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THE WEXLER GROUP

REAL ESTATE GUIDE


WELCOME TO THE WEXLER GROUP


Hi,

Thank you for taking a moment to read this short note. Tammy and I have been focused on serving others our entire lives. The Wexler Group has been built upon this foundation and our high level of service. The fact is, any agent can show or list a home - execution and customer appreciation sets our team apart. Doing the minimum is not what we do. We have assembled the best talent in the industry to help with every step of your next real estate transaction. Our incredible team and hand selected partners are what make working with The Wexler Group an enjoyable experience. We build caring, mutually beneficial relationships with those we serve. Our clients and their referrals are treated as cherished family members. Frequent communication, honesty and trust create great transactions. We guide clients to smart decisions while providing advanced marketing and service. We will deliver on our promise and pledge that you will be truly satisfied with our level of service. Thank you, Ron & Tammy The Wexler Group

REAL

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ESTATE


INSPECTION INFORMATION

MORTGAGE PROCESS

TABLE OF CONTENTS BUYER PROCESS

YOUR TEAM

4 6 9 10


TERMINOLOGY

VENDOR LIST

TESTIMONIALS

MOVING CHECKLIST

HOUSE HUNTING CHECKLIST

WIN-WIN AGREEMENT

CLOSING COSTS

11 12 14 15 16 17 25


THE TEAM RON WEXLER

TAMMY NORTHCUTT

Ron@thewexlergroup.com

Tammy@thewexlergroup.com

Ron’s job is making the buying and selling process fun, painless and profitable for our clients. With over 30 years of experience and having taught thousands of agents, Ron knows how to get the job done. He uses his knowledge to help guide and advise The Wexler Group.

Tammy has been in the Real Estate and Appraisal Industry for over 25 years. Her goal is to hire, lead and train our team. She makes sure our clients have a pleasant experience through the entire buying and selling process.

BRIDGET CARMODY

DAWN UNDERWOOD

Owner

Executive Project Coordinator

Bridget@thewexlergroup.com

Bridget loves to help others in any way she can. She brings her attention to detail, organization, and positive personality to her role as the Project Coordinator at The Wexler Group.

Account Manager Dawn@thewexlergroup.com

Dawn is detail-oriented with a love for helping people. As a licensed Account Manager, she assists you in all aspects of your real estate transaction, from listing through closing.

TED TROST

DENESHA GORMAN

Ted@thewexlergroup.com

Denesha@thewexlergroup.com

Field Coordinator

Ted was a small business owner for many years. He now helps The Wexler Group coordinate all our field activities.

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Owner/CEO

Inside/Outside Sales

Denesha is results-driven with a background in the advertising and marketing industry. She enjoys nurturing lifelong relationships with clients to keep them involved every step of the way.

LAUREN BORJON

Director of Sales

Lauren@thewexlergroup.com

With a background in digital marketing, Lauren has helped The Wexler Group expand its marketing channels for sellers. She also leads the Inside Sales Team toward its goal to find great listings for our buyers and great buyers for our sellers.

JENNIFER WADHWA

Account Manager

Jennifer@thewexlergroup.com

Jennifer will guide you through the entire buying/selling process. Her attention to detail and her clear communication skills will help make your transaction smooth from start to finish.

ALAN SEABORG

Inside/Outside Sales

Alan@thewexlergroup.com

Alan is passionate about helping people find their happiness. His role on the Inside Sales Team is to work on your behalf to find the perfect home or buyer for you.


JACQUI TRACY Listing Specialist JacquiTracy@thewexlergroup. com

DAVE AUFFARTH

Listing/Buyer’s Specialist Dave@thewexlergroup.com

STEPHANIE GLEASON

Listing/Buyer’s Specialist Stephanie@thewexlergroup. com

Dave is our City expert. He began his career in the service and hospitality industry before transition to real estate nearly 20 years ago. He has a proven track record of successfully helping buyers and sellers in all types of property purchases and sales.

Stephanie is energetic, insightful and detailedoriented. She combines her love of real estate with her desire to help clients enjoy a positive home buying or selling experience.

