Reference Links - Tips for a Successful Transaction

* General:

1. Do not jeopardize your transaction!

a.	DO NOT make any large deposits into or bounce any checks from your bank accounts during the loan process.
b.	DO NOT make late payments on any of your bills during the loan process.
c.	DO NOT make any changes with your employment or bank accounts during the loan process.
d.	DO NOT make any large purchases until after the closing. It may be necessary to re-look your credit during the loan process.
e.	PLEASE consult with us if you have any questions as to how your actions will affect your mortgage financing.

2. Closing

a.	Before closing, we will give you an estimated dollar amount for your cashier's check. Do not worry about getting an exact amount.
b.	Have the check made payable to yourself.
c.	The title company will give you any monetary difference at the closing.
d.	A member of our staff will attend your closing.

3. Opting-Out of unsolicited call lists and mailing lists

a.	Please call 1-888-5-OPTOUT or visit www.optoutprescreen.com to stop the credit repositories from selling your personal information to unwanted solicitors.

* Purchases:

1. Earnest Money

a.	Your will be asked to give earnest money when you sign the real estate contract.
b.	During the loan process, you must provide proof that this money has cleared your bank account.
c.	The money will be credited to you on your settlement statement at closing.

2. Fees to be paid outside the mortgage transaction

a.	Attorney fees are usually paid at closing.
b.	Home inspections are paid for at the time of inspection.
c.	The first year of homeowner's insurance must be PAID-IN-FULL for 12 months at least ONE WEEK PRIOR to closing.

3. Real Estate Attorneys

a.	We believe it is in your best interest to retain an attorney that specializes in real estate transactions.

4. Home Inspections
We STRONGLY recommend that you have a home inspection.

a.	A good home inspector is trained to find unseen problems with the home your looking to purchase.
b.	If there are items that need to be repaired, they can then be negotiated.
c.	We DO NOT order appraisals until the home inspection is complete and satisfactory. We would not want you to pay for an appraisal on a home you may not buy.

5. Homeowner's Insurance

a.	Contact your insurance agent for a homeowner's policy. Have the agent contact our processing desk at 630-257-7777 x37 to get the information needed for your policy. Your first year of homeowner's insurance must be PAID-IN-FULL at least ONE WEEK PRIOR to closing.

There are several well-meaning "mortgage experts" who will try to advise you. Avoid them. We are always happy to answer your questions. We understand your transaction better that anyone and are here to make this process as smooth as possible.