Glossary
Appraisal – an inspection completed by a 3rd party to determine the value of the home.
APR – Annual Percentage Rate; your interest rate and other fees included in the loan expressed as a percentage.
Closing Costs – costs to procure your home including title fees, appraisal fee, origination fees, interest due and escrow deposits.
Debt-to-income – ratio of your monthly obligations to your monthly income; used to assist in determining loan approval.
Down Payment – a portion of the price of the home, reducing your loan amount.
Due Diligence Deadline – deadline to complete any and all inspections and address any concerns with your Real Estate Agent and the seller.
Earnest Money – a portion of your down payment secured to demonstrate an earnest of good faith until the loan is funded.
Escrow – holding account which disburses insurance and tax payments on your behalf.
Finance and Appraisal Deadline – deadline to complete the appraisal and obtain the conditional underwriting approval.
Home Inspection – completed by 3rd party professional to evaluate the structure of the home.
Homeowner’s Insurance – coverage offered by a 3rd party agency to protect your home; this is a part of your total monthly payment and is disbursed through your escrow.
Interest Rate – the charge for financing your loan expressed as a percentage.
Loan Estimate – initial disclosure of your home loan which includes a breakdown of closing costs and your total loan payment.
Loan-to-value – ratio of your loan financed in comparison to the value of your home, as determined by the purchase price or appraised value.
MLS – identifying number for homes listed on the market.
Mortgage Insurance – coverage for the lender to protect against loan default; this is a portion of your total monthly payment.
Processing – loan step in which documents or information is needed to obtain approval.
Property Taxes – annual payment due to the county for homeownership; this is a part of your total monthly payment and is disbursed through your escrow.
Real Estate Purchase Contract – purchase agreement between buyer and seller of real estate property; negotiated by agents.
Settlement – we have up until this date to meet with the title company to sign all the documents and provide any funds necessary to complete the transaction.
Title Company – determines that the property title is clear and provides title insurance; the title company also manages your settlement.
Underwriting – lean step in which your loan application and all supporting documentation is under review.
Jim Passi
Regional Manager
NMLS# 158000
1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com
This testimony is from my
This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.
I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.