Mike Scalise

NMLS# 207383

Branch Manager

Mike Scalise
Branch Manager

Mortgage Lender
NMLS# 207383
State Lic: IL # 031.0003450;
420 Financial Court
Suite 110
Rockford, IL 61107
Direct: (815) 312-5823
Mobile: (815) 621-9888
mike.scalise@academymortgage.com

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Welcome!

Mike Scalise is a Branch Manager and Senior Mortgage Loan Officer with Academy Mortgage Corporation (Republic Mortgage Home Loans merged with Academy Jan. 2015). Mike graduated from Northern Illinois University in 1995 and started his career in mortgage lending in 1996. His years of experience have given him the opportunity to work with all types of mortgage products available to help his clients with their purchase or refinance goals. Some of these products include Conventional, FHA, FHA 203k, VA, USDA, Jumbo Loans, and much more. Academy Mortgage Corp. also offers many different local Down Payment Assistance programs via IHDA (Illinois Housing Development Authority).

If you are interested in Down Payment Assistance Programs in Illinois visit his website at www.DPA-Illinois.com for more information.

Mike personally helped create one of his area’s only Employer Mortgage Program that helps employers give their employees information on many mortgage loan programs and guidelines. He currently has worked with over 50 local employers covering over 10,000 employees.

He is very well respected among his peers and local real estate offices, title companies, and Realtors and has become known as the person to call with any mortgage or financing questions.

“I take a great deal of pride helping customers purchase or refinance their homes. I have always realized that it is people that drive my business, and therefore, I am committed to building lasting relationships with the people that choose me for their financing. I make myself available 7 days a week, day and evenings to make sure that all my customers have the smoothest closing process possible.

Please feel free to call Mike anytime at (815) 621-9888 or send him an email at mike.scalise@academymortgage.com

DOWN PAYMENT GRANT PROGRAMS: http://www.dpa-illinois.com/

Mortgage Education

View these helpful tips for becoming a homeowner.
Academy made my first time buying a home a very nice experience I would not change a thing !Paula Ruvalcaba

NMLS# 207383

State Lic: IL: 031.0003450;

Corp Lic: IL: MB.6760661;

www.nmlsconsumeraccess.org;

Tips for a Simple Loan Approval

If you encounter a special situation, it is best to mention it to us right away so we can help you determine the best way to achieve your goals.

DO’s

DONT’s

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10 Steps to Homeownership

From pre-approval to closing, Academy will help you along the road to homeownership. You can count on us for responsible, honest, and ethical service in every step of the process.

  1. Loan pre-approval. Pre-approval allows you to search for a home that you can afford based on your credit, income, and assets. An application and supporting financial documents must be submitted to your Loan Officer, including pay stubs, tax returns, and account statements.
  2. Home search Once pre-approved, start shopping with your real estate agent! When you decide on the right home for you, the terms of sale are negotiated and your agent presents your offer to the seller.
  3. Formal loan application and product selection. After the seller accepts your offer, formally apply for home financing and select the ideal loan product to meet your needs.
  4. Appraisal and home inspection. As your application is being processed, an appraisal is ordered to identify any discrepancies between the sale price and appraised value. Properties are also inspected for water and termite damage and other safety hazards.
  5. Processor’s and underwriter’s review. A loan processor reviews the entire loan file and sends all pertinent information to an underwriter who makes the final decision to approve the loan.
  6. Final loan approval. If you have a good credit score and debt-to-income ratio, your loan will likely be approved. Keep in mind that there may be financial conditions or property conditions that need to be met before final loan approval.
  7. Closing. Final loan and escrow documents are prepared and signed by you (the buyer) and the seller.
  8. Funding. A wire or check for the amount of the loan is sent to the title company.
  9. Close of escrow. Documents that transfer titles are recorded with the county.
  10. Confirmation of recording. The title company authorizes the escrow company (or closing agent) to draft a check to the seller.

Ultimately the final step . . . MOVE INTO YOUR NEW HOME!

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BUYING VS. RENTING

For many, the benefits of buying a home outweigh the advantages of renting. With mortgage interest rates at historic lows and rents on the rise, now is an affordable time to finance a mortgage with a fixed monthly payment lower than rent.

If you plan to stay in your home for more than six years, buying a home could save you thousands of dollars over renting. And don’t forget about the noisy neighbors upstairs.

The Benefits of BUYING

TAX SAVINGS
Mortgage loan interest is deducted from your state and federal income taxes and a portion of your property taxes may also be deducted.

STABILITY
Fixed mortgage payments (principal and interest) will not change during the loan term whereas rent payments may increase annually.

BUILD EQUITY
Owning a home long term allows equity to build and thus your home investment to grow.

The Benefits of RENTING

FLEXIBILITY
Renting may be the preferred option for those planning or needing to make a move in less than six years.

LITTLE OR NO MAINTENANCE
Renters are often able to rely on landlords and property managers to pay for and make necessary home repairs.

UTILITIES MAY BE COVERED
Some utility expenses may be included in monthly rent payments.

Contact me today to start realizing the benefits of homeownership.

Please consult a tax professional about your specific situation and the tax savings benefits of homeownership.

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