The Romo Report

The Mortgage Blog Of Alex Romo – 312-738-8430

DOWN PAYMENT ASSISTANCE FOR VETERANS ENDING THIS FRIDAY!!!

Illinois will be discounting the Down Payment assistance for Veterans this Friday February 13th!

If you’re a veteran planning on purchasing or know someone who is, call me today!

As a veteran owned bank and premier VA Lender, we specialize in helping veterans purchase their dream home!

It’s not too late. I can reserve the funds before the deadline!

ihda vetsAlex Contact Info

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Filed under: Mortgage Advice, , , , , , , , , , , ,

What To Remember When Applying For A Mortgage

Dos and don

In my last post, I discussed which banks have the tendency of denying you home loan.  A big part of this problem are the caliber of employees handling your loan and the other are just the banks rules on approving each loan (specific bank overlays).

Applying for a mortgage is the most important step in the home purchase process.   As part of my loan application process, there are important key points I make sure to discuss.  There are very important items to remember to do and of course not to do.

A few things you should do are:

  1. Ask you Mortgage Banker questions – if you’re not sure, ask. The banker is the expert and should be able to answer all financing questions
  2. Provide accurate information –  i,e. accurate term on a job/length in present address etc.
  3. Know the loan terms – Ask the difference between FHA vs. Conventional – Fixed vs. Adjustable Rate

A few things you should not do:

  1. Don’t lie on your loan application – be truthful on your intentions of occupying the home, source of down payment etc.
  2. Start a loan process when you wont be available – Do not start the loan process if your planning a long vacation, go on maternity leave etc.
  3. Make major financial changes – do not change jobs, open new bank accounts, open new credit debt or make large purchased such as a car etc

Contact me today to discuss any questions you may have in regards home financing.

Filed under: Mortgage Advice, , , , , , ,

STOP***HOLIDAYS ARE AROUND THE CORNER***

StopWith the Holidays coming up, stores are rolling out the “savings” with “discounts” and “zero % credit cards”.

Reports show the Holiday discounts are coming sooner this year.

Right after Halloween!

Buyers, do not open new credit or increase your current debt until AFTER the closing. This can definitely put a wrench in purchasing a home and can easily disqualify you.

Banks are required to do a soft pull on credit the day before closing to make sure NOTHING has changed.

REALTORS***This is the best time to reach out to your clients who are either under contract or thinking of purchasing in the near future.

Although I say this to all my clients, there is always one client who cannot resist opening that Bestbuy credit card to purchase a new flat screen.

Call me with any questions!

Alex Romo -Home Loan Expert

 

Filed under: Mortgage Advice, , , , , , , , ,

Immigration Reform Could Add 3 Million Homeowners

A new study has found that passage of immigration reform would allow approximately 3 million new homeowners to be added to the housing market. According to the National Association of Hispanics Real Estate Professionals, it is expected that around 6 million undocumented immigrants will attempt citizenship, and of that 6 million, half are expected to become homeowners. Juan Martinez, NAHREP president said, “foreign-born householders have a high value and strong desire for homeownership.” More here

New+Homes

Filed under: Housing Market, , , , , , , , , , , , , ,

2013 Home Prices Continue To Increase

According to the S&P/Case-Shiller Home Price Indices, home prices grew impressively in January. The 20-city home price index grew by 8.1% from January 2012-January 2013. S&P Dow Jones chairman of the Index Committee David M. Blitzer said, “economic data continue to support the housing recovery.” Blitzer also stated ““single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25 percent year-over-year.” More here

Filed under: Housing Market, , , , , , , , , , , , ,

FHA Mortgage Premiums To Increase!

EXTRA EXTRA!!!!  READ ALL ABOUT IT!

FHA is changing! Premiums to increase! Don’t wait any longer! Buy today!

Click on the picture below to read my full article

fha premiums up

Filed under: Housing Market, , , , , , , , , , , , , , , , , , , ,

Refinance Activity Remains Near Three Year High

According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance application demand slipped 2.0 percent last week but remains near three-year highs. The drop was matched by a 2.0 percent increase in purchase application demand, pushing purchase loan volume to the highest level since June. The Market Composite Index fell 1.2 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remain historically low, which benefits both prospective homebuyers and those seeking to refinance. According to the survey, the average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances increased to 3.56 percent from 3.53 percent the week before. The survey covers 75 percent of all U.S. residential mortgage applications and has been conducted weekly since 1990. More here.

Filed under: Housing Market, , , , , , , , , , , , , , , , , , , , , , , , , , ,

To My Valued Clients

I am excited to share some fantastic news!

The owners of Chicago Bancorp, National Bancorp Holdings, and The Federal Savings Bank have offered me a position as “Senior Vice President at The Federal Savings Bank”.
This platform allows me to deliver a wide range of great mortgage products and service to my clients while enjoying the stability, security, and national reach of a Federally Chartered National Bank. I am looking forward to providing the same great service with distinctly more benefits to all of you. Please sit back, relax and watch as we are rebuilding America, one home loan at a time!

My business is 100% referral based.  If you or someone you know is in need of a mortgage consultation please do not hesitate to pass on my contact information.