LAUREN WYNESS

PAUL HORNEY

LORI LOLLOCK

LaurenWyness@ thewexlergroup.com

Paul@thewexlergroup.com

With 20 combined years in the appraisal and real estate business, Jacqui helps our sellers get their homes sold quickly and at the highest price. She continually reviews the active and sold comparables in your area to keep you ahead of the market.

Buyer’s Specialist

Buyer’s Specialist

Lauren always focuses on the details to make sure things are done right. She strives to provide a smooth and accurate transaction for all her clients.

Paul has been a Certified Appraiser and Realtor since 2002. Previously, he was a carpenter and Home Inspector. His eye for quality and all of his experience will help to protect your investment.

KIM MAYER

COLLEEN GALLAGHER

KimMayer@thewexlergroup. com

Colleen@thewexlergroup.com

Buyer’s Specialist

Kim is a very dependable and driven individual with excellent communication skills. She prides herself on her attention to detail and her ability to understand her clients needs to ensure all clients leave feeling completely satisfied with their experience.

Buyer’s Specialist

Lori@thewexlergroup.com

Lori has a passion for real estate, with experience in both administrative and sales roles. She is highly skilled at successfully guiding clients through the home buying process.

Buyer’s Specialist

Colleen is determined to meet the needs of each and every client. Colleen strives to make every client her priority, making every buyer’s experience a positive one.

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BUYER PROCESS

GET PREAPPROVED

NEEDS ANALYSIS

MAKE AN OFFER

ATTORNEY REVIEW

• Speak with lender to see what you qualify for • See our preferred list

• Initial interview – we assess your needs • Get loan prequalification • Start with listing alert emails • Determine criteria for your perfect home • Define your top 3 wants (below) • Send requested paperwork to lender ASAP

• Initial offer amount • Good faith deposit – earnest money • Down payment amount • Closing date • Copy of pre-approval • Choose attorney

• Starts within 5 days of fully executed contract, but can take as long as necessary until all parties are satisfied • Schedule inspection • Secure lender and start financing process

YOUR TOP 3 MUST HAVES FOR YOUR NEW HOME: 1.

2.

3.

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UNDER CONTRACT

• Showings typically stop with owner’s request • Additional offer(s) accepted for backup only


HOME INSPECTION

MORTGAGE APPLICATION

PRECLOSING

CLOSING TIME

HOME OWNERSHIP

• Complete within 1-5 days, unless otherwise stipulated in contract • Choose licensed and bonded Home Inspector – see vendor list • Make sure inspector provides a copy of inspection report to your agent • Submit repair or credit requests to your attorney • Negotiate any requests

• Apply by dealine in your contract. • Appraisal will take place • Mortgage commitment • Obtain homeowners insurance • Inspection contingencies satisfied • Finalize all lender requirements

• Remember: Set up utilities (gas, electric, water, garbage, TV, phone, internet) for your closing date • Submit change of address to USPS and services • Confirm move with your moving company • Review closing costs with your attorney • Lender: Loan underwritten – clear to close!

• Final walkthrough – determine that everything at home is as expected – all parties must attend in person or pre-sign with your attorney • Receive keys, any documents/manuals, etc. • Bring check to closing for down payment and closing costs • After closing: legal recording by attorney • CELEBRATE and move in!

• Ask The Wexler Group for recommendations for anything you need! • STAY IN TOUCH! • Send referrals to The Wexler Group

When buying a home both parties can walk away satisfied. The seller’s goal is to sell their home and hand over the keys; while the buyer’s goal is to purchase a home and receive the keys! Nobody has to walk away from a transaction feeling defeated. A purchase negotiation is more than just the price - there is also possession date, closing date, personal property and sometimes repairs or updates are needed. When we negotiate, our goal

is to get to the terms that satisfy ALL parties. We discuss what is important to you in your next home before starting the search or before any negotiations. Our unique strategies keep us in a position to manage every step of your home purchase. Having a deep understanding of what motivates sellers helps us to submit appropriate offers that will not upset or deter a

seller from negotiating. A seller can quickly gain control of a negotiation if not handled with care and experience. An unruly or “offended” seller may respond and counter irrationally if provoked. Our team knows how to walk the tight-rope to make sure we end up at your desired price and terms. Focusing on maximizing the results you want is our #1 priority.

