Andrew Cornett - DayOne Mortgage Group

I hope your enjoying the summer as much as we are

Call me to discuss your current situation!! 217-553-1170

How do you like your Hotdog cooked ??

Divorce is a less talked about side of mortgage lending.
What happens to your home when you get divorced?
What happens to the equity in that home?

I was introduced to this gentleman who needed to refinance his ex wife off of the mortgage, pay her an equalization payment and remove her from the deed.

It was an honor to be in a position to help this man keep his house that his kids call HOME. Their safe place. I helped orchestrate with the title company to ensure the pay off was taken care of and a quitclaim deed was signed.

Emotions and tensions run high during this time. Work with someone you can TRUST, lean on for support and has the communication and follow through skills to get the job done.

Hey Everyone get your running shoes on a laced up!!! I am co-chairing the American Amble 5k and 10k timed run on June 8th down at Rochester Park. Come test yourself and bring a friend down with you and have some fun!!

All American Amble 5K/10K The All American Amble 5K/10K is on Saturday June 8, 2024. It includes the following events: 5K and 10K.

Here are 3 Mortgage Pre-Approval myths:

Myth #1: Pre-approval guarantees you a mortgage.
Truth is, not all pre-approvals are created equal.
Make sure your file is "pre-underwritten". Ask you lender what other documents you will need to provide.
There is a big difference.

Myth #2: Your pre-approval lasts forever.
Not quite. It’s typically valid for 60-90 days.
After that, you will need to update your documents.
Credit reports are usually good for 90-120 days.

Myth #3: It locks in your interest rate.
Rates are always moving.
Locking an interest rate comes once a contract is received, tying the lock with the new property.
Avoid the pitfalls and be truly prepared for your home buying journey.

Comment any questions below!

Call me with any questions 217-553-1170

Thinking About Selling your house – Yourself?
As the spring selling season nears, we are clearly in a market that favors the seller. Since the weather started warming, we have had 3 clients put their home on the market and sell at full price within days! Might get you thinking that maybe you could sell on your own. Personally, I believe that a good agent is worth every cent they earn in commission. In a market that moves at the speed of sound, consider some of the pitfalls of not using an agent:
• Expert advice on how to price your home. This is critical because while you want to maximize what you can walk away with, over-pricing the home can require later price reductions because a listing gets a stigma among other agents. In the end, you often end up worse off.
• Evaluating the strength of the various offers and their motivation are also important. Ideally you want someone that is financially capable of paying over the appraised value, if necessary, and emotionally willing to do so as well.
• They will provide top notch advice on how to stage the house and suggestions on simple improvements that will maximize curb appeal.
• They will show the house to the numerous people who decide they want to take a look. You really have to be prepared for this…it can become somewhat of a part time job. Buyers are not comfortable looking at a house with you in it and you really don’t want to run the risk that these same people might not be honorable.
• With many properties now having multiple offers, having an agent representing you on the buying side is equally important so you don’t get burned.
Ideally, if you can qualify to purchase a new home before you sell the old home, it will take the pressure off. The risk is that you sell quickly and then can’t find a new place quick enough. Given the recent strong market, there is much less risk of not being able to sell. There are also some creative ways to structure the financing to position you to make this transition as painless and risk free as possible. Call us first and let’s explore your options. Happy House Hunting!!

Fannie Mae Expects Higher Mortgage Rates⁣⁣ 📈
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“Hotter than expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast” – Fannie Mae Economist⁣⁣
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“We have downgraded our outlook for purchase originations” (AKA there will be fewer sales in 2024 due to higher mortgage rates)⁣⁣
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“The economy is strong, the labor market is strong and the committee does not expect it will be appropriate to reduce the target rate range until inflation is closer to 2 percent” – Jerome Powell⁣⁣
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2024 is not shaping up to be what we thought it would be.⁣⁣
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All in all, how does YOUR personal economy look and feel?
Income stable?
Employment stable?
Emergency fund set aside?
Fianicnal planning is SO important and it’s all about making educated informed decision based on YOUR personal economic stability.
In my opinion, this is an opportunity to buyers to secure a better deal on home prices, as many will continue waiting for rates to come down in 2025.

Call me to discuss your personal plan towards home ownership
217-553-1170

Thinking of buying a house? 🏡
Step #1… Know your numbers!
Affordability? Down payment? Comfortable payment? Extra expenses? Closing costs?
Clueless or unsure on this = We need to talk. 🙂
Get informed, plan a clear path with a trusted advisor (ME) and dive in!

I have posted this before but it is still true today!!!

Have a great Friday all !!

Switching Jobs AND Buying a home?? 🏡
Switching jobs could RUIN your chances of ever owning a home!
Before accepting that offer, make sure you don’t fall into any of these two scenarios:
1. The first is changing jobs BEFORE you apply for a mortgage.
Switching from one W-2 job to another is fine, it gets tricky when you go from W-2 to self-employed or commission-based.
It becomes more challenging to qualify and will require A LOT of documentation.
If you can, I suggest waiting to move away from your W-2 role until AFTER you’ve already secured the home and been living there for a few months.
2. The second scenario is clear-cut.
Do NOT move jobs AT ALL during the mortgage process.
If you change jobs before you close, we’d likely have to restart the application from scratch since we based it on your current job and income. This will delay your closing or in some cases totally ruin your chances of securing that home.
If you know someone who is planning a career change right now, send this to them so they avoid making these mistakes!

Here is ONE trick to help improve your

Pay your bills ON TIME.
Okay, not really a trick but your repayment history makes up 35% of your score! 😳
*making multiple small payments during the month will help the most.
This will not be an overnight fix for less than stellar credit, but overtime it is what is needed to solidify that credit score.
Side note: those late payments will remain on your credit for 7 (SEVEN) YEARS and will effect the score the entire time..
Follow me for continued financial and credit tips 🚀

When buying a home where your down payment comes from matters! 💸
Your down payment has to come from one of 3 places:
1. Your own funds. Checking, savings, 401k etc
2. Gift. This can come from family, employer, or church organization.
3. DPA - down payment assistance. We have a new one that has no income limits and lower threshold to qualify

The seller can contribute to help pay your closing costs BUT your down payment must come from one of these 3 sources. 🏡

Here's your weekly look at the markets!

Markets in a Minute Enjoy this quick update on what's going on in the housing and financial markets.

WHO HAS A NEW YEAR RESOLUTION??? 👋
It is often a struggle fulfilling a New Year Resolution, so here are 3 different Goal Trackers to help you ensure 2023 is Your BEST year!

1. Strides: Pick a goal, set your target, and specify the action you will need to turn the goal into a regular habit. Track your goals on a daily, weekly, and monthly basis with this easy-to-use app.
https://www.stridesapp.com/

2. Way of Life: Start the year off right with reading the FREE book summary on how to stop wasting more time and even regain time. With the app, pick a goal action and tell the app whether the action will be good or bad for you. The app will send you a reminder to keep records of what you did or didn’t do to meet those goals.
https://wayoflifeapp.com/

3. Goals on Track: Take advantage of this app’s SMART goal framework and divide large goals into smaller, more achievable goals. You can even track how much time you spend on each task!
https://www.goalsontrack.com/

Don’t forget to ask a friend or family member to be your accountability partner!

MAINTAINING YOUR CREDIT IS VITAL 🏡 🧐
Check out these 3 Credit Don’ts during the home loan process!
1. DON’T have late payments… It’s going to drop your credit score between 60-100 points and it’s likely going to decrease your chances of getting that home loan

2. DON’T close out old credit cards… If they are active and in good standing, they are helping your credit with good payment history

3. DON’T reach your credit limit or "max out" your cards… This will hinder your debt to income ratios

Please contact us for more tips! 😃

We can do mortgages in Wisconsin! 🎉

Live in Wisconsin for two words: THE CHEESE! As an added bonus, you’ll want to be outdoors in the parks or on the water and you can benefit from reasonable housing costs.
If you or anyone you know has a need for financing assistance in Wisconsin, feel free to reach out to me!

Reality Check! WOW is all I can say! 😮
I’m sure glad it’s 2023 and rates are not in the teens! 😱

It's your time buyers! 🏡

BECOME ENRICHED THIS NEW YEAR! 🧐
Learn about culture, history, nature, science, and art this year at these museums.
https://www.visitspringfieldillinois.com/LocationSearches/SitesAndAttractions?id=Museums

HAPPY NEW YEAR! 🎆
Today is the first blank page of a 365-page book. Write a good one. This is YOUR year! 📘

#2023

We can do mortgages in Virginia! 🎉

Living in Virginia means you get to enjoy beaches, mountains, wine country, food, and all four seasons!
If you or anyone you know has a need for financing assistance in Virginia, feel free to reach out to me!