Jan Leasure - Libertyville, IL Mortgage Broker

What is a Zombie Foreclosure?

jan.leasure@thedrmc.com (Jan Leasure) — Thu, 3 Oct 2019 12:43:00 -0700

Many of my clients in Libertyville have been asking me about a strange phenomenon called Zombie Foreclosures. A Zombie Foreclosure is a situation that occurs when you have left your home and it has been foreclosed, but you are still on the title to the property. This is essentially a property that is in your name because the bank did not come back and repurchase the property in a sherriff's sale.

It's extremely important to figure out if you are still on the title to the property because it can prevent you from purchasing a new home. FHA rules state that you cannot make a new purchase until you are off of title for 36 months.

Don't let a zombie foreclosure drain the buying power out of you!

Zombie Foreclosures are difficult to detect and most loan officers will not take the time to do a thorough check for them. However, there is one way to find out, and that is by contacting the Recorder of Deeds Office and purchasing a copy of the deed for your home. You can also call your local title company here in Libertyville and have them search for your name (this costs around $75).

It's extremely important before going through the mortgage process to figure out if you have a Zombie Foreclosure because it could affect your buying power for years to come. If you need any assistance in this process or if you would like to learn more about Zombie Foreclosures, please feel free to contact me via phone or email.

My “#WineAboutLife” Interview With Nik Champion

jan.leasure@thedrmc.com (Jan Leasure) — Fri, 1 Mar 2019 14:57:00 -0800

I recently got a chance to drink some wine and share my backstory on the very first episode of “#WineAboutLife.” I hope you enjoy!

On my recent appearance on “#WineAboutLife,” I got to talk with host
Nik Champion about the experiences I’ve had that made me who I
am today. Nik Champion is the owner of Champion Allstate in Warrenville, IL. Nik can be reached at 630-332-2555 or via email at
championagency@allstate.com

For your convenience, I’ve provided timestamps of the interview
so you can jump ahead at your leisure:

0:54—Two important events that shaped my mantra on life
2:47—How I apply this mindset to my business
3:47—The best advice I could ever give to anyone
5:02—The most emotionally gratifying mortgage transaction
I’ve ever participated in
7:19—How I got my nickname: “The Lake County Loan Goddess”
8:39—Other niche services I offer, including being a CLDP

Nik is always looking for more businesspeople and community
leaders to sit down for a future episode of “#WineAboutLife,” so
if you’re interested in being interviewed, go ahead and reach out
to him!

As always, if you have any questions for me or there’s anything I can help
you with, don’t hesitate to call or email me. I’d love to help you.

Self Defense Training for Realtors

jan.leasure@thedrmc.com (Jan Leasure) — Thu, 31 Jan 2019 12:44:00 -0800

How many of you watching this knew that I was a Realtor?

There were a number of times that I was showing a home or sitting an open house and I was extremely uncomfortable.

Fortunately for me, there was never a disaster, but looking back after watching the Beverly Carter story about an agent who was tortured and killed during a showing and reading local headlines I felt that it was important to provide some sort of training to help keep our Lake County agents safe.

I recently attended a self defense class sponsored by two police officers, Anne and Kevin at Crossfit Freedom in Libertyville and decided that this is exactly the type of skill that our agents need to be prepared for any situation.

I am sponsoring a Realtor Safety & Self Defense party and Luncheon on February 7th from 11am – 1pm, cohosted by Real Estate Attorney, Shameen Thakrar. Come dressed to play, be hungry, lunch will be provided by Real Clean Paleo our favorite healthy food!

Go home with skills and swag.

The regular price is $45 per person, but my sponsorship will cover $25 of that so your cost for the class and lunch is $20! You can RSVP at the Empower Self-Defense Facebook page or on my business page, Jan Leasure Diamond Residential Mortgage.

Let’s make 2019 Safe and Prosperous!

Wishing you a happy Thanksgiving

jan.leasure@thedrmc.com (Jan Leasure) — Mon, 12 Nov 2018 14:11:00 -0800

Friends,

The 2018 holiday season has officially begun! We hope you are as excited
as we are.

We’d like to take a moment to express our gratitude to all of you this
Thanksgiving. We have met some truly wonderful people, and we’re
proud to have helped so many reach their real estate goals over the years.

We wouldn’t be where we are today without all of your support.

Enjoy your Thanksgiving dinner with all of your family and friends—
that’s what we plan to do!

In the meantime, please don’t hesitate to reach out to us if you have
any real estate questions. We would be happy to help you.