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Amazing customer service for over 35 years! Our clients deserve a personalized experience! Take the stress out of The mortgage process 19831 Governors Hwy Flossmoor, IL 60422 NMLS# 175656 Branch# 1009900

Call the Mencke Team to learn more

708.647.5240

tmencke@goapmc.com www.tmencke.goapmc.com

This is for information purposes and is not an advertisement to extend consumer credit as defined by Section 12 CFR 1026.2 Regulation Z . Certain restrictions apply. This is not an offer for a rate lock agreement under any applicable law. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. All loan inquiries/applications are managed by a Loan Officer licensed in the property state. American Portfolio Mortgage Corporation (APMC), NMLS ID 175656, is a Nevada corporation located at 800 E. NW Highway #821, Palatine, IL 60074. Address of licensee is Palatine, IL unless noted below. APMC is licensed in the following states: AZ-Mortgage Banker #0920153* CA-DBO #4131326 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act * CO- Mortgage Company Registration* FL-Mortgage Lender#MLD836* GA-Mortgage Lender#34260* IL-Residential Mortgage Licensee# MB.0005608, Regulated By The IDFPR 122 S. Michigan Ave #1900, Chicago, IL, 60603, 312-793-3000* IN-DFI First Lien Mortgage Lending#17114* IA -Mortgage Banker# 2012-0015*KS Mortgage Co License# MC.0025217* KY-Mortgage Company #MC81341 *LA-Residential Mortgage Lending* MD Mortgage Lender License #21092* MI-First Mortgage Broker Lender Registrant# FR0018590* MN-Residential Mortgage Originator #MN-MO-175656* MO Reg# 14-2160-A*North Carolina Mortgage Lender License L-158767* Ohio Mortgage Broker Act Mortgage Banker Exemption MBMB.850217.000*OK-Mortgage Lender License# MLO10812* OR Mortgage Lending License ML-5460* TN-Mortgage License#112482*TX-SML Mortgage Banker Registration* WA Consumer Loan Company License CL-175656* WI-Mortgage Banker#175656BA. The content provided in this document was not approved by HUD of FHA.


HOMEBUYERS - PURCHASE PLEASE PROVIDE LIST BELOW: W-2’s 1099 and 1040 tax returns - with all

401K/ Credit Union, Stocks/Bonds (last quarter)

schedules (last 2 years) Paycheck stubs (1 month consecutive/last 3 - if

List of employer’s names, address & phone # (last

paid biweekly)

2 years - include positions & date durations)

Bank statements (checking/savings, ALL

Driver’s License or State ID

accounts and ALL pages - 2 months consecutive)

ONLY IF APPLICABLE: Signed contract & all riders on home being

Letter from landlord stating on time for 12

purchased

months/name & phone number of landlord

Names/phone numbers of real estate agent &

12-month court printout of receiving child support

attorney DD214 & original certificate of eligibility Signed Divorce Decree (all pages) Information on any real estate owned property Stamped release of any judgement/paid receipt

(Tax Bill, Homeowners Insurance Bill/mortgage

for collections

statement and leases)

Filed discharge of bankruptcy & complete

Appraisal Fee (for formal application only)

schedule of creditors WRITTEN PRE-QUALIFICATION LETTER WILL NOT BE ISSUED UNTIL ITEMS ARE RECEIVED AND REVIEWED.

PROTECT YOUR LOAN APPROVAL! DON’T JEOPARDIZE YOUR MORTGAGE LOAN APPROVAL WITH CREDIT REPORT CHANGES OR EMPLOYMENT CHANGES! KEEP YOUR CREDIT CARD ACTIVITY TO A MINIMUM & MAKE ALL PAYMENTS ON TIME.

