What is a "Good" or "High" Credit Score?

"Do you know your credit score?" Throughout your financial life, many people will ask you this question. Whether you were taught or learned through experience, it doesn't take long before you realize how important your credit score is. However, while many people know that a good credit score is invaluable to securing a credit card or loan, few understand what a "good" credit score actually is.

What Does That 3-Digit Number Mean?

When a lender, bank or credit institution pulls your credit report, the credit bureau associates a score with your account. Since there are three credit bureaus (Experian, Trans Union and Equifax), you'll actually have 3 scores. Your score will range between 300 to 850. If you have established credit, it is likely your score will be above 400 even if you have a variety of negative factors like a recent bankruptcy, late payments or numerous collections. Sometimes, people who have no credit history will have a very high score however this is usually considered to be negative by lenders because they have no way to assess how well the person will manage credit given to them.

How to Protect Yourself from a Financial or Credit Scam

Although we tend to post resources pertaining to mortgage loans and real estate industry news, we thought this was a great topic to go hand-in-hand with financial security.

What is a financial or credit scam?

As you probably already know, your financial information is very valuable and private. This information includes account numbers, passwords and security questions that - if in the wrong hands - can allow someone else to access your financial accounts. A financial or credit scam may request information such as an account number, a username and/or password to allow someone to access and empty your bank account or charge up your credit cards with purchases. It can also include a scam which requests that you pay a scammer money.

Should You Sell Your Home or Turn it Into an Rental Property?

If you're considering up-sizing or downsizing from your current home, there's a common question that most people face - Should I sell or should I turn the home into a rental property? Since the economic downturn, the demand for rental properties has been at an all-time high which might make you think that your decision is a no-brainer. But before you get ready to look for renters, make sure you know what you're getting into.

Is this kind of home/location in demand?

This is an important question to consider first because if there aren't many people looking to rent your kind of house, there's no point in going any further. We recommend that you look at other rental listings. If you're home could fit in and be competitive - great! It should be easier to keep the home rented over the long haul.

First Time Home Buyers: 5 Steps to Get Started

Are you ready to buy your first home? Buying a house is one of the largest investments you will make in your lifetime and being a first time home buyer can make the whole process daunting and confusing. Here are a few steps to get you on the right track. 

Step #1 - Check Your Credit

When you begin working with a loan officer, one of the first questions they'll ask is what your credit profile is like. The bank or lender will run a credit check to assess your level of risk as a borrower including your ratio of debt to income and decide how likely you are to make your mortgage payments on time. Since this is your first time buying a home, do your own credit check first via www.AnnualCreditReport.com to make sure there are no errors. 

[NEWS] Midwest Equity Sponsors GiGi Fest

Midwest Equity Mortgage is pleased to have the opportunity to sponsor GiGi's Playhouse in their efforts to provide individuals with Down syndrome, their families and the community with more than 25 therapeutic and educational programs that advance literacy, math skills, motor skills and more; all of which are free of charge.

6 Questions to Ask Yourself Before Renting Your Home

Owning multiple properties can be a great investment. With rental properties in demand, homes and multi-family dwellings like duplexes can offer an opportunity to get your feet wet at being a landlord. But before you start posting availability and interviewing possible renters, it's important to make sure you ask yourself some important questions. You need to fully understand your rights and responsibilities as a landlord. Landlord tenant laws vary greatly depending on where you live.

Questions to Ask Yourself Before Renting Your Property

1. What are the terms of the lease? You will want your renters to sign a lease stipulating the details of their agreement to rent your property. Not only does this outline your expectations, it also specifies how you will handle issues that may arise. Make sure you have a legal professional review your lease prior to having your tenant sign.
   
2. What are tenant privacy rights? Landlords are permitted to enter a home to make repairs, show the property to prospective tenants or deal with an emergency. Generally, with the exception of an emergency, the landlord can only enter the home during normal business hours and must give a tenant notice in advance. This may be subject to change depending upon the language of your lease or the local laws that apply to it.
   

Tips to Remaining Calm During the Loan Process

Stress is a buzzword these days. It seems like each month a new study comes out confirming that stress contributes to a variety of mental and physical issues such as high blood pressure, anxiety, insomnia and premature aging. Aside from the obvious "life or death" scenarios one might encounter once in a blue moon, it's everyday situations such as job interviews, sickness, family decisions or financial hardships that really "stress" us out. 