Happy Thanksgiving,

Jan Leasure

Division President

Diamond Residential Mortgage

NMLS #213431

533 N. Milwaukee Avenue

Libertyville, IL 60048

Phone (847) 362-1335

jan.leasure@thedrmc.com

How Mortgage Rates Are Affecting the Market

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 6 Nov 2018 15:14:00 -0800

The average mortgage rate is at a seven-year high. Is this what’s behind the shift we’re seeing in the market?

The 30-year fixed mortgage rate currently stands at around 4.77%. That's near a seven-year high, and almost 1% higher than just a year ago. This is the result of a steady rise starting last September and ending this May.

What impact is this having on the real estate market? It's certainly true that affordability is down. In fact, one estimate from June found that home affordability is at a 10-year low. This is translating into fewer home sales, fewer viewings, and fewer mortgage applications.

However, I don't believe that the shifts in the mortgage rate is the primary mover of the changes we're seeing in the real estate market. In fact, even at its current level, the mortgage rate is still historically low.

Instead, the big reason for the changes in the real estate market is the ongoing growth in prices. Over the past several years, home prices have gone up at close to twice the rate of inflation, and have far outstripped the growth of incomes.

The price increases, in turn, have been caused by a lack of inventory, which has been shrinking for the past three years. In my opinion, it’s this lack of inventory (and the resulting hike in prices) that explains most of the effects on the real estate market that I listed above.

If you're looking to sell, you should still have no trouble doing so. Demand continues to outstrip supply, and even with dropping affordability, it's very likely that you would find a buyer quickly and at a top price.

If you're looking to buy, the picture is more complex, because it's so hard to predict what the mortgage rate might do in the near term. One thing we do know is that the severe lack of inventory is unlikely to change any time soon.

As always, if you have questions about the (area) real estate market, whether you're buying or selling, you can give me a call or send me an email. I'm here to help.

Don’t Let a Big Down Payment Stop You From Owning Your Dream Home

jan.leasure@thedrmc.com (Jan Leasure) — Wed, 5 Sep 2018 08:36:00 -0700

Do you want to buy a house, but aren’t sure you can cover the down payment? Let’s talk about
some down-payment assistance programs that may be able to help.

Down payment assistance can be the difference between saying “yes”
or “no” to a first home. If you are interested in buying a home but don’t
have cash on hand for a down payment, or if you have a son, daughter
or any other friend or family member who would like to purchase a home
but doesn’t have cash for a down payment in the state of Illinois, there
are several government programs that can assist you in securing a
down payment for your new dream home.

The First Home Illinois Program This program offers a forgivable
loan of $7,500 to buyers who will live in their new home for at least 5
years. This program will discontinue in December 2018, so to take
advantage of this down-payment assistance opportunity, your home
loan must be originated by December 15, 2018.

Even though this program will be discontinued for much of Illinois past
2018, there are other down-payment assistance programs that will be
available moving forward into 2019 and beyond:

- A forgivable loan of up to $6,000, with the amount based on the total
price of the home, forgivable after 5 years.

- A $7,500 deferred program. This loan is repaid through a second
mortgage the buyer doesn’t make payments on, but is reimbursed when
you sell your home.

- A $10,000 no-interest loan repaid through a monthly payment of
$83 for 120 months.

If you’d like to find out more about these programs, check out this flier!

If you have anything other questions regarding down-payment
assistance in the purchase of your new home, please feel free to
give me a call or send me an email today. I’d love to hear from you.

What’s Your Home’s Value in Summer 2018?

jan.leasure@thedrmc.com (Jan Leasure) — Thu, 12 Jul 2018 08:04:00 -0700

This summer might be the last opportunity for you to take advantage of rising
home prices and high demand. Here’s why.

Summer is here, which means the high season for real estate. If you've been
thinking of selling your home, you might be in for a golden moment.

However, it might not last long. Let me explain why, with a few details of the
current real estate market.

Right now, homes are selling in record time. This May, it took just 34 days
on average for a home to go under contract, which broke last year's record of
36 days.

Home prices also continue to rise. In fact, they've been rising for six straight
years. For the past two years, this growth has been accelerating. As a
consequence, 27.6% of the homes sold in May sold above their list price.

All of this is due to a woefully short supply of homes on the market. In fact,
the total supply of homes is 5.4% lower this year than it was at the same time
last year.

However, the real estate market might be on the cusp of change.
Mortgage rates have been rising, and now stand near their highest
levels in seven years. As a result, pending home sales were down as of April.
A recent Redfin survey also found a drop in customers touring homes for
the first time in 27 months.

What's going on? The home price surge might be nearing its end. Overall,
home affordability is dropping: Over the past 6 years, there has been a
48% increase in average home prices, while wages increased only 14%.

While some sellers are still managing to sell at higher prices than listed, nearly
a quarter of sellers actually had to lower their prices this April.