DO NOT: • Make any expensive purchases to charge up your current credit • Have ANYONE check/pull your credit reportincluding yourself • Apply for any type of credit - make sure you avoid all offers • Move money between bank accounts without

calling first/open new accounts • Close any current credit card accounts • Deposit cash into your account or accept cash gifts • Pay earnest money in cash/give it directly to seller • Change employers

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WHAT TO EXPECT FROM A HOME INSPECTION? A home inspection is like test-driving a new car - only better. Instead of just punching the accelerator and a few dash buttons to see what they do - during a home inspection you’ll have a knowledgeable professional along with you. They can point out details and potential problems you might not notice otherwise. A thorough home inspection can save you thousands of dollars in unexpected repairs - or from unwittingly buying a money pit!

WHAT A HOME INSPECTOR DOES A top-to-bottom review of the physical structure - could take 2-3 (or more) hours • Including roof, ceilings, walls, floors, windows and doors The inspector will check: • Major appliances • Heating and air-conditioning system • Plumbing and electrical systems • Attic and basement

WHAT A HOME INSPECTOR DOESN’T DO • A home inspection is a general checkup, not an X-ray exam. Although inspectors should have a keen eye for detail, they won’t be able to detect the unseen. That means hidden pests, asbestos, mold or other potentially hazardous substances might go unnoticed. These types of issues can require specialized evaluations. • The goal of the inspection is to uncover issues with the home itself, inspectors won’t advise you if you’re getting a good deal on the home or offer an option on the sale price. • An inspection is not a pass/fail exam. However, you’ll learn much about your potential new home and gain confidence in the decision to move into your new address - or find out enough to pass on the purchase.

BE A PART OF THE PROCESS It’s a good idea to join the inspector on the home tour. He may make some great home improvement suggestions along the way, as well as point out peculiarities and unique features.

THE HOME INSPECTION REPORT A good home inspection report is extensive - it provides narratives, summaries, photographs and the critical information you need to make an informed decision about the home you’re purchasing. The critical information you will gain will also include recommended repairs and replacements. Home inspections aren’t cheap. They can cost $350 to $500 or more, so you want to be sure you’re getting what you pay for.

Written by Sean Bacon - Xcellence Xcellence Inspection Services has been a trusted member of the Chicagoland real estate community for the past 13 years. When you choose Xcellence Inspection Services - you will choose the home inspection company with the best reputation, expertise and highest standards. “Expect the Best... Expect Xcellence”

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TRADITIONAL CLOSING COSTS

• Earnest Money • Down Payment • Inspection Fees (Structural, Pest, etc.) • Attorney • Mortgage Lender Fees - Appraisal - Credit Report - Flood Fee - Underwriting Fees • Title Fees - Mortgage Title Policy - Recording Fees - Document Preparation - Tax Service Fee • Homeowners Insurance

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WIN-WIN EXPECTATIONS

What You Can Expect Of The Wexler Group • We will be on your side. We will work to meet your

• We will keep your information confidential.

needs. We will always put you FIRST! • We will explain the entire process to you in advance • We will respect your time and will work to

before you start your home search.

accommodate you and your schedule. • We will educate you on all of the terms on the Buyer • We will respond to your phone call or emails as quickly

Agreement and Sales Contract.

as possible. • We will always negotiate price and terms in your best • We will discuss the benefits and drawbacks of each

interest.

home in relation to your needs. • We will coordinate and monitor the inspections, • We will be honest with you; even when we have information that you may not want to hear. • We will search the market constantly for newly available homes that may meet your wants and needs. • We will help you compare homes so you can make an educated decision.

document preparation and other steps of the closing process. • We will refer you to proven and trusted professionals throughout the entire process. • We will do what it takes to live up to our mutual agreements to remain your “Realtor of Choice” FOREVER!

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What The Wexler Group Expects From You • Be honest with us and keep communication open throughout our relationship.

• If you see a listing that piques your interest, call us! We run marketing reports and bring the tools you need to make an informed decision.

• Be available to look at homes and let us know if you are going to be out of town.

• When attending open houses - be sure to bring your agent or agent’s card. Going solo may give the agent

• To prevent incorrect or biased information from

representing the seller the wrong idea - that they

reaching you - we advise not to speak with other

now represent you. Remember: the sellers pay our

agents.

commission, not you!

• If your wants, needs or financial situation change please let us know.

• We are 100% loyal to you and we expect the same in return!

• When looking at new construction, let us know! We

• We love referrals! Be sure to let everyone know about

have built relationships and have industry insights to

the high level of service we provided to you! We have

builders and their level of quality and expertise.

built our business from referrals and appreciate you spreading the word!

• If you see a “For Sale By Owner”, call us first. We usually get sellers to work with us and we can be there to represent you and your best interests.

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HOUSE HUNTING CHECKLIST Property Address: Price: Total Sq. Ft: Number of Bedrooms:

Number of Bathrooms :

NMLS#

First Impressions: Dislike • Like • Love

THE HOME

THE FEATURES

Exterior Condition

Kitchen Appliances

Floorplan

Laundry Appliances

Kitchen

Fireplace

Family Area

Patio/Balcony

Dining Area

Pool

Laundry Room

A/C & Heating System

Master Bedroom

Security

Master Bathroom Does this house make the short list: No • Maybe • Yes

Extra Bedrooms Extra Bathrooms

Additional notes:

Garage Size Lot

NOTES ABOUT THE NEIGHBORHOOD Appearance: Traffic: Safety/Security : Nearby Schools: Close to: Work • Schools • Transportation • Supermarkets • Recreations/Park • Restaurants This house won’t work because:

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OVERALL RATING: 1

2

3

4

5


MOVING CHECKLIST Let everyone know you’ve moved INSURANCE COMPANIES:

BUSINESS ACCOUNTS:

MISCELLANEOUS:

Accidental

Banks

Business Associates

Auto

Cellular Phone

House of Worship

Health

Department Stores

Drug Store

Home

Finance Companies

Dry Cleaner

Life

Credit Cards

Hair Stylist

Renters

SUBSCRIPTIONS:

Electric

PROFESSIONAL SERVICES:

Magazines

Telephone

Broker

Newspapers

Water

Accountant

GOVERNMENT:

Cable

Doctor

Internal Revenue Service

Gas

Dentist

Post Office

CLUBS:

Lawyer

Schools

Health & Fitness

State Licensing Library Veterans Administration

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TESTIMONIALS

There are numerous things that we

perfect home for my family and me.

We appreciate The Wexler Group’s

appreciate about The Wexler Group.

Since we were relocating from out of

hard work and patience to find us the

They always have open communication

state, Tammy also referred me to a local

perfect home. From start to finish you

during the entire process and listen to

home inspection company and closing

were great! We are beyond happy in our

exactly what we are looking for. They

attorney that provided the same level of

new home. Thanks for making the entire

always give excellent input because

superior service I received from Tammy

process effortless and fast!

of their understanding and years of

and The Wexler Group. When it is time

-Arlington B. Maquinto

experience. It is easy and quick to find

to move again, they will be my first call!

properties using their access to MLS

-Brian Parham

I worked with Tammy Northcutt for both

Connect. When we see a home that we want to look at, they are very flexible

The

a

been a pleasure working with someone

about showing it day or night. They are

successful and stress free experience

so knowledgeable. I want to thank

the only team that we recommend to

throughout the entire buying and selling

Tammy and her team for helping me sell

people. Thank you for all your hard work!

experience. It was most important that

my home in a week, and getting one of

-Norm and Robin Faber

I made sound decisions regarding the

the highest prices in the neighborhood.

purchase of a new home in terms of both

Tammy listened to all our wants and

The Wexler Group was recommended

quality and price. Tammy advised me

needs to find us the perfect home for our

to me by referral. My family and I were

every step of the way. Her knowledge

family. I highly recommend Tammy and

relocating to the area from out of state.

plus experience equaled unparalleled

The Wexler Group to ensure a seamless

We were introduced to Tammy on our

wisdom. And wisdom is priceless!

and smooth real estate process.

first day of house hunting. We looked

-Joyce Carmine

-Kellie Alderton

at dozens of homes and Tammy was patient and very kind throughout the process. She ultimately found the

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selling and purchasing property. It has Wexler

