Wednesday, July 22, 2020

Mortgage Loan Documents Needed as North Shore Homebuyer

North Shore Mortgage Tips
If you’d like to buy a North Shore home this summer or fall, now is the time to start gathering your mortgage loan documents. In today’s competitive market, it’s more important than ever for a homebuyer to have a pre-approval letter from a mortgage lender before they start their home search.

Which documents you need will depend on what type of loan you get. As your North Shore real estate agent, I am here to fill you in on the basics, so you can start collecting documentation now.

If you are employed, get a regular W-2 every year, and are applying for a conventional mortgage loan, here are the documents you typically need:

1.  ID of some sort, such as driver’s license or passport.

2.  Proof of income. This could include pay stubs for last 30 days, last two federal tax returns, last two W-2s, and proof of any additional income, such as social security, alimony, etc.

3.  Proof of accounts. Last two statements for all bank accounts, including statements for investment or retirement accounts.

4.  Property. Bring settlement statement from any previous home sales, if applicable.

5.  Other. If you rent, bring contact information for your landlord for the last two years. If applicable, bring a divorce/separation agreement or property settlement agreement.

6.  If a family member is gifting you money for your home purchase, a mortgage lender will have a gift letter for them to fill out.

7.  A letter of explanation for late payments, collections, etc. in your credit history, if applicable.

For an FHA loan, the same documentation is needed. If you have 1099s instead of W2s, bring the last two of those.

If you are applying for an investment property loan, bring all of the above, plus settlement statements on any recent home sales, recent mortgage statements on all properties you own, proof of insurance for all properties, and current leases for all rental properties.

If you are self-employed or own a business, bring all of the same documentation, plus the last two years’ Corporate, S-Corp, LLC or partnership tax returns. You also may need the last two months’ profit-and-loss statements, balance sheet if applicable, and current business license.

If applying for a VA loan, you’ll need all of the above, plus a certificate of eligibility (COE) from the Veteran’s Administration. This may require form DD-214 for certificate of release or discharge, statement of service if still on active duty, or form 26-1817 or form 21-534 for surviving spouses.

For a USDA loan, there are many additional forms involved. You can find more information on all of these document requirements in this House Logic article

Start going through your documents and gathering them together, so when you make an appointment with a mortgage lender for a pre-approval, the process will be quick and painless! If you wish your credit score was higher or your debt was lower, spend some time working to improve those numbers before applying for a loan.

Mortgage rates are at record lows right now, so don’t wait to apply! When ready to buy in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities, give me a call. I am your North Shore real estate agent, here and ready to help!

Janie Bress
Your North Shore Real Estate Expert


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Wednesday, July 8, 2020

North Shore Beaches & Parks

Chicago North Shore Beaches/Parks
If you’ve been cooped up inside for too long this summer, allow me to fill you in on fun outdoor options on Chicago’s North Shore! Whether you live in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities, there is a nearby North Shore beach or park for you to enjoy. As your North Shore real estate agent, I am here to fill you in on these locations and COVID-19 updates for each one.

Evanston Beaches – Evanston has four public swimming beaches that are open for the season. You must present a daily pass or season token for beach admission. These include Lighthouse Beach, Clark Street Beach, Lee Street Beach and South Boulevard Beach. Other Evanston beaches are currently closed, but this could change at anytime. Beach hours are 10:30 a.m. to 7:30 p.m. through Sept. 7. 

Glencoe Beach – Only season passes are allowed this season, there is no daily admission. Season passes are sold out, but there is a wait list you can be added to. There is limited attendance as well, to maintain social distancing. Hours for season pass holders are 9 a.m. to 9 p.m. The beach is open to walkers only from 6 to 9 a.m. The Sprayground and playground are now open as well. 

Winnetka Beaches – Winnetka has several beaches. Lloyd Beach and Elder Lane Beach are closed due to storm damage. Tower Road Beach is open to season pass holders only. Daily passes are not available this year. Maple Street Beach is also open for season pass holders, for swimming and for non-motorized boat launching. Centennial Beach is open as a dog beach this season. When lake conditions are hazardous, the gate will be locked. 

Heritage Park – This park in Wheeling has over 100 acres of nature and recreation options. Take the 1.3 mile path that loops around beautiful Lake Heritage. Play pickleball or basketball at the courts. Book a tee time for golf at Chevy Chase or Rob Roy Golf Course. Head to the playgrounds, or pack a picnic and find shade in the open space. Practice social distancing while there. 

River Trail Nature Center – These grounds, trails and bathrooms have reopened in Northbrook from 8 a.m. to 4 p.m. daily. Exhibit buildings remain closed. Parking will be limited to 50 percent capacity, so get there early! Pack a picnic or just walk the wooded grounds, trying to spot animals while learning about native plants and animals on these self-guided nature trails. 
 
These are some of your great outdoor options on Chicago’s North Shore this summer! Where do you love to spend time outdoors? Even just enjoying your own backyard is a blessing, with plenty of fun options, like grilling, playing lawn games, having s’mores around a fire pit, etc.

Wish you lived in a better community, or wish you had a bigger backyard? When ready to achieve your North Shore real estate goals this summer, give me a call, your North Shore real estate agent! I am here to help make your goals a reality!
  
Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!