If you do decide to sell right now, you would have an easy time of it,
and you could get top dollar for your home. That's because demand and prices
are both still high.

If you decide to wait, things might go south quickly. That’s because the market
may be reaching the limits of price growth and may be stalled by higher
mortgage rates.

If you want to take advantage of current conditions by buying or selling a
home any time in the near future, don’t hesitate to reach out and give me a call
or send me an email today. I look forward to hearing from you soon.

What Does Reduced Home Affordability Mean for You?

jan.leasure@thedrmc.com (Jan Leasure) — Fri, 15 Jun 2018 12:45:00 -0700

Home affordability is shrinking fast. Here’s what you should do to get ahead of the curve.

Home affordability is shrinking rapidly, according to research by Arch Mortgage Insurance. In the first quarter, affordability (defined as the size of the monthly mortgage payment needed to buy a home) dropped by 5%. This was mainly due to the increase in mortgage rates. As a consequence, more people are now stretched and taking on greater debt relative to their income. Other buyers are being pushed out of the market altogether.

That's not all. Affordability is expected to drop an additional 15% to 20% by the end of the year. That's because home prices continue to rise, and the Federal Reserve is expected to ratchet up its reference interest rate, which often leads mortgage rates, three more times this year.

What does this mean for you?

If you're looking to sell, you won't have a hard time finding a buyer. Even with decreasing affordability, demand for homes still far outstrips supply. That means that this spring and summer might see an additional rush on the real estate market. It also means that right now might be a very good time to list your home if you've been thinking about selling for a while.

There’s no need to panic if you’re a homebuyer.

On the other hand, if you are thinking of buying a home, you might think that this news spells doom for you. However, there's no need to panic. While affordability is dropping, it is still well above historic averages (just like current mortgage rates). In fact, Arch Mortgage Insurance estimates that homes are now 15% to 20% more affordable than they have been in the period from 1987 to 2004. When rates go up, it will affect what your monthly payments will be on a new home. From this perspective, it makes sense to move now in case you've been looking to buy before rates rise further.

So what's the next step? If you’re thinking about buying or selling a home, give us a call. We’d be happy to answer any questions you may have. We look forward to hearing from you soon.

Starter and Trade-Up Homes are in High Demand

jan.leasure@thedrmc.com (Jan Leasure) — Wed, 16 May 2018 11:28:00 -0700

The real estate market remains red-hot. In fact, Zillow estimates that homes sold more quickly in 2017 than ever before. And 2018 seems on-pace to beat 2017. However, one segment of the real estate market seems to be lagging.

I’m talking about luxury homes.

Prices in the top 5% of the real estate market increased just 5.1% in 2017, almost 2% lower than the rest of the market. What's going on?

Affordability does not seem to be an issue: more Americans can afford a top-level home than ever before. Instead, it might come down to two other factors.

Demand and supply are more evenly matched at the top of the market.

First, uncertainty surrounding the new tax bill could be affecting luxury homes more strongly, and this might be the reason why some potential buyers are choosing to sit and wait until the details of the tax plan become more clear. Second, there is simply a greater supply of luxury homes compared to other types of homes.

In other words, demand and supply are more evenly matched at the top of the market, while in other segments, demand far outstrips supply.

If you've been thinking about trading up to a luxury home, now might be the perfect time to do so. The red-hot demand for starter and trade-up homes means you could sell your home for top dollar and at record speed. The limited price growth and greater inventory at the luxury end means you could have your pick, and find a special, unique, and customized home that perfectly suits your preferences.

If you have any questions about the current Central Illinois real estate market, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

3 Questions to Ask an Agent Before Hiring Them

jan.leasure@thedrmc.com (Jan Leasure) — Thu, 26 Apr 2018 08:05:00 -0700

Before hiring a real estate agent, you need to do some vetting. Here are the questions that we recommend you ask.

Buying or selling a home is a major project. Having a trustworthy agent to guide you through that project can be an invaluable asset. But how can you vet potential real estate agents to see who would be a good fit for you? Here are three important questions you should ask to get started: 1. "How many homes have you sold in the last 12 months?" Many real estate agents will tell you the number of years they have in the business. That's useful, but their recent activity can be more relevant than their total experience. Asking this question can tell you how well they know the market, as well as how successful you can expect them to be in your case.

Bonus Question: You will probably want to ask whether the agent works primarily with buyers or sellers, because many agents specialize to some extent in one or the other.

2. "Can I have the contact info for your last three deals?" Anybody can say they are a marvelously effective real estate agent. But talking to actual past clients can help you decide whether this is true or a bunch of hot air. When you do talk to a real estate agent's previous clients, you don't need to get too fancy to get useful information. Simply ask them to share their experience.

You want to get a sense that this agent is somebody you can trust.

