home buying: 1st-Time Home Buyer in Chicagoland? Consider Seller-Paid Closing Costs
- 03/04/15 10:29 AM
1st-Time Home Buyer in Chicagoland?
Consider Seller-Paid Closing Costs
Looking out my office window right now, you'd never know that Spring ... and Spring's busier Chicagoland housing market isn't that far off. Yet, the Spring time change is here ... and warmer temperatures are predicted soon ... Chicagoland First-time Home Buyers (those that oftentimes are purchasing homes from the low $100K's to the low-$200K's) and anyone else hoping to buy during this upcoming Spring and Summer markets, should be making plans and taking action NOW. Not waiting until winter snow disappears from the ground and temperatures are rising. So, if you're
home buying: A Recipe for Disaster: Entering your Mortgage Transaction "Flying by the Seat of your Pants"
- 02/11/14 07:31 AM
A Recipe for Disaster:
Entering your Mortgage Transaction "Flying by the Seat of your Pants"
Have you ever heard the old saying "flying by the seat of your pants"?
I sense that's exactly what some of my potential clients are doing when they first talk to me about buying and financing a home. It's like the idea of Buying a Home dawned on them in the middle of the night in the middle of some dream.
In this day and age of more challenging housing and financing markets, it's not wise to be "flying
home buying: An ALERT regarding current volatile Interest Rates and HOW they can effect your transactions
- 06/24/13 11:21 AM
An ALERT regarding current volatile Interest Rates
and HOW they can effect your transactions
Last Friday, after an especially volatile couple of days in the market, I sent out an email to my referral agents, brokers, and others regarding what was taking place as it pertained to Interest Rates ... and how a rise in Interest Rates might effect their clients and transactions.
Here is my email, as it read last Friday (6/21/2013) ...
Interest Rates are RISING!
The markets have been especially volatile over the last few days. Interest
home buying: What Does a Los Angeles Realtor® Do?
- 05/14/13 04:50 PM
The housing market in the Chicagoland area (and elsewhere across the U.S.) is finally improving this Spring. And I've noticed one thing popping up again right along with the warmer weather's flowers. For Sale signs! Many of them FSBO's.
When I ran across Jane Peters' post (Power Brokers International), "What Does a Los Angeles Realtor Do?" ... I thought that the information certainly pertained to potential Home Buyers and Sellers everywhere, not just in Los Angeles ... so I decided to re-post it immediately.
As a Chicagoland Mortgage Lender, I personally can't imagine trying to navigate a
home buying: The Field of Forbidden Fruit...The Buyers' Risk of Skipping Pre-Qual
- 04/25/13 09:47 AM
I just HAD to re-blog this post of Mona Gersky's (MoonDancer Realty, Sylva, NC) ... it contains such timely, wise advice for today's new home buyers ...
There are so many potential dangers for buyers (and those re-financing too), should they not speak to a Mortgage Lender well in advance of the time of actually needing their financing.
I stress that this timing for contact and Pre-Qualification is especially true for:
First-Time Home Buyers
Buyers that have previously suffered through a Short-Sale, Foreclosure, or Bankruptcy
Those hoping to buy a Condominium property
Those that have not
home buying: How to Choose Your "Super" Mortgage Lender
- 02/14/13 01:51 PM
How to Choose Your "Super" Mortgage Lender
One of the questions I see crop-up often on real estate websites such as Zillow and Trulia comes from First-time Home Buyers. It concerns HOW they should go about looking for and choosing the Mortgage Lender for their first home's financing.
Often, in response to these questions, I see others offering up the name of a lender they know for contact. And I suppose if that name crops-up multiple times, that does provide at least a starting point from which a home buyer can work.
home buying: WHY Home Buying Transactions Must Begin With Home Buyers Getting Pre-Qualified!
- 02/13/13 02:52 PM
WHY Home Buying Transactions Must Begin
With Home Buyers Getting Pre-Qualified!
I can write and write all day, but until a potential home buyer truly understands WHY and WHERE their home buying transaction must begin, those words can do little.
Simply put, until a potential home buyer discovers IF they can buy (based upon their verifiable income and credit scores), how do they even know WHERE to start their home search? Or WHAT homes they can (or should) be viewing?
home buying: Jumbos are Back!
- 11/17/12 01:25 PM
Jumbos are Back!
Chicagoland has many areas within it that traditionally can support the use of Jumbo Mortgages ... those mortgages that are higher dollar amounts than the norm or average that exceed allowable limits for "conforming" loans , eligible for placement with Fannie Mae/Freddie Mac.
With many of the housing markets in Chicagoland, and across the nation, now experiencing a resurgence in sale prices, the interest in Jumbo Mortgage products is returning. Both clients and agents alike are contacting me for information about availability of this type of financing ... and
home buying: For today's Borrowers, it's all about finding a mortgage solution and mortgage package that's a personal and custom fit for their specific goals and needs. Both in the short and long term ...
- 11/13/12 01:22 PM
For today's Borrowers, it's all about finding a mortgage solution
and mortgage package that's a personal and custom fit
for their specific goals and needs. Both in the short and long term ...
Ever hear the sayings ....
The whole is equal to the sum of the parts?
or ... The whole is greater than the sum of the parts?
Both come from a theory of Professor Albert Einstein's. And in them, I believe
home buying: Being Completely Unprepared Won't Cut It In this Market
- 10/31/12 10:14 AM
I thought this post of Nathan Tutus', Tutas Towne Realty, Inc., Poinciana, FL, just went so perfectly hand-in-hand with my own latest post. (Listen ... Educate ... and Ask Questions the entire way. It's for your own good!)
Both posts speak of the absolutely critical need for new Home Buyers/Borrowers to be educated, prepared for, and thoroughly engaged in their Home Buying transaction and Mortgage Process. The success of their transaction and Mortgage Closing depends on it.
I hope those considering a home purchase and financing will take the time to read Nathan Tutus' eloquently written post ...
home buying: Listen ... Educate ... and Ask Questions the entire way. It's for your own good!
- 10/30/12 02:55 PM
Listen ... Educate ... and Ask Questions the entire way.
It's for your own good!
You, like me, have probably been reading about the upsurge in home sales and rise in demand for home mortgages. All good news, right? Well, it seems yes ... and no. NBC News just yesterday, released an article speaking to this very issue. Seems that yes, demand for new mortgages is growing. But banks are not handling the rise in business very well. And because of this, the new Federal Reserve's stimulus plan is in jeopardy.
home buying: Don't listen to the noise or static around you. Make wise CHOICES based upon the facts contained within YOUR personal mortgage financing scenario ...
- 10/29/12 01:08 PM
Don't listen to the noise or static around you.
Make wise CHOICES based upon the facts contