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Team SpisakTeam Spisak
  • HOME
  • ABOUT US
  • ABOUT YOU
  • LOAN PROGRAMS
  • TESTIMONIALS
Here is a list of the steps, from first contact with me through you becoming an owner of your home:

Pre-Approval

When shopping for a home it is very important to at least talk to me to go over some figures to get an idea of what you can actually be approved for. This will take all of ten minutes and is painless. The obvious benefits are comfortably knowing what you can afford and feeling secure with the payment.

Typically when you are searching for a home a listing agent will always ask for a pre-approval. Being prepared is always a good thing.

You may have heard the terms pre-qualification and pre-approval used a lot. They are similar, but with some differences. The pre-qualifications are based on assumptions. Basically over that ten minute phone call I will ask for your income, asset and credit history information and take your word for it without verifying them. This is a pre-qualification. Sometimes this may be enough. If you feel confident that the information you provide me is accurate and have no problem documenting this, then we are set with this process.

A pre-approval is when you actually supply me with the information regarding your income, assets and allow me to pull your credit. There is more security in this, and it will actually give you a head start in the process in that I have all this information and we are ready to move forward if you actually find a property and go to contract.

Below is a list of the documentation that we need for a pre-approval:

  • Two most recent and complete tax returns; all schedules ( for self-employed borrowers)
  • Two most recent W2′s
  • Two most recent paystubs
  • Most recent and complete bank statements; all pages
  • A copy of your photo ID
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Application

Once you have found a home and have signed a purchase contract we can start the application process. Most likely at this point I will have most of your pertinent information and we will simply add the new property address to the application. I can send it, email it or you can come in and sign it. This along with the supporting documentation listed above is what we need to get moving forward .

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Underwriting/Approval

Once we receive the application and the complete supporting documentation we will submit your loan to underwriting and order an appraisal on the property. The underwriter reviews everything and makes sure it meets guidelines and like I stated earlier verifies that you can actual pay this loan back. Since my team is very diligent during the pre-approval and application process this should be a formality.

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Conditions

There may be some conditions on the loan once it is reviewed by an underwriter. This may be additional supporting documentation or some brief explanations that the underwriter may need. If this is the case we will make sure that you understand why these conditions are being requested and the best way to satisfy them.

Now you are approved and ready to close!

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Closing

Now that the loan is ready to close all parties work to coordinate this. The attorneys will schedule the closing at a title company. The title company’s job is to insure clear title on the property, put you on the title of the loan and they actually conduct the closing.

We will contact you before the closing to go over the final figures and what you need to bring to closing. You will either need to bring a cashier’s check or arrange for a wire transfer (we will help you arrange this).

At the closing you will sign A LOT of documents. Most importantly will be the Mortgage and Note. When you are finally done, they will fund your new loan, hand over the keys to you and you are now a new homeowner.

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Now that you’re a homeowner..


Now that you own your home and are happy with the work my team and I have done for you, we ask you to remember how we kept your interests first at all times. We ask that you write some reviews about us online and please let your family, friends and fellow associates know about us. Don’t keep us a secret!

This aside, know that I plan to stay in touch with you via emails meant to make you smile during each year as well as a phone call from time to time.
Just because you now own a home doesn’t mean that I stop looking out for you. Know that I will keep you aware of any market conditions or opportunities that may become available for you to save some money. I’m always looking out for you.

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YOUR TEAM PROCESS

Things have changed a lot in the mortgage industry over the last few years. In the past, the process could have been as simple as signing an application, showing up to closing and you are a homeowner.

 

Now things have changed and the best way to describe the process is like if you are borrowing money for an important commodity, the lenders simply want to make sure that you can pay the loan back and they want the collateral documentation for verification.

 

Yes, a big change from past years.

My goal has always been to make this process as smooth and efficient as possible. Now I know, everyone says this, but a long long time ago when I got my first mortgage and way before I was even in the mortgage industry all I could think of during the process was how I wanted this to end and never deal with the mortgage again. So therefore I really do strive to keep you as informed as possible and to make the process as easy as possible.

Pre-Approval

Pre-Approval

When shopping for a home it is very important to at least talk to me to go over some figures to get an idea of what you can actually be approved for. This will take all of ten minutes and is painless. The obvious benefits are comfortably knowing what you can afford and feeling secure with the payment.

Read More…

Real Estate Appraisals

Real Estate Appraisals

One of the most critical parts of getting a mortgage is the Appraisal. The purpose of an appraisal is to confirm the home value for the lender.An appraisal is a professional estimate of the value of the property that you are planning to purchase.According To Wikipedia:Real estate appraisal,

Read More…

Understanding Credit

Understanding Credit

Credit is one of the most important components in the mortgage approval process.Lenders look at a borrower’s credit score, number of open accounts, payment history, type of credit borrowed and a series of other factors when determining what level of risk to assess to each lending scenario.

Read More…

Do's & Don'ts

Do’s & Don’ts

While you are considering the purchase of a new home or exploring refinancing your current home, you should not do anything that will have an adverse effect on your loan from this point through the rest of the process. Click below to read about our Top “Do’s and Dont’s” we feel are important for you to know about during your loan process..

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Mortgage Approval Process

Mortgage Approval Process

Whether you’re a First-Time Home Buyer or seasoned investor, the mortgage approval process can be a slightly overwhelming adventure without a proper road map and good team in your corner.Typically when you are searching for a home a listing agent will always ask for a pre-approval. Being prepared is always a good thing.

Read More…

Closing process

Closing process

The home buying process is full of paperwork, important dates, contracts, market movements and checklists that can even overwhelm seasoned real estate investors.One of the main reasons to make sure you’re working with a professional real estate buying team is the fact that you get to lean on their combined experience to ensure…

Read More…

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Joe Spisak NMLS #197397

"Able to conduct business wherever I am for you. My office is truly mobile"



           
CONTACT
  • 773.255.5989
  • 847.557.2026
  • TeamSpisak@WaterstoneMortgage.com
LOCATION
  • 1580 South Milwaukee Avenue
    Suite 301
    Libertyville, IL 60048

    Team Spisak
    1580 South Milwaukee Avenue Suite 301, Libertyville, IL 60048.

    Waterstone Mortgage Corporation NMLS #186434

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