It's a common statement that buying a home is one of the biggest investments a person will ever make so it's no surprise that it is an event that often causes a great deal of stress. Add to the fact that most people need financial help via a mortgage loan and suddenly, you are not only dealing with the stress of picking the "right" home but also qualifying for financing to make it "your"  home. And just when you think the stress is over, rates drop and your in the market to refinance and go through the loan process all over again.

[NEWS] Midwest Equity Mortgage Ranks No. 1101 on the 2015 Inc. 5000 List

For Immediate Release:

New York - Inc. magazine has ranked Midwest Equity Mortgage number 1101 on its 34th annual Inc. 5000, with a three-year sales growth of 392% and $19.7m revenue. 

Every year Inc. ranks the fastest-growing private companies in America. This recognition has been regarded as a barometer for trending growth and industry standards. Companies such as Yelp, Pandora, Timberland, Dell, LinkedIn, Zillow, and many other well-known names gained early exposure as members of the Inc. 5000.

With more than twenty years combined lending experience between the partners, the management team at Midwest Equity has the knowledge and understanding to helping clients navigate through the entire loan process from start to finish. 

"We are a perfect sized “Boutique” Mortgage Company, large enough to compete with the biggest players around - yet small enough to care. Our two managing members touch every file, and as cliché as it may sound, treat every mortgagee as if they were the first customer in 2006."

Midwest Equity Mortgage is an accredited business with an A+ rating with the Better Business Bureau. The company also belongs to the Mortgage Bankers Association and is in good standing.

"The story of this year's Inc. 5000 is the story of great leadership. In an incredibly competitive business landscape, it takes something extraordinary to take your company to the top," says Inc. President and Editor-In-Chief Eric Schurenberg. "You have to remember that the average company on the Inc. 5000 grew nearly six-fold since 2012. Business owners don't achieve that kind of success by accident." 

For more information on Inc., visit Inc.com

For more information on Midwest Equity Mortgage, visit MidwestEquity.com

Inc. 5000 is a registered trademark and is used with permission.

Midwest Equity Mortgage

855-767-3434 | MidwestEquity.com

Now more than ever, you need to work with someone you can trust. Ask us about our A+ rating from the Better Business Bureau and our incredible complaint-free record and you will know: you have found your lender! Why are you still waiting for the “big bank” to call you back? Get in touch with someone who cares-TODAY!

Midwest Equity on Google+

3 Top Risks to Co-Signing for a Loan

While most people understand what it means to be the primary borrower on a loan - not everyone knows what is involved in Co-signing on a Loan. When you co-sign for a loan, you take on additional financial responsibility for the loan and there are inherent risks. It's important to fully understand how co-signing on a loan will effect your financial profile before saying "yes" to your friend or family member.

Risk: You are Responsible for the Loan. 

If, for any reason, the primary borrower misses or can no longer make payments, the lender will expect you to pay. If you are incapable of making those additional payments - rethink co-signing.

House Hunting Tips Part III: Getting Emotionally Ready to Buy a Home

Are you thinking about buying a home? If you've done your share of house-hunting before, you know that finding that perfect house can be an exhausting endeavor financially, physically and emotionally.

In this Part III of our Home Buying checklist series - we're going to review the emotional prep work necessary to get the most out of your house hunting.

House Hunting Tips Part II: Getting Physicially Ready to Find a Home

Are you thinking about buying a home? If you've done your share of house-hunting before, you know that finding that perfect house can be an exhausting endeavor financially, physically and emotionally.

In this Part II of our Home Buying checklist series - we're going to review the physical prep work necessary to get the most out of your house hunting.

House Hunting Tips Part I: Getting Financially Ready to Buy a Home

Are you thinking about buying a home? If you've done your share of house-hunting before, you know that finding that perfect house can be an exhausting endeavor financially, physically and emotionally.

In this Part I of our Home Buying checklist series - we're going to review the financial prep work necessary to get the most out of your house hunting.

How to Deal with A Difficult Homeowners Association

Whether you currently live in a community with a Homeowners Association (HOA) or are considering buying a home that is subject to an HOA - odds are you might have some concerns about how to best deal with a difficult homeowners association.