3. "What is your strategy for my specific needs?" As a buyer, you will want the agent to explain how they will search for your new home, how many homes you can expect to see, and how the agent handles multiple offers. As a seller, you will want to know how and where the agent will advertise your home. So what kinds of answers should you look for to these questions? Ideally, you will want to get a sense that this agent is somebody you can trust and that you feel comfortable working with. At the same time, you will want them to be experienced and diligent, as evidenced by recent successful deals and a concrete plan of action for your situation. If you ever want to know how I measure up on these questions, you can always give me a call at (847) 362-1335. I'd love to hear what your specific situation is and whether I would be a good match to help you in the current Libertyville real estate market.

How to Get Pre-Approved for a Mortgage

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 3 Apr 2018 09:22:00 -0700

If you’re buying a home with a mortgage, you absolutely need to get a pre-approval first. Here’s why.

There's no doubt about it. It's a very competitive market today if you are looking to buy a home. Inventory is near record lows, and more and more homebuyers are entering the market. This means you need every advantage to grab that perfect home when you do find it. One no-brainer is to get pre-approved for a mortgage. A pre-approval informs you of how much you can borrow and it's something you will need to do at a later point anyway. A pre-approval can mean the difference between having your offer accepted or having to watch your dream home go to somebody else in a crazy market like this. In spite of all these good reasons, less than 10% of buyers who got a mortgage get pre-approved by the lender who originated the loan. In other words, you can definitely get a leg up on the competition by starting your home search at the loan office rather than at the open house.

A pre-approval definitely gives you a leg up on the competition.

Here are a few things that you will need: 1. Proof of income. At a minimum, lenders will want to see pay stubs from the past 30 days showing your year-to-date income, two years of federal tax returns, and two years of W2 forms from your employer. 2. Proof of assets. You will need to present statements from your checking, savings, or investment accounts to prove that you have funds for the down payment and closing costs. 3. Good credit. Most lenders reserve the best rates for homebuyers with a credit score of 740 or above. You can still qualify for a mortgage with a lower credit score, but a good lender will also recommend ways that you can improve your credit and qualify for a better loan. These are the biggest and most common things you will need to get pre-approved, though your lender might want to see some other documents as well. Once you are pre-approved, the buying process will be faster, more convenient, and less stressful. Most importantly, it will make it more likely that your offer for that perfect home gets accepted. If you have any questions for me or need any additional assistance, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Please Vote For Us in the 2018 Readers' Choice Daily Herald

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 20 Feb 2018 13:18:00 -0800

Please Vote For Us in the 2018 Readers' Choice Daily Herald

The Diamond Residential Mortgage Libertyville and The Jan Leasure Team are honored to announce that we have been nominated by the 2018 Readers' Choice Daily Herald Awards. In order to vote for us, visit the website here.

Scroll down to “Shopping & Services”.
Click on "Shopping and Services" in the blue box.
Scroll down to “Best Mortgage Lender”.
Then type in: "Diamond Residential Mortgage Corporation North Milwaukee”. Libertyville should pop up. Choose that option.
Submit your email.
You can vote for many different categories AND you can vote once each day!
Voting ends February 24th, 2018.

On April 29th we will find out if we are in the top five and then….. there will be more voting!

In the meantime, if you have any real estate or mortgage questions, remember, you can always give us a call. We would be happy to help you!

Thank You for Your Support in 2018

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 5 Dec 2017 08:06:00 -0800

Happy New Year! We hope 2018 is your best year yet.

Happy New Year! We want to take a minute to thank our wonderful friends, clients, and family members who worked with us or helped us this past year.

Thank you so much for your trust in us here at Diamond Residential Mortgage- Libertyville. Jan has been serving mortgage clients for over 20 years now, and we are just very thankful for all of your support.

We hope you have a wonderful and fabulous 2018. Make it your best year yet!

Make 2018 your best year yet!

If you have any real estate or mortgage questions, remember, you can always give us a call. We would be happy to help you!

How Will the Fed’s New Move Impact Real Estate?

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 17 Oct 2017 13:53:00 -0700

The Fed’s announcement to cut back its balance sheet means the longer you wait to buy or sell a home, the harder it might be for you.

The Federal Reserve just announced a move that will have a big impact on both home buyers and sellers.

At the latest Fed meeting on September 20th, Fed Chair Janet Yellen announced that the Fed would start to cut back its balance sheet. While that might sound boring compared to the usual announcements of Fed rate hikes, it's actually a very big deal.

You see, when the financial crisis hit 10 years ago, the Fed needed to take emergency measures, so it injected a huge amount of money into the economy. The Fed did this by buying up various financial assets totaling $3.5 trillion, an enormous sum that made up almost 25% of the entire U.S. economy at the time.

This money helped stabilize various markets and get the economy back on track. However, the Fed is confident that the economy is now doing well enough for it to slowly start taking some of that money back. And that's exactly what this announcement was all about.

As you can imagine, this is going to have a massive impact throughout the economy, including on real estate. According to experts, it will inevitably put upward pressure on consumer borrowing costs, such as mortgage rates, which have stayed fairly low in spite of the Fed's actions so far.

In other words, if you are thinking of buying a home, the Fed's most recent move will eventually make it more expensive for you to do so because you will be paying more in interest. If you are looking to sell your home, this might mean there will be fewer interested buyers, which might drive prices down and might make it harder to sell.

Now, this won't happen immediately, because the Fed's balance sheet rollback will be gradual. As a matter of fact, the Fed is only reducing its balance sheet by a mere $10 billion a month to start with.

But make no mistake, while the Fed's moves will take time to bear fruit, they will drive up interest rates, particularly as the Fed ramps this process up in the coming months.

That's why if you've been thinking of getting into the real estate market, now is such a crucial time.

If you have any questions, whether about buying or selling your home, or about the details of the Fed's announcement and what they mean for you, give me a call. I'm here to help.

5 Ways to Invest in Real Estate

jan.leasure@thedrmc.com (Jan Leasure) — Fri, 15 Sep 2017 12:43:00 -0700

Real estate investing is on the rise. Here are five different ways you can get involved.

Investing in real estate is no longer restricted to the super wealthy. According to a recent survey, real estate investors now make up 15% of the population. That translates to almost 50 million individuals who invest in at least one property other than their primary residence.

In fact, 89% of U.S. investors are interested in putting their money in real estate because of benefits such as cash flow, tax incentives, leverage, and value appreciation that come with investing in multiple properties.

Real estate investing is on the rise. Here are five different ways you can get involved.

Are you curious about investing in real estate? If so, here are five different ways you can get started:

1. Buy and rent
This is probably the most traditional way to invest in real estate. It simply involves buying a property and renting it out. Now is a good time for this kind of investing because rental rates are on the rise (8% since last year) but the downside of this investing approach is the time and effort needed to manage and maintain your investment.

2. Buy and sell
Also known as home flipping, this involves buying a property and reselling it soon after for a profit. Home flipping has offered a record-breaking 49% return in 2016.

3. Real estate investment groups
Real estate investment groups are organizations that buy a set of properties and then sell them to individual investors.The main benefit of this approach is that you typically do not need to act as the landlord because the investment group handles property management for you (for a fee of course).

4. Crowdfunding sites
Recently, there's been an explosion of sites such as Prosper and Lending Club, which allow individuals to invest in various real estate development projects. Through crowdfunding sites, you can be a part of a large-scale property investment while investing only a moderate amount of money. On the other hand, crowdfunding sites act as a middleman and charge fees which can eat into your profits.

5. REITs
Real estate investment trusts (REITs) are like mutual funds for real estate.They typically pay high dividends. However, they also do not offer all of the typical benefits of investing in real estate, such as increased leverage and tax benefits.

Each of these investing approaches offers a tradeoff between possible profits, risks, and costs. The one constant is that you can minimize your risks with due diligence and by consulting with an experienced real estate professional.

If you have any questions for us or you’re interested in investing in real estate yourself, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

5 Remodeling Projects With the Best Return

jan.leasure@thedrmc.com (Jan Leasure) — Thu, 24 Aug 2017 09:55:00 -0700

Home remodeling is as hot as it's ever been. Here are five projects that bring the best return on investment.

Home remodeling is hotter than ever.

According to researchers at Harvard University, remodeling investment is up 6% over last year and now makes up a $324 billion market.

According to a survey of remodelers and real estate professionals, there are five remodeling projects that offer the best returns:

1. Your kitchen. Kitchen remodeling can be as simple or as elaborate as you like. However, to maximize your return, keep your investment to under 20% of the value of your home—as is recommended by surveyed real estate professionals. The outcome? A whopping 85% return on your investment.

2. Your bathroom. A thorough bath remodeling project can cost up to $20,000. However, not only will it pay for itself, it should give you an added 80% return.

3. Your deck. Replacing your deck can cost you anywhere from a few thousand dollars to tens of thousands of dollars, depending on the size. The expected benefit will be similar to a bathroom remodeling project—around an 80% return for a fresh, new deck.

4. Your siding. Fading or worn-out siding can turn off potential buyers before they even step foot in your home. Replacing old siding will make it much easier to sell your home, and in addition, it should give you an 80% return on an investment of around $10,000.

5. Your windows. New windows can mean greater energy efficiency, increased thermal and acoustic comfort, and a more modern look. Homebuyers are well aware of this, and they are willing to pay accordingly. That's why a typical window replacement should yield at least a 70% return on your investment.

Some will make more sense for your home than others.

Clearly, some of them will make more sense for your home than others. If you're considering selling your home, then just one of these projects could add tens of thousands of dollars to the price you'll be able to get.

If you have any questions or want additional advice about which remodeling projects make sense for you, give me a call or send me an email. We can discuss all the details and I can give you an accurate estimate of what these projects could be worth. I look forward to hearing from you!

How the Fed’s Recent Rate Hike Impacts Our Market

jan.leasure@thedrmc.com (Jan Leasure) — Mon, 31 Jul 2017 11:30:00 -0700

The Fed’s recent rate hike shouldn’t have any significant impact on our market. In fact, it might actually stimulate it.

On June 14th, the Federal Reserve increased its federal funds interest rate by 0.25%. They’re also widely expected to raise rates once or twice more over the course of 2017. What does this mean for the real estate market?

While any action by the Fed always garners a lot of attention, I believe these increases will not have any significant impact on our market.

First of all, mortgage rates have actually trended lower in the wake of the Fed’s recent announcement. The 30-year mortgage rate recently hit 3.9%, the lowest level in 2017. In fact, it’s a common pattern for the mortgage rate and the Fed rate to move in opposite directions, and the same thing has happened the last two times the Fed raised rates.

Second, the economy continues to do well. The Fed decided to increase its rate because unemployment and inflation are low, household spending is picking up, and we’ve seen steady growth for the past nine years. This is good news for the real estate market. As expected, we continue to see strong demand and a corresponding increase in home prices.

These increases will not have any significant impact on our market.

Third, while the Fed’s rate increase is normally meant to cool off the economy, it might actually stimulate it in this case. Because interest rates were so low for such a long period of time, experts believe the recent increases might ease pressure on the financial system and encourage lending.

Case in point: since the Fed started raising its rate in December 2016, total mortgages are up 2.5% year over year.

In conclusion, while any move by the Fed is likely to lead to a lot of hand-wringing, I believe the real estate market will not be affected and will continue on its own healthy course. Nonetheless, it’s clear that right now is a uniquely good moment for everyone in the real estate market. Today’s low mortgage rates are good for homebuyers because they make homes more affordable.

If you have any questions about our market or you’re thinking of buying or selling a home, give me a call or send me an email. I’d love to help.

How Do Fannie Mae’s Recent Changes Affect Those With Student Debt?

jan.leasure@thedrmc.com (Jan Leasure) — Mon, 19 Jun 2017 10:41:00 -0700

Today I want to inform you about how Fannie Mae, the nation's largest underwriter of mortgages, recently introduced three new rules that will affect those with student debt.

If you have a student loan or you are a cosigner on one, I have some good news for you.

Fannie Mae, the nation's largest underwriter of mortgages, recently introduced three new rules that will affect those with student debt.

These new rules can make it easier to get a mortgage, and they can make it easier to pay off your (or your kids’) student loans.

The first change is for those on income-based repayment plans, where having a high debt-to-income ratio is the No. 1 reason for not being approved for a mortgage.

Fannie Mae previously used a very conservative 1% of the total loan instead of the actual monthly payment. This can drastically lower your debt-to-income ratio and give you a much better chance of qualifying for a mortgage.

Some folks are lucky enough to have their student debt paid by their parents or even by their employer. The thing is, Fannie Mae didn't take this into account when calculating the debt-to-income ratio. That's the second new change.

If your employer or your parents have been paying off your student debt and you can show evidence of this for the past 12 months, then this debt won’t be counted in your debt-to-income ratio. This makes it more likely you will qualify for a mortgage.

If you can qualify for a mortgage right now, you definitely should.

If you can qualify for a mortgage right now, you definitely should. Rates are still at a historical low, and lots of great houses have recently come on the Libertyville market.

Fannie Mae also makes it possible to refinance your mortgage for more than the value of your home. Normally, there is a 0.25% fee that applies to any cash you take out in this way.The third big change is that Fannie Mae will now waive that fee when you use this cash to pay off a student loan.

This applies whether the loan is yours, or you're a cosigner. If the mortgage rate is significantly lower than the student loan rate, it can make sense to refinance in this way, and the new rule makes it cheaper to do so.

If you need help understanding these new guidelines to see whether they’re right for you, or you have questions about putting them into practice, get in touch with me. I’ll be glad to help.

I hope to hear from you soon!

You Don’t Need a Down Payment

jan.leasure@thedrmc.com (Jan Leasure) — Mon, 22 May 2017 13:45:00 -0700

Today, I want to share with you all the options you have for an affordable down payment as a homebuyer.

What's the biggest obstacle to homeownership?

According to a recent survey, "saving enough for a down payment" comes at the top of the list. A whopping 55% of prospective homebuyers cited this as their main stumbling block.

And with the continuing growth of home prices, things aren't getting any easier. In fact, homeownership rates reached a 20-year low last November.

It wasn't always like this.

A decade ago, many lenders were offering easy, no-money-down mortgages.

However, after the financial crisis, mortgage standards have become more restrictive. A typical mortgage now requires a 20% down payment.

"55% cited the lack of a down payment as their main stumbling block."

Here's the good news.

If you have decent credit and a steady income, you might be qualified for a number of specialized programs that require no or very little down payment. Here are a few of the top options.

First, there's the USDA loan, which is valid for homes in certain regions, such as rural and suburban areas.

With zero money down and lenient credit requirements, the USDA loan can be a great choice for many homeowners.

Second, there’s the VA loan, which you can apply for if you or your spouse served in a branch of the military.

It's possibly the most generous zero-money-down mortgage because of low interest rates and low closing costs.

Third, there's the FHA loan. It does require a 3.5% down payment — still drastically more achievable than the 20% required for a conventional mortgage.

Finally, there are a number credit unions and first-time homebuyer programs that might apply to your particular situation.

There’s one important thing you should know.

If you get one of these no-money-down mortgages, chances are good you will be required to pay private mortgage insurance, which can drive up your monthly payments.

Fortunately, private mortgage insurance will disappear after your mortgage balance is under 80%. Also, the money you do pay will be tax deductible in most cases.

In short, there are lots of options to make owning a home a reality for you, even if you haven't saved up tens of thousands of dollars.

If you're considering buying a home, give me a call and we can discuss your options.

Buying a Libertyville Home? Click here to complete your loan application.

And if you need more advice on getting a no-money-down loan, give us a call at (847) 362-1335.

Tips to Replenish Your Self-Confidence

jan.leasure@thedrmc.com (Jan Leasure) — Mon, 20 Mar 2017 11:33:00 -0700

I recently read some advice for self-confidence from a teenage girl's website, and I think it can actually be really helpful to you and your career. Try thinking about these scenarios in a different way to help yourself.

Sometimes when we use our same introduction or phrasing over and over again, we can get a little bit stale. In turn, I think we can also lose a little bit of self-confidence.

I came across this recent bit of advice from a teen girl's website, actually. It's something you can share with anyone to help with the idea of self-confidence: "What can I say to myself?"

Instead of thinking you're not good at something, ask yourself what you're missing.

Instead of "I'm not good at this," try thinking "what am I missing?" Instead of "I'm awesome at this!" try thinking "I'm on the right track." Instead of "I give up,” try thinking "I'll use some of the strategies we've learned."

Instead of thinking "This is too hard," think, "This might take some time and effort." Instead of, "I can't make this better," think, "I can always improve, so I'll keep trying." I think this is something I struggle with in my own office. Likewise, another one that was kind of personal and funny to me was, "I just can't do math." I never said I couldn't do math, but I was never fond of algebra.

Instead of "I made a mistake," think "Mistakes help me learn better." Instead of "She's so smart, I'll never be that smart," think "I'm going to figure out how she does it so I can try it (or so I can kick her ass!)"

Another one I really like is instead of thinking, "It's good enough," think "Is it really my best work?" I've had this situation transpire with me several times over the last year with people I've met through networking groups that I hired. I was disappointed in their work knowing that they didn't do their best, and this is something that I started asking them. I'd say "I'm going to pay you for this, but is this really your best work?"

Finally, the last item was, "Plan A didn't work," when you should be thinking, "Good thing the alphabet has 25 more letters."

Hopefully, this helps you in your networking and your education. If you have any questions for me or there's anything I can do to help you in your career, give me a call or send me an email. I'd love to help you out!

Woman of the House: Liz Cannon

jan.leasure@thedrmc.com (Jan Leasure) — Fri, 3 Feb 2017 13:47:00 -0800

Are you curious why so many people choose us to help them buy and sell homes? Let Liz Cannon tell you.

Here at Liberty Mortgage, we value our clients’ well-being above all else. As a testament to our dedication and the quality of service we provide, today we’ve brought in a former client of ours, Liz Cannon, to share her experience of working with us.

“I could not be happier with Jan and her team and their services, hard work, and dedication,” Liz says. “They seriously were a lifesaver during the home buying process and I highly recommend if you are a first-time home buyer or looking to refinance your home that she’s the first person you call.”

I highly recommend her and I’d never buy a house without her.

Liz met Jan during a guest lecture she gave about mortgages at the College of Lake County in 2014. She left such a favorable impression that Liz was the first person she contacted when she and her husband decided to buy a house last year. Jan remembered Liz from their encounter and immediately invited her and her husband into her office for a thorough consultation.

“She really does go the extra mile for her clients. She’s very charismatic. She used to be a teacher, so she’s great at explaining things in a way that isn’t confusing, and she doesn’t make you feel stupid for asking any sorts of questions. I highly recommend her and I’d never buy a house without her.”

It was our pleasure to be able to help Liz and her husband buy their first house. If you are thinking about buying a home, please don’t hesitate to contact us. It would be our pleasure to help you too.

How Gratitude Helps Your Business

jan.leasure@thedrmc.com (Jan Leasure) — Wed, 23 Nov 2016 13:10:00 -0800

Just how powerful is gratitude? In our business, it’s not only an emotional act and a show of good faith, it’s an important part of achieving your goals.

Saying thank you is an emotional act. It doesn't just acknowledge someone's effort, kindness, intent, or action. It recognizes the person himself. It's even more important than acknowledging the principal person you are doing business with because it sets a tone for discussion. And it is a winning tone. When you suffuse your preliminary actions with gratitude, it shines out of you as a penumbra of generosity.

Showing gratitude in both ways, on your own by acknowledging your accomplishments and thanking others, is an important part of achieving your goals and a great way to keep up with your networking connections. Just make sure that you are being genuine. Here are a few tips on how to show gratitude to your networking connections.

A Word on Honesty From Joe Maddon

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 8 Nov 2016 10:10:00 -0800

I think Joe Maddon is not only a great baseball coach, but he also has some great philosophies on life I’d like to share with you.

Today, I wanted to share with you an inspirational quote by Joe Maddon, the coach of the reigning World Series champion Chicago Cubs:

“If I’m honest with you, you might not like me for a day or two, but if I lie to you, you’re going to hate me forever.”

That line would be my next tattoo if I could minimize it enough. In my business, it’s important to be very transparent. If people misunderstand what you’re saying, or they even think that you’re not being honest with them, they’ll end your relationship with them and never come back.

The importance of transparency doesn’t just apply to business relationships, though; it also applies to your personal relationships. In all walks of life, remember to be honest and transparent.

Honesty and transparency are important in all walks of life.

If you have any questions about this topic and or how I apply it to my business, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you!

Donate Warm Winter Clothes for Our Veterans

jan.leasure@thedrmc.com (Jan Leasure) — Thu, 6 Oct 2016 12:43:00 -0700

If you'd like my free e-book of the Top 10 Credit Do's and Don'ts, you can contact me !

My team and I just wanted to pass along a quick message to encourage all of you to help us support the veterans of Lake County, IL and the Veterans Closet this year.

We would like to ask all of you to please bring your extra coats, gloves, hats, scarves, and socks to our office and place them in the bin right outside of 533 North Milwaukee Avenue in Libertyville, IL. This will ensure a nice, warm, and comfortable winter for the veterans of Lake County this year.

Drop your winter items off in the bin outside 533 North Milwaukee Avenue.

The Midwest Veterans Closet, located in North Chicago, Illinois provides weather-appropriate clothing, personal care items, houseware, furniture, and food from the Food Pantry to disabled, homebound Veterans. For more information on the Midwest Veterans Closet, and to find out what else you can do to help them, visit their website.
Thank you in advance for helping us support our veterans! If you’d like any more information about ways to support us in our cause, please give us a call or send us an email. We look forward to hearing from you!

Why You Should Negotiate a Closing Cost Credit

jan.leasure@thedrmc.com (Jan Leasure) — Tue, 23 Aug 2016 10:11:00 -0700

When I’m working with one of my clients, one of the first pieces of advice I give—especially to first-time home buyers who have limited income and limited reserves in the bank—is to always negotiate a closing cost credit. A closing cost credit results in the seller paying your closing costs. They’re not giving you money at closing; instead, what they’re doing is building in the cost of your closing into the purchase of your home.

For example, let’s say you’re purchasing a home that costs $100,000. Borrows may step in and want to lowball the seller by offering $85,000 thinking that they’re going to get you a great deal. The problem is that closing costs in the state of Illinois total about $5,000. It doesn’t matter what the price of the home is—closing costs will always total $5,000.

"It’s always a good idea to negotiate a closing cost credit"

Why are closing costs uniform across the board? This is because they represent an accumulation of several different service fees calculated independently from the home’s price, such as the appraisal, the home inspection, the cost of homeowners insurance, etc. Your closing costs, then, can sometimes exceed your down payment. That’s why negotiating a closing cost credit is a good idea.

If you have any questions about closing costs, don’t hesitate to call me today or send me an email. I’m here to answer all of them.