 708-597-8884 - S.W. |
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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. |
- Mortgage Pre-Qualification, things to remember:
- When determining your housing budget, remember: you'll be responsible for property taxes, home owner's insurance and utilities!
- A mortgage lender calculates your total housing expense based on principal, interest, property taxes and insurance ("Insurance" includes mortgage insurance, home owner's, Flood and Association Dues, if any.)
- Having considered all these things will give you greater confidence through the rest of the process.
- Having pre-approval will give you a stronger bargaining position when you think you have found the right property
- Are you ready to talk about a mortgage? The big 6 qualifying questions look like this:
- What does your credit history look like? Beautiful, average or ugly?
(If your credit isn't pretty, no one will be judging you. However, talking to some one now will get you qualified to buy a home much faster than trying to ignore the problem.) - What obstacles are you concerned may cause problems in getting your mortgage application approved?
- What is your income? How can we document it? Pay stubs, W-2s, tax returns, bank statements... see a list of Commonly requested documents.
- What is the amount and source of your down payment, if any?
- What other financial accounts can be documented to prove assets and reserves?
- What is your expected stay in this home? Short or Long?
- What does your credit history look like? Beautiful, average or ugly?
- The actual approval process that your Mortgage Advisor takes you through:
- Complete a mortgage application (also known as a 10-0-3).
- Check credit (obtain a report and review all information and accounts, write individual letters of explanation for any late payments, past due accounts, collections, etc...).
- Verify income (actual printed proof both current and past and the continuation of said income)
- Verify financial status: down payment (if any), assets and reserves.
- Create and review several mortgage options from which you choose the best one for you.
- Decide whether and how to lock your interest rate with the lender.
- Now your mortgage is ready but contingent on finding the right property, appraisal and inspection of that property. Similar to a gun that's loaded and cocked but waiting to pull the trigger.
- Having found the right house, your Mortgage Advisor will need:
- A copy of the purchase contract.
- To obtain a copy of a title commitment.
- To set up and complete an appraisal.
- To set up and complete a home inspection.
- A copy of your Home Owner's Insurance binder.
- Respond to any final questions the lender may have.
- Review, with your Mortgage Advisor, the final Good Faith Estimate.
- With all of this in place, you will be notified of the date, time and place of closing - When you will sign all of the paperwork.
- You will be notified of the exact dollar amount of any funds you are expected to bring to the closing, as certified funds. Not cash or a personal check.
- Make sure to get copies of everything.
- Now you can move in, paint, remodel or anything else...
It's yours!!
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