Group

facilitated


THE WEXLER GROUP SERVICE VENDOR LIST “People We Trust to Help You”

ACCOUNTING Magna Accounting Associates Aristotle Makris 708-873-9222

NITETIME DÉCOR (OUTDOOR LIGHTING) Gary Fouts 815-462-4700

HOME WARRANTY Home Warranty of America Liane Luckett 708-205-5193

Thrivent Financial Mike Shackel 630-243-8199

ESTATE SALES Creative Home Services Ric Roemer 708-460-1377

INSPECTIONS Xcellence Inspection Services Sean Bacon 708-329-8625

Faber Brothers Painting Mike Faber 815-774-9761

HEATING & AIR CONDITIONING Mert’s Heating & Air 708-754-4768

Classic Home Inspection Service Mark Havens 708-645-9300

Prestige Faux Design Janelle Tague 815-485-5218

HOME IMPROVEMENT/ REMODELING Creative Home Services Ric Roemer 708-460-1377

INSURANCE State Farm Insurance Tom Luscome 708-365-5222

PLUMBING Suburban Plumbing & Sewer Dan McCarthy 708-799-5100

State Farm Insurance Michelle Kerfin 708-301-1800

Dan’s Sewer & Drain Cleaning 773-368-6587

ATTORNEYS Jackie Wierenga-Johnson 708-945-7186 Rocco Massari 708-710-1866 William P. Butcher 708-799-0600 Jack Haan (business attorney) 708-480-2600 Joe Kosteck 815-806-2950 CARPETING & FLOORING Flooring America Rick Warman 224-419-4641 Creative Carpets Steve Williams 708-479-8600 CHARITIES Amvets Pick-Up 708-388-7800 CLEANING SUPPLIES - SHAKLEE Larry Killmer 708-301-1311 ELECTRICAL Ryan Electrical Services Inc. 708-403-1049 Gene A. Meyers Inc Steve Morris 708-923-0123

Uhlmann Inc. 773-238-1829 HALO Construction Services Tim Heitman 815-464-9119 Whatever You Need Handyman Service Mike Danaher 708-790-3416 HOME THEATER— ENTERTAINMENT The Little Guys Home Theater, Audio-Video, Electronics 708-754-8844 Electronic Systems of Illinois (Alarms, TV Systems) John Raiger 708-417-2550 HOME STAGING/DESIGN Creative Home Services Ric Roemer 708-460-1377 Sassy Spaces Inc Jeni Ozark 630-207-8282

LANDSCAPING/NURSERY Golden Gate Nursery Gregg Tracy 815-954-6623 MORTGAGE LOANS The Federal Savings Bank Jon Hamilton (708) 218-8480 American Portfolio Mortgage Samantha Anderson (708) 647-5249 MB Financial Mike Kerrigan 708-220-9450 Edna Mazariegos 708-214-0424 Guaranteed Rate Dan Rogers 708-906-4183 MOVERS Bekins/Boerman Moving & Storage 630-972-1000

PAINTERS GLN Home Repair & Remodeling Gerald Noe 708-646-6204

PRINTING DynaPro Comm. Printing Dawn Bitter 815-258-6160 Image 360 Jon Osborne 708-478-5751 Lighthouse Printing Judy Palmer 708-479-7776 ROOFING Bob’s Roofing Crew Bob Lyons 708-444-4499 TJC Roofing 708-772-1604 M&M Roofing 708-478-1076 WATERPROOFING & WATER REMOVAL Disaster Solutions Steve Vani 815-464-5500 Perma Seal 630-241-8860

We trust and believe in the people on this list. Though we love and trust them we can not always 100% guarantee the results.

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QUALITY COMMUNICATION ACTION RESULTS 18


Our teams entire focus is to provide high quality service, communication and results for the people we serve. We believe in massive action based on consistent daily marketing activities. We get incredible results through consistency, follow-up and service based systems.

