things will give you greater confidence through the rest of the process.
- Mortgage Pre-approval:
- The mortgage approval process for a 1st time buyer is pretty much the same as that for a refinance. Click here to review the overall process of getting a mortgage.
- Click here to see a listing and explanation of the kinds of documentation usually requested by a lender.
- Click here to learn about the costs and fees typically associated with a new home purchase.
- Having pre-approval will give you a stronger bargaining position when you think you have found the right property.
- Line up your team of advisors: (Parents, Savvy Relatives) Realtor, Attorney
- Ask folks you know for recommendations to professionals who have done a great job for them. Learn about the professionals you'll meet in the home buying process.
- Click here to learn about working with a Realtor?
- Select people who will happily make time for you & return your calls promptly - is your home purchase important to them?
- Select people local to the area where you hope to buy, e.g. a Realtor from a very different area simply won't know the neighborhoods, schools, etc., the way a local established Realtor will.
- Your Attorney will help review the purchase contract to make sure you are getting the things you want (or don't), can help you if negotiations become troublesome and can also review your home inspection.
- No one should be insulted that you would ask for references.
- In the end, these are your advisors. Listen carefully and then make your own decision.
- It's not just a house, find the right home:
- What do you need in a house today, and for the years to come. Click here for a wish list that will help you gather your thoughts.
- How long do you think you'll stay there - on average people move every 5 years.
- What do you want in your house - create a wish list to discuss with your Realtor.
- Does the house have to be perfect or do you plan to remodel anyway?
- Create and use a summary sheet to keep notes about each home you see. Click here for a property comparison sheet we've created for you.
- To get an idea of what similar homes in an area have been selling for try some free online tools like www.zillow.com or www.homevaluecma.com.
- Don't fall in love with any one house until after it is yours, otherwise you'll end up paying way too much.
- Making the offer:
- You and your Realtor will determine a good starting offer.
- Your realtor will present your offer to the seller or seller's realtor
- The seller may agree, counter or reject your offer
- Your realtor will help you negotiate.
- With price settled, you and the seller will sign a purchase contract that specifically defines the terms of the purchase and what exactly you are, or are not, purchasing, i.e. curtains, appliances; credits for repairs, etc.
- Make sure your agreement includes any contingencies and return of escrow e.g.: the appraisal justifies the price, a satisfactory (in your opinion) home inspection, sale of your current home, obtaining financing.
- Get a home inspection - really!
- The professional home inspector takes an in-depth look at the property.
- This expense may save you thousands in repairs later or help you decide not to buy the property at all.
- Click here to see an explanation and example check list for the home inspection.
- Appraisal:
- An appraisal is required by your lender.
- 2 appraisals are often required for jumbo mortgages ($434,000 and up)
- It is a formal written comparison and estimate of the home's value in today's local market.
- Title insurance:
- Title insurance is required by law and by your lender.
- It guarantees that the property is free of liens or conflicting rights of ownership.
- Get home owner's insurance:
- You will have to have proof of home owners insurance paid in advance of your actual purchase. This is one of those things that you'll need to handle on your own. It's really very easy but you may want to get a referral to a good full line insurance agent if you don't already have one. Both your Realtor and Mortgage Advisor will also remind you to do this, but why wait?
- Some lenders require as much as one year of home owners insurance paid in advance, find out for sure from your Mortgage Advisor.
- Don't let your insurance lapse. Your mortgage will include language that let's the lender buy insurance for you, if they think you don't have insurance. It's considered high risk and premiums are three or four times more expensive
- Closing:
- You actually take on the responsibility of a mortgage.
- You will know in advance if you are expected to bring any money to closing and the form (usually a certified bank check) they need to be in.
- You actually take ownership of the property
- The closer at the title company coordinates and resolves all aspects of the closing.
Unlock the door to your new home!- Now you can move in, paint, remodel or anything else... It's yours!!
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