Alexander Romo

Senior Vice President

aromo@thefederalsavingsbank.com

http://alexanderromo.thefederalsavingsbank.com

Filed under: Housing Market, , , , , , , , , , , ,

Pending Home Sales Reach Highest Level In 19 Months

The National Association of Realtors’ Pending Home Sales Index rose 7.3 percent to 100.1 in November and is 5.9 percent above last year’s levels. The improvement brought pending sales to their highest level since April 2010 when the homebuyer tax credit was about to expire. Lawrence Yun, NAR’s chief economist, said some of the gains may have been due to delayed transactions resulting from previous contract failures. According to Yun, housing affordability is at a record high and there is pent-up demand from buyers who have been on the sidelines. Pending home sales rose in every region of the country. The West saw a 14.9 percent increase and the Northeast was up 8.1 percent. More here.

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Filed under: Housing Market, , , , , , , , , ,

Pending Home Sales Reach Highest Level In 19 Months

The National Association of Realtors’ Pending Home Sales Index rose 7.3 percent to 100.1 in November and is 5.9 percent above last year’s levels. The improvement brought pending sales to their highest level since April 2010 when the homebuyer tax credit was about to expire. Lawrence Yun, NAR’s chief economist, said some of the gains may have been due to delayed transactions resulting from previous contract failures. According to Yun, housing affordability is at a record high and there is pent-up demand from buyers who have been on the sidelines. Pending home sales rose in every region of the country. The West saw a 14.9 percent increase and the Northeast was up 8.1 percent. More here.

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Filed under: Housing Market, , , , , , , , ,

THINKING OF BUYING A HOME? CLICK BELOW TODAY!

Refinance Today! CLICK BELOW!

Start Saving today!

About Alex

Alex Romo is one the leaders in the mortgage lending industry. With over 10 years of experience, Alex has grown to be one of the top originating Loan Officers in the country. His extensive knowledge of today's programs and the ability to offer the best options for his clients has earned him a high level of respect with his Realtor partners.

Alex utilizes state-of-the-art client follow-up systems to provide superior service.

Alex specializes in referrals from past clients and works closely with Realtors in Chicago and the south and west suburbs where he has personal knowledge of the communities and neighborhoods.

The powerful combination of mortgage industry expertise, local market sensitivity, and top-notch customer service ensure a smooth transaction experience for clients and real estate professionals alike.

“My favorite part about my career is helping those who dream of homeownership achieve that goal,”

Expert in:
FHA Lending
First Time Home Buying
IHDA/USDA/VA
Credit Repair
Equity Repositioning
Jumbo Lending
Commercial Lending

Contact:

Alexander Romo

Senior Vice President
The Federal Savings Bank
300 N. Elizabeth St 3E
Chicago, IL 60607
Office: 312-738-8430
Cell: 773-550-2539
Fax: 312-628-8311
NMLS# 217060

Testimonials

**Alex is one of the best loan officers I have worked with. He is very skilled and gets the job done. He is great with his clients and walks them through the process from start to finish. He is hard working and very responsive to all his deals he takes pride in his work. I would give Alex 5 stars give him a call you will not be disappointed
- Marlene B. Realtor

**When we found a home at the beginning of January 2014, due to some pressing situations, Alex was certain we could close at the end of the month. And we did!!!! He was actually ready to close a week earlier. His knowledge of the market and about upcoming rule changes to home financing were very helpful for us to decide to buy a home. I would certainly recommend him to anyone looking to finance a home
- Mallari and Robert

**Alex was very helpful during the entire process. He took the time out to explain every step of the loan process from start to finish. Every time that I had an issue Alex was always a phone call away, and he actually answered it. No voice mail, which gave my wife some piece of mind. He did a great job, and I would recommend him to anyone.
- Anthony P.

**Alex, it was truly a blessing having you to work with, thank u so much for everything and for explaining everything to me in my language.
- Charles R. Jr.

**I was looking for a home in the Chicago area and because of my current credit situation I looked to my father to apply for the loan instead of applying myself. My father was a preferred customer at Bank of America and according to our loan officer there, it was a sure deal that the loan would be approved. After a long period of time and very little communication the loan was declined with no immediate explanation. After that whole mess, I was in contact with Alex Romo, not only did he get an approval but he helped me get my credit in line and I was approved by myself. I highly recommend that anyone looking to get a home loan contact Alex. He knows the mortgage process inside and out.
- Eric H.

**Alex really does go above and beyond in helping you get the mortgage that is right for you and your family. He is knowledgeable and more importantly he takes the time to EXPLAIN the often times too wordy jargon that is mortgage language.
- Janie

**Alexander Romo takes the stress out of purchasing a home! Alexander took care of everything for my family while applying for a loan. Alexander was with us from start to finish! When purchasing a home, I highly recommend Alexander when looking for a great loan!
- Jason P.

**Alex has been a pleasure to work with on a number of legal transactions. His extensive knowledge, initiative, responsiveness, and hard work are only overshadowed by his honesty and integrity. I wouldn't hesitate to refer any of my clients to Alex for their borrowing needs!
- Attorney Jay R.

**Alex was very Helpful, and was the only person that was able to get me approved. many others tried but just couldn’t close the deal. Thanks Alex
- Juan A.

**My experience with Alex has been great. He is very quick and responsive and does a great job for his client.
- Margaret L.

**Alex really knows how to take care of his clients. From beginning to end, he was always available to answer questions. His knowledge of the housing market puts him at the top!
If you're in the market to purchase, Alex is your guy! I will recommend Alex to everybody I know
- Maria O.

**Alex is great with follow up and has tenacity to get you or your client the best rate and make the deal work for everyone.
- Phil B. Realtor

**Alex is very professional as a loan originator for The Federal Savings Bank. He follows up with his clients and attends all his closings. I would feel compfortable in recommending him to my follow colleagues.
- Sylvia R. Realtor

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