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ESTATE


Your Local Mortgage Lending Team Buying or Refinancing? We have the loan to fit your needs. • Conventional and FHA with low down payments • Fixed and Adjustable Rates • First-time Homebuyer • JUMBO • VA • HARP 2.0 Refinancing • Down payment assistance programs available For more information, visit us at mbmortgage.com

Mike Kerrigan

Edna Mazariegos

Branch Sales Manager NMLS #294476 630.220.9450 mkerrigan@mbmortgage.com mbmortgage.com/mkerrigan

Senior Loan Officer NMLS #593199 708.214.0424 emazariegos@mbmortgage.com mbmortgage.com/emazariegos

Actual payments and terms will vary based on individual situation and current interest rates. A credit report and other fees may apply. Ask for our current interest rates. All loans subject to credit approval. Program guidelines and loan terms are subject to change at any time.

MB Financial Bank NMLS: 401467


Jacqueline Wierenga-Johnson Attorney at Law 22338 Jeanette Court Frankfort, IL 60423 jwjapd@aol.com Phone: 708-945-7186 Fax: 708-590-0849 Helping “The Wexler Group” clients since 1994

When “That will never happen to me” happens. Tom Luscombe, Agent Bus: 708-365-5222 www.tomluscombe.com

I’m ready to help. There’s never a good time for an accident to happen. But when it does, you can count on me to be there quickly so you can get your life back to normal. GET TO A BETTER STATE.™ CALL ME TODAY.

1101204.1


Dan Rogers’ numbers speak for themselves Dan Rogers has been helping customers with home financing since 1986. He has built his business by providing low rate, low fee mortgages and superior customer service. That’s why he was named a Top 1% Mortgage Originator in America 2015 by Mortgage Executive Magazine. See for yourself why so many people choose Dan Rogers for their mortgage needs. Contact me today for a low rate mortgage!

Dan Rogers Regional Manager 7808 W. College Dr., Ste 2NE-SE • Palos Heights, IL 60463

O: (708) 430-0300

C: (708) 906-4183

drogers@guaranteedrate.com guaranteedrate.com/drogers

NMLS ID: 131966 IL - 031.0010824 - MB.0005932, IN - 12592 - 11060, MI - 131966 - FR-0018846 & SR-0018847, WI - 15620 - 27394BA NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • IN - Lic #11060 & #10332 • MI - Lic #FR0018846 & SR0018847 • WI - Lic #27394BA & 2611BR

MORE EXPERIENCE • MORE KNOWLEDGE BETTER RESULTS

High Performance Networks Home Theater • Outdoor Systems High Performance Audio • Expert Staff Conference/Board Rooms • Installation System Integration • Home Control 19031 OLD LAGRANGE ROAD REAL MOKENA, IL • 708-754-8844

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WWW.THELITTLEGUYS.COM

ESTATE


*R es i d e n ti a l & C o m m erc i a l I ns pec t i o ns *R ad o n T es t i ng *W o o d D es t roy i n g I ns ec t T es t i n g *S a m e D ay I ns p ec t i on R e p or t i n g *C ou rt e o us , Fr i e n dly & He l p f ul I ns p ec t ors *B il i n g u al ins p ec t ors *M o n ey B ac k G u ar a nt e e

Don’t Get Stuck With A Money Pit! 708-299-9235 www.Xcellenceinspectionservices.com


REAL ESTATE TERMINOLOGY • Adjustable Rate Mortgage (ARM) - The interest

• Counteroffer - The response from the seller in

rate is tied to a financial index making the monthly

regard to an offer.

mortgage payment go up or down over time.

• Mortgage Note - A promise to pay a sum of money at a standard interest rate during a spe-cific term that is secured by a mortgage.

• Debt to Income Ratio - A lender will look at a • Annual Percentage Rate (APR) - The percent of

borrowers debt versus income to determine the

interest that will be charged on a home loan.

of real estate properties that are available for sale.

repay their debt plus the home loan.

These are the most reliable sources to receive up-

• Appraisal - A report highlighting the estimated value of the property completed by a qualified 3rd

• Multiple Listing Service (MLS) - The national list

amount of loan they are eligible for and if they can

to-date listing information. • Down Payment - A percent of the cost of the

party. This is typically done for the benefit of the

property that is paid up front as a part of the

buyer to ensure the property is worth what they

mortgage.

are paying.