Understanding the Bylaws is Key

Bylaws are created upon the formation of a homeowners association to help create a standard of expectation. As a homeowner, reading the bylaws helps you know what is expected of your home and property as well as the proper course of action you should take to make changes or additions. An HOA will be far less of a nuisance if you follow the rules and procedures outlined in the Bylaws.

Should I Add Solar Panels to My Home?

"Going Solar" is a hot phrase going around right now. There are billboards, magazine ads and television commercial circling the nation focused on how easy it is to add solar panels to your home and the resulting benefits. However, just like many homeowners, you might be wondering if "going solar" is really as good as it sounds. If you're considering jumping on the solar band wagon, we're here to share some of the pros and cons so you can make the best decision for you and your family.

Part III: Your Refinance FAQ's Answered

To continue our 3 part series about Home Mortgage Refinancing, we want to point out that everyone has a different financial picture, unique goals and specific reasons why a refinance may or may not be the right course of action. Always seek out a mortgage professional to discuss your scenario so that you can make the best decision for you and your family.

Click here to read Part I: Should I Refinance My Home?

Click here to read Part II: Refinance Checklist

We've covered the questions you might have about whether you should refinance your home and we've given you a checklist of important documents and info you should have on hand but just to make sure you're confident - we're answering many commonly asked questions about refinancing.

Spotlight on the Irvine Office

The Midwest Equity Mortgage - Irvine office serves Orange, Los Angeles, San Bernardino, and Riverside Counties as well as other areas across the state of California. We are available for appointments in office, over the telephone, or in your home or place of business.

John Busher, Branch Manager

John Busher

John graduated from the University of St Thomas in St Paul, Minnesota in 2000 with a degree in Business Management. He began his career as a Personal Banker for a Fortune 500 Bank, moved up the ranks and accepted a promotion and transfer to Southern California in 2003. A year later he moved into the Mortgage Industry in San Diego. He was a top producer for a regional mortgage banker from 2003 until 2011. He joined the team at Midwest Equity in 2011 and was quickly promoted to Branch Manager. John’s 12+ years in the financial services arena make his knowledge invaluable as he pursues helping families save money. John and his wife Brenda, have three children, Jake, Nick and Mike.

4 Ways You Might be Killing Your Lawn [and Hurting Your Home Value]

A plush green lawn is part of that "white picket fence" ideal often associated with home ownership. Logistically, your yard is an extension of your home. It frames your landscaping as well as provides a great area for activities and enjoyment. A well maintained lawn can also add value to your home. A yellowing lawn can alternatively, hurt your home value. If you're struggling to keep your grass looking lush and healthy - here are 4 questions to consider that might reveal what is standing in your way. 

Do You Know What Type of Grass You Have?

Believe it or not - but there are dozens of lawn grass variations available to for homeowners to use in their yards. Many lawns are also composed of a mixture of grasses that work well together to create year-round enjoyment. Depending on your area, you might have a Bluegrass/Rye/Fescue grass combination or maybe you've chosen a Bermuda grass or a Bent grass. These variations might require different watering levels and maintenance. Knowing which kind of grass you are dealing with is half the battle to keeping your lawn "happy."
Click here for an easy tool to help identify your grass »

Part II: Home Refinance Checklist

To continue our 3 part series about Home Mortgage Refinancing, we want to point out that everyone has a different financial picture, unique goals and specific reasons why a refinance may or may not be the right course of action. Always seek out a mortgage professional to discuss your scenario so that you can make the best decision for you and your family.

Click here to read Part I: Should I Refinance My Home?

Getting Organized

Now that you have considered whether a mortgage refinance is right for you - we've put together a  Checklist to help get you ready to Refinance your home loan. Like most of us, a home refinance is easiest when the process goes smoothly and quickly. Choosing a qualified mortgage professional will help ease your stress but there are certain documents that you will need to gather and submit to make sure the lender has a complete refinance application.

[NEWS] 10% of Americans are "Credit Invisible"

A recent article in the New York Times, reports that "about 26 million Americans lack a credit file." Ann Carrns continues by adding that these "credit invisible" consumers...lack any credit history with the major nationwide credit reporting agencies, which tends to shut them out of the economic mainstream. These findings are according to a report issued on May 5, 2015 by the Consumer Financial Protection Bureau.

