The Romo Report

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

Important Steps To Land The Best Mortgage

I spent some time talking to key real estate professionals this week and a common subject came up.  Buyers are not doing their homework when it comes to getting a mortgage.  Producing Realtors know that Big Banks are not always the best options for homebuyers.  With issues from inexperienced Loan Officers to lenders outsourcing Appraisals through AMC(Appraisal Management Companies), realtors and buyers soon realize they lose complete control of the loan process and are at the mercy of the Big Bank problem. We all know someone who has experienced this.

Buyers – get informed!

Deciding to purchase a home can be an exciting life changing event.  City or burbs? If you have you children or planing to have in the future, school districts come to mind.

dont forgetKey steps to remember:

1)Prepare for the increase in mortgage rates – especially if you’re not purchasing in the next couple months . Feds are tapering off the purchasing of bonds which will indeed have a direct effect on interest rates

2)Work with a Mortgage Professional to run your credit report/analyze your liabilities and assist in improving your score to obtain the best rate and program for your home loan

3)GET PRE-APPROVED!!!! – Even before you start looking for a house, you should get pre-approved for a mortgage. This will make you a stronger buyer, because sellers will know you have the financing in place to move forward. In addition, getting pre-approved for a mortgage amount “sets boundaries around what you can afford. Those boundaries dictate what your price range is,” said McBride – read more

For the best mortgage advice and program options in the market, call me today!

 

Advertisements

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

WE BACK OUR VETERANS!

Thank you for your service! Veteran owned, The Federal Savings Bank takes pride in helping our soldiers achieve the American dream of home ownership! NOBODY DOES IT BETTER THAN US!

Veterans

Filed under: Housing Market, Mortgage Advice, , , , , , , , , , , , , , ,

GET FULLY APPROVED TODAY!!! I will make you into A CA$H BUYER in this tough market!

HELPP

Filed under: Housing Market, Mortgage Advice, , , , , , , , , , , , , , ,

5 Possible Outcomes of Higher Mortgage Rates

 

At the beginning of May the average mortgage rate for a 30-year FRM was just 3.35 percent. Since then, as tracked by weekly surveys from Freddie Mac, rates have risen aggressively, and as of August 22, the average rate on that same 30-year FRM was 4.58 percent.

Much of the mortgage-rate discussion thus has dealt with numbers, specifically, how much homes sales will be impacted. So for this story, we wanted to take a look at some broader market forces, and how the rising mortgage rates could impact those elements.

1. Housing demand could fall – There are two sides to the housing demand element, both very interesting. On one hand, consumers buy homes with the future in mind, so if mortgage rates appear to be rising, consumers may be incentivized to buy now before rates get any higher. On the other hand, though, the speed in which rates increase also matters, and if rates rise too quickly (as they have the last couple months), they could scare buyers away.

2. New buyers will not arrive – Falling mortgage rates entice many consumers to consider homebuying, but there’s little evidence that rising interest rates have the same effect. Again, consumers who were already considering homeownership may expedite their purchase to lock in low rates, but the renter with no interest in homebuying will not likely follow suit.

3. Rising rates are bad for the high-end and low-end – Both entry-level and affluent homebuyers are most affected by rising mortgage rates. Whereas first-time homebuyers are priced out by rising rates, move-up buyers who were considering homes in the $1 to $2 million range may forgo a new purchase and decide to renovate their existing residence instead. According to a recent analysis by the Wall Street Journal, the monthly payment on homes with a 10 percent downpayment has gone up by 13 percent with the rate increases.

4. Investors are in a quagmire – Though many investors, noted the Journal, may be excited by the rate increases, given that they eliminate many potential competitors by making home purchases more costly, some may also be turned off by the increases, especially with how difficult it has now become to find the ridiculous bargains of 2009 and 2010.

5. The housing rebound will not end – Some spectators have feared that the rising mortgage rates will prematurely end the housing rebound, but that will only happen if rates continue to rise at their mid-summer pace, which is unlikely. Instead, what we’ll probably see is a slowdown of home prices, and a return to the steady, consistent growth that has typically categorized the housing market.

                                                                                                                                                                                                                                                                                                                                                                      by Peter Ricci

– See more at: http://chicagoagentmagazine.com/5-possible-outcomes-of-higher-mortgage-rates/#sthash.kDJtV7q9.BBxHIOeE.dpuf

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

U.S. Economy Grows

The current United States’ economic outlook has grown this year, and according to the Organization for Economic Cooperation and Development, the economy is expected to grow by 3.5% by the end of the year’s first quarter. The housing market recovery has played a pivotal role in aiding the economy’s growth. The OECD said, “monetary easing appears to be feeding through to the real economy as household consumption has picked up and the housing sector has begun to rebound.” More here

 

Growth1

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

Chicago’s Best Kept Secret!!!!

In today’s economy, we all have to be a little smarter with our money.

I offer the best program Chicago has to offer!

The TaxSmart program provides qualified home buyers with a federal income tax credit.

This program could earn a home buyer a “Mortgage Credit Certificate” (MCC) which can reduce their taxes up to 20% of the interest paid on a mortgage.

Buyers can obtain an annual tax refund up to $2,000/ year throughout the life of the loan!!!!

Call me today for details.

Click below to read more and print flyers:

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

WE’RE #1!

A true testament to our hard work rebuilding Amercia one home loan at a time!  Recently ranked #1. Read more.

Filed under: Housing Market, , ,

Pending Home Sales Up In September

The National Association of Realtor’s Pending Home Sales Index measures contract signings and is an indicator of future existing-home sales. In September, the index was up 0.3 percent over August and 14.5 percent above last year’s level. It was the 17th consecutive month of year-over-year improvement. Lawrence Yun, NAR’s chief economist, said home contract activity remains at an elevated level when compared to recent years and should continue its upward trend in 2013. Pending home sales were up in every region of the country and are showing double-digit increases over last year in the Northeast, South, and Midwest. According to the NAR, existing-home sales should close 2012 at 4.6 million, which is an increase of 9.0 percent over 2011. More here and here.

 

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, , , , , , , , , , , , , , , , , , , , , , , , , , ,

Existing Home Sales Surge In August

Sales of previously owned homes spiked 7.8 percent in August, according to the National Association of Realtors. Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, rose to a seasonally adjusted annual rate of 4.82 million from 4.47 million in July. The gains put sales 9.3 percent higher than year-before levels and mark the sixth-straight month of improvement. Lawrence Yun, NAR’s chief economist, said the housing market is steadily recovering, with consistent increases in sales adding to the evidence that more buyers are taking advantage of excellent housing affordability conditions. The national median existing-home price for all housing types was $187,400 in August, which is 9.5 percent higher than a year ago. At the current sales pace, there was 6.1-month supply of homes available for sale at the end of August. More here and here

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

%d bloggers like this: