Home at Last!

By Irene Amato

Have you always wanted to own your own home? Are circumstances in your life, finances, feelings of anxiety, or fear about the mortgage process getting in the way of taking that big step? In "Home at Last!", mortgage industry expert Irene Amato takes you by the hand and gently guides you through the entire homebuying process. Combining her technical savvy and expertise with her reassuring demeanor and motivating spirit, Irene will successfully lead you to closing day on the home of your dreams.

Through this must-read guide on homeownership, you'll learn:

• How to remove the fear factor from homeownership
• What to look for in assembling your team of homebuying professionals
• How best to prepare for the pre-qualification process
• The "Do's & Don'ts" of each crucial step, from the offer to the walk-through
• Advice for buyers with special circumstances, including single purchasers, self-employed, post-bankruptcy, veterans, and more

Plus: Vital checklists, a helpful glossary of essential terms, and direct, time-saving links to the best resources available online.

Regardless of your situation, if you're looking to make the dream of homeownership a reality, this book is for you.

• Language: English
• Publisher: BookBaby
• Release date: Dec 15, 2021
• ISBN: 9781667802367

Book preview

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HOME AT LAST!

Copyright © 2021 Irene Amato

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the author, addressed Attention: Permissions at [e-mail].

Ordering Information:

For details, contact

[e-mail]

Irene Amato

A.S.A.P. Mortgage Corp.

2 S Division St.

Peekskill, New York 10566

ASAPMortgageInc.com

ireneamato.com

ISBN: 978-1-66780-235-0 (Print)

ISBN: 978-1-66780-236-7 (eBook)

Library of Congress Control Number: 2020906516

Printed in the United States of America

First Edition, 2021

For my late mother, Stephanie (Big Steph), and for anyone

who thinks they can’t achieve the American dream

of homeownership—or, for that matter, anything in their life.

As Dionne Warwick said, If you can think it, you can do it!

Contents

ACKNOWLEDGMENTS

FOREWORD

INTRODUCTION

UNDERSTANDING THE WHY

PRAYER, PREPARATION, AND PAPERWORK

DEFINING YOUR BUYING POWER

THE SEARCH BEGINS!

LET’S MAKE A DEAL

THE ACCEPTED OFFER

THE MORTGAGE PROCESS

THE CLOSING

CONGRATULATIONS! THE FUN BEGINS

ADVICE FOR SPECIAL TYPES OF BUYERS

CREDIT FOR HOMEBUYERS 101

MASTER CHECKLIST FOR YOUR HOMEBUYING JOURNEY

GLOSSARY OF ESSENTIAL TERMS AND ABBREVIATIONS

FURTHER RESOURCES

ABOUT THE AUTHOR

ACKNOWLEDGMENTS

I want to thank my three children, Alexa, Stephanie, and Peter—hence, the A.S.A.P. in A.S.A.P. Mortgage. I gave my children the gift of life, and they give that gift back to me each and every day. My childhood didn’t allow me to be a kid. I was forced to grow up at an early age, and thus my life was filled with adult responsibilities and situations since I was five. As a result, I grew up with my kids, literally. We were and still are silly together, and they remind me to laugh when adulting gets tough. They believe in me, and that in and of itself empowers me like nothing else in the world.

A special thanks to my brother, John, for encouraging me to be stronger and better and pushing me to my true potential. My brother watched over me for many years when there was no one there to do so. John was a child himself and maybe didn’t always go down the best roads, but he always made sure I was not following him down those same paths. When I mentioned to John that I was thinking of opening my own mortgage company, his response was, I’ll pick out the name. Let’s go! He has always supported me and has taken away my fears even before I knew they existed. While sitting around the dinner table, John came up with the A.S.A.P. name in honor of my children.

My deepest gratitude and admiration go to the three generations of women who came before me and showed me the way forward in life. First, my mom, Stephanie, for her unconditional love and instilling in me her values of spreading love and kindness and simply being a good human being. Through her battle with drug addiction, my mother always managed to help others and inspire confidence in those who needed it most. Next, my grandmother, Nanny Irene, who was always there for my brother and me, and who provided us a safe place filled with love and a sense of normalcy when we needed it. And finally, my great-grandmother, Big Nanny, for teaching me at a young age the value of a dollar, the importance of a proper work ethic, and constantly reminding me to dream big and go for it!

Thanks to my stepfather, John, for believing in me and reminding me that I can do anything. He came into my life at the age of five and took on the role of a father from the day I met him. He raised me as his own. So as far as I’m concerned, he’s my dad. I especially want to thank him for the look in his eyes when I catch him watching me. That look says it all!

A huge debt of gratitude goes to my entire team and A.S.A.P. family. I don’t view A.S.A.P. Mortgage as a business. I consider it as a handpicked family where all of our goals and values are aligned. Within our A.S.A.P. family, our members have a perfect mixture of respect, empathy, strength, dedication, and the same desire to empower, not impress.

My acknowledgments would not be complete without recognizing Camille Campbell. She is not only my right hand but also the sister I never had. Camille and I first met when I was her loan officer on her first home purchase in 2000. We hit it off and never looked back. She was the first team member hired for A.S.A.P. Mortgage in 2002 and has been with the company ever since. She is currently the COO of the company and has consistently contributed to our growth and success.