"An additional 19 million Americans, or 8 percent of adults, have some credit history, but not enough to create a score. Eighty percent of adults, or about 189 million people, have credit scores."

Spotlight on the Chesterfield Office

The Midwest Equity Mortgage - Chesterfield office serves the surrounding counties as well as other areas across the state of Missouri. We are available for appointments in office, over the telephone, or in your home or place of business.

Scott Carpenter, Branch Manager

Scott Carpenter

Scott graduated from Hannibal-LaGrange University in Hannibal Missouri in 1994, where he was a student athlete and played on the basketball team.  After graduating with a BS degree in Business, he pursued a career in consumer finance, and in 1997 transitioned his career into Mortgage Banking.  Scott has been a leader in the St. Louis mortgage industry for over seventeen years. He and his wife Nicole have one son: Haden, and reside in Wildwood, MO.

Part I: Should I Refinance My Home?

To start off this 3 part series about Home Mortgage Refinancing, we want to first point out that everyone has a different financial picture, unique goals and specific reasons why a refinance may or may not be the right course of action. Always seek out a mortgage professional to discuss your scenario so that you can make the best decision for you and your family.

Thinking of refinancing? Grab our free worksheet to quickly calculate your LTV and assess all of your options here »

How is a Credit Bureau Score Calculated?

Whether you are looking to open a credit card, finance a car or buy a home...you've probably noticed that your credit score is important. A credit score is essentially used to assess how likely it is that a borrower will repay a loan. The score measures the relative degree of risk that a potential person represents to a lender or investor and is based on several areas of information (however, because of several laws against discrimination - it is not based on gender, race age or zip code.)

Credit Bureaus & Score Range

Fair, Isaac Credit Bureau scores range between 300 to 850 points - the higher the score, the less risk associated with the borrower. Below are the three national credit data repositories that contribute to your score:

• Equifax - 800-685-1111
• Trans Union - 800-888-4213
• Experian - 800-397-3742

Each of these bureaus may offer you a slightly different credit score depending on the data within their own credit profile. Keep in mind that a score is based on all credit-related data - not just negative data. 

Spotlight on the St. Louis Office

The Midwest Equity Mortgage - St Louis office serves St. Louis, St Charles, and Jefferson Counties as well as other areas across the state of Missouri. We are available for appointments in office, over the telephone, or in your home or place of business.

Scott Carpenter, Branch Manager

Scott Carpenter

Scott graduated from Hannibal-LaGrange University in Hannibal Missouri in 1994, where he was a student athlete and played on the basketball team.  After graduating with a BS degree in Business, he pursued a career in consumer finance, and in 1997 transitioned his career into Mortgage Banking.  Scott has been a leader in the St. Louis mortgage industry for over seventeen years. He and his wife Nicole have one son: Haden, and reside in Wildwood, MO.

Common Title Insurance Questions...& Answers!

If you've ever purchased a home, it's possible you've heard title insurance discussed however there is often some confusion about this vital part of the home buying process.

What Does a Title Company Do?

When you make an offer to purchase a home - how can you be sure that there are no issues or problems with the home's title? How do you know that the seller actually owns the property? A title company will run a title search on the property to answer these questions. 

Lenders require a title search to prevent fraudulent sales. A title search will ensure that the seller is the owner of the home and attempts to uncover an "encumbrances" that may be on title. Encumbrances include any liens (legal claims) against the property filed by either creditors in an attempt to collect unpaid bills or by the IRS for unpaid taxes. Contractors liens, unpaid homeowner dues and unpaid child support are all examples of other possible issues. These encumbrances must be resolved (paid) either before or at closing. 

The title professional will search the public records which involves reviewing land records that go back many years. More than one third of all title searches reveal a title problem that title professionals will need to fix before you can close. This should not only be important to lenders but also to buyers, as in many cases, encumbrances follow the property - not the owner.

[NEWS] As Tax Day Approaches - Get 6 Tips from the Experts

As we near the dreaded April 15th, there are many people who have still yet to tackle their taxes. As Charles Schwab published earlier this month, "There's no question that preparing your tax return can be a daunting challenge.  And the more complex your finances, the more complex your tax return."

CFP President, Carrie Schwab-Pomerantz points out six essential tips for preparing for tax day.

1. Have identification number handy

This can include key pieces of information such as birthdays and social security or tax ID numbers for yourself as well as any/all dependents and co-filers.

2. Collect documents that show earnings

Depending on your income type, you may need to gather several different kinds of forms.

• Regular employment = W-2 form from employer
• Income from interest, dividends, capital gains, freelance work or Social Security = 1099 form (copy sent to the IRS by the issuing institution)
• Self-employment or alimony = no specific form but you'll need either bank statements or personal records

You should have received these forms in January or February so be sure to follow-up if anything has not arrived. Remember that just because you did not receive a form, you must still include all income on your tax return.

Spotlight on the Chicago Office

The Midwest Equity Mortgage - Chicago office serves all of Chicagoland as well as outlying areas in Cook, Lake and Dupage counties as well as the rest of the state of Illinois. We are available for appointments in office, over the telephone, or in your home or place of business.

Joe Paterna, Branch Manager – Chicago

Joe Paterna

Joe received his BA from Lake Forest College and went on to achieve a MA from the University Of Massachusetts. Joe grew up in Boston where he excelled on the handball court and is a member of the South Boston Hall of Fame. He now serves as the Branch Manager of our Chicago office using his experience and knowledge to promote the Midwest Equity vision. Joe and his wife, Carrie are happy to be back “home” in Chicago.Joe and his wife , Carrie reside in Oak Park and have one child, Angelina.

Joe oversees all daily operations of our Oak Brook Office. Joe has extensive mortgage banking experience and has originated hundreds of loans himself. Should you have any questions about your loan application which cannot be answered by your loan officer, or should you desire to reach out to Joe about anything, he is available anytime. Joe can be contacted at (630) 537-1701. 

What is the Mortgage V.I.P. Employee Benefit Program?

The Mortgage V.I.P. Employee Benefit program from Midwest Equity Mortgage is a unique option to give your company a stronger, more competitive benefit program without costing you more money.

What is the Mortgage V.I.P. Employee Benefit Program?

This highly competitive program allows a company to add mortgage loan assistance for their employees as part of their benefit package. 

Press Release - Len Tortorice hired as Director of Business Development

Len Tortorice

For Immediate Release - Midwest Equity Mortgage, LLC (MEM), a direct to consumer retail mortgage lender, welcomes Len Tortorice to the role of Director of Business Development. Tortorice has over 30 years of industry experience in many aspects of the mortgage industry and more recently a Divisional Manager for a large wholesale lender.

Len will be focusing specifically on recruiting Senior Loan Originators as well as origination teams/branches within the states of IL, WI, KS, MO, IN, CA, WA and the FL.   MEM has grown significantly over the last 24 months as a direct result of its Originators’ success and offers a combination of resources and compensation packages which are second to none.

Please contact Len at len@midwestequity.com to make a confidential inquiry of opportunity.   

If you have a mortgage AND a car loan, student loan or credit card debt - you can reduce your monthly costs with a SmartREFi™

Midwest Equity Mortgage

855-767-3434 | MidwestEquity.com

Now more than ever, you need to work with someone you can trust. Ask us about our A+ rating from the Better Business Bureau and our incredible complaint-free record and you will know: you have found your lender! Why are you still waiting for the “big bank” to call you back? Get in touch with someone who cares-TODAY!

Midwest Equity on Google+

4 Topics to Discuss with Your Loan Officer

You’re ready to buy or refinance – but whether this is your first or fourth loan – you may find that working with a loan officer to be confusing and difficult. Having a clear understanding of what you want and how to communicate with your mortgage professional is critical for success. To keep everything running smoothly – make sure you discuss the following topics with your loan officer.

1 - Communication Style

Mortgage professionals will communicate with you in a variety of ways including by phone, email and text. Some are tech savvy and others prefer traditional methods. The point is to be clear about what YOU prefer. If you respond more quickly to text messages versus voicemail - tell your loan officer. Often times, there are time sensitive issues that arise during the loan process, so it will make everyone happy if your loan officer knows how to get questions answered, additional documentation etc. in a timely manner.