• Pre-Approval - The process in which a buyer must provide a mortgage professional the ap-propriate information on income, debts, and assets that

• Earnest Money - The deposit made from the • Association Fee/HOA Fee - In addition to a

buyer to the seller when submitting an offer. This

mortgage, certain housing communities such as

deposit is typically held in trust by a third party.

townhomes have a monthly fee associated with

Upon closing the money will generally be applied

maintaining the common areas and amenities.

to the down payment or closing cost.

will be used to make the initial credit only loan decision. • Pre-Qualification - Once approved for a loan, this is the process in which the maximum sale price, loan amount, and month payments are calculated

• Balloon Mortgage - A long-term mortgage loan

• Escrow - This term has multiple meanings; earnest

that starts small but has a large payment due at

money is typical held by a third party until closing

maturity.

in “escrow”. It can also be referred to as the time period from when the con-tract is written and

• Closing - This is the final meeting where the buyer

accepted by the seller to when the home sale

and seller sign the necessary paper-work, com-

useful to know prior to searching for a home. • Principal - The underlying amount of the loan which is actually borrowed.

actually closes.

plete the transaction, and release/take possession of the property. Usually the representing agents

for the borrow. This not a loan approval however, it

• Property Taxes - These are the taxes that are • Equity - The difference in the market value of a

and attorneys attend.

home versus what is owed on the home.

enforced by the city, town, county, and state government entities. These taxes are included in the total monthly mortgage payment and are held in

• Closing Costs - The buyer and seller have expens-

• FHA - A mortgage that is financed through a

es associated with the transaction other than that

private lender and insured by the Federal Housing

of the actual cost of the home. For example, the

Administration, often requiring a lower down pay-

buyer has a variety of fees due for obtaining a new

ment and income to qualify.

loan and the seller must pay commission to both agents.

escrow by the lender. • REO - Real estate owned properties or foreclosed properties currently owned by a financial institution such as the bank that made the loan to the previ-

• Fixed Rate - The interest rate will remain the same

ous owner

for the entire life of the mortgage. • Closing Disclosure - A form that provides the final details about the mortgage loan. It includes loan

• Reverse Mortgage - This is specifically for seniors • Home Equity Line of Credit - A loan or line of

terms, projected monthly payments, and how

credit that is determined based on the equity or

much the extra fees will be.

homes value after subtracting the loans owed.

and it allows them to convert the equity in their home to cash. • Short Sale - A situation when the seller’s lender is

• Collateral - Something of value (in this case your

• Home Inspection - The process in which a profes-

willing to accept an offer and allows the sale to be

home) that is held to ensure repayment of a mort-

sional inspects the seller’s home for issues that are

completed for an amount less than the mortgage

gage or loan.

not openly apparent, then creates a report for the

amount owed by the seller.

buyer to review. • Commission - A percent of the sale price of the home that is paid to agents. The seller pays com-

• Title - A legal document proving current and prop• Home Protection Plan - An annual service that

mission to both the buyer and listing agent. • Comparables - Homes in the area of interest that

Title Deed, this document highlights the history of

covered in the plan; items like stoves, washer/

property ownership and transfers.

dryers, etc.

have recently sold that have similar features.

• Underwriting - The process in which the potential • Hybrid - A loan that starts with a fixed rate period,

• Contingencies - Conditions which must be met in

then converts to an adjustable rate.

order to close. Contingencies are typically tied to a date, referred to as a deadline. If the contingency is

er ownership of the property. Also referred to as a

covers the cost of repairs or replacements to items

home buyer is evaluated for their financial ability to obtain and repay a loan. This normally consist of a credit check and appraisal of the property.

• Mortgage Insurance - Insurance written in con-

not satisfied the contract may be canceled.

nection with a mortgage loan that protects the

• VA Loan - Loans that are given to Americans who

lender in the event the borrower cannot repay their

have served in the armed forces. They are adminis-

loan. This is usually not required if the borrower has

tered by the Department of Veteran Affairs.

20% or more for the down payment. •

25


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