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 - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1300 East Woodfield Road, Suite 302
Schaumburg, IL 60173
Mobile: 847-899-1813
Email: jpassi@citywidehomeloans.com

Jim Passi provides it ALL!

Jim Passi provides it ALL! It took me over a year to find a property that ideally met all of the needs of my family. In that time, I did extensive research and worked with several lenders. I was very surprised – and equally disappointed, that it was just as difficult to find a knowledgeable, professional, responsive and conscientious lender as it was to find our dream home! Jim is a rare gem! In an age where even satisfactory Customer Service seems harder to come by, Jim takes pride in taking “outstanding” to an unbelievable level! The property I purchased was a modest short sale (under $150K), – and nothing about that process is short! From the beginning – to EVEN AFTER THE CLOSING, Jim treated me like I was a million-dollar client 🙂 He’s the epitome of having an entire support team wrapped up in one person and I honestly don’t know how he squeezes everything into a day! He was genuinely enthusiastic in offering valuable advice, based on both his experience and expertise, which gave me solid direction to reducing my debt and increasing my assets to qualify me for the best programs and rates. He THOROUGHLY explained all of my options, consistently and expeditiously updated me throughout the process, AND was inhumanly patient with every question, every time. On top of it all, he is analytically brilliant with a head for numbers that is nothing short of amazing! Not only would I use Jim Passi for future refinancing and purchases, I refer him every chance I get!

THANK YOU for all of your dedication and concern, Jim!!

Lisa B.