I want to thank Deborah Robertson—a dear friend and soul sister. When I first met Deb, I remember thinking that she was the smartest person I had known and yet humble and kind. Deb and I immediately clicked and never looked back. She is one of my biggest fans, as I am of her. Deb gives me the confidence to take on the world and then some. When I told Deb that I had decided to run the New York City Marathon (mind you, I wasn’t a runner), she said, You’ve got this! Her words of encouragement were simple yet so powerful. Don’t look at it as 26.2 miles; just break it down to five five-mile runs. That was brilliant. She knows me and precisely what works to motivate me. Deb played a tremendous role in my writing this book.

Thanks to my friend Danny Doherty for believing in me and suggesting that I write this book. He saw my passion for the real estate world, my love for people, and my desire to empower others. One day after a local first-time buyers’ seminar that he attended, he said to me, Irene, you have an amazing gift. You talk to people on their level; you relate and make this dream attainable for people who don’t think they will ever own a home. You can help others even more than you are helping now—write a book! Most people would tell me to tame my passion (It’s too much!), calm down, or relax. You can’t change the world, etc. But not Danny. He fueled my passion and reminded me that I make a difference, and the best was yet to come! I began writing that day.

I want to thank my friend and ghostwriter, Robert Schork. Robert and I met by fluke and immediately connected, and the rest is history. We have a type of synergy that freaks me out, but in a fantastic way. It’s like he knew my story already before I even told it. His dedication and enthusiasm truly made this one of the most exciting experiences of a lifetime. I’m thrilled that he could work on this project with me, and I’m looking forward to working on my autobiography with him next.

Thanks to Dorothy Botsoe, a dear friend and equal and fair housing advocate. Dorothy and I often brainstorm on mortgage-industry issues at the state and federal levels. We also strive for inclusion and diversity within our communities. Dorothy read early drafts of this book while it was in progress and provided me with fantastic feedback.

And finally, I would like to thank my dear friend and team leader, Nancy Meserole. She is a live, walking encyclopedia in the mortgage industry. Nancy took the time to review my manuscript to suggest tweaks and put up with my crazy antics while putting this all together.

FOREWORD

To become a homeowner is the American Dream. I have been fortunate to be part of making that dream come true for many consumers over the last thirty years as a wholesale mortgage lender. The ability to own a home has many benefits—from the most basic needs of shelter to a fantastic opportunity to create wealth. Irene Amato knows this firsthand and has decided to share her experience and knowledge to help you make that dream come true for yourself.

I had the good fortune of meeting Irene at a mortgage industry conference. She was sitting in the first row of the audience during a panel discussion of upcoming changes to the mortgage process. When it was time for questions, the first hand up was Irene’s. She had a list of intelligent questions and provided insightful feedback to the panel. Her showstopping knowledge of the mortgage process and consumer experience, coupled with her confidence and motivating spirit, made me realize that she was someone with whom I wanted to work. So, I set out to introduce myself to Irene and worked hard to earn her trust and become one of her mortgage lenders. Irene continues to ask tough questions today, to the benefit of borrowers looking to buy a home. You will read about these experiences in the pages ahead.

In the years to come, I worked with Irene not just to help individuals buy homes but also to improve the entire experience for consumers everywhere. We worked together on the New York Association of Mortgage Brokers (NYAMB) legislative committee, volunteering to lobby annually in Washington, DC, for vital industry reforms and improvements. Specifically, our goal was to ensure that rules and regulations surrounding the homebuying experience were fair and would benefit all future and existing homeowners. We scheduled appointments with all our elected officials from New York in the House of Representatives and Senate to provide them with insight into the homebuying experience and areas that could be improved.

In the pages that follow, Irene shares her 30-plus years of experience and wisdom about what it takes to become a homeowner, the challenges many of her clients have faced, and the vital takeaways you can learn from them. There are many powerful examples and anecdotes to which you may relate that will help you decide to become a homeowner today—and do so with success.

This book is a detailed guide to every step along the way of becoming a homeowner. You will learn the importance of your active role in the process and how being prepared will take the fear and anxiety out of the equation. Perhaps most importantly, you will discover homeownership is possible for you TODAY!

I admire Irene most for her can-do attitude, her belief in abundance, and her conviction that everyone should be given a fair chance and opportunity to achieve the American Dream of owning a home. This book is all of that and more. You will learn that everything is possible if you are willing to put in the work. You will discover that every homebuyer is different and that there are many solutions to challenges or obstacles that may be holding you back from considering yourself ready for homeownership today. With Irene as your virtual copilot, tapping you on the shoulder and gently guiding you at every turn, you will be empowered to ask the right questions, collect the correct information, and make the right decisions from the moment you contact a mortgage professional to the day you’re handed the keys to your new home across the closing table.

Congratulations on taking this crucial first step on the path to buying the home of your dreams!

Deborah Robertson

Regional Vice President

Plaza Home Mortgage, Inc.

INTRODUCTION

This book is for anyone who is contemplating their first purchase of a home. Especially anyone who may be sitting on that proverbial fence: those in need of some support, guidance, and, yes, maybe even a little handholding to get up and take that big step toward achieving what, for many, is considered the premier aspect of the American Dream.

My lifelong dream has been to help others achieve this for themselves. I’ve been fascinated with the real estate industry since before high school. So, how does a young girl from the Bronx get interested in buying homes and mortgages? There are a few reasons. It helped that my first job was in the industry at the ripe old age of 12. I worked after school and on weekends for Garthchester Realty in Scarsdale, New York, signing out the keys to Realtors when they needed to show properties to potential buyers and tenants.

From the get-go, the whole thing intrigued me. Witnessing the reactions and emotions of the Realtors’ clients—the excitement of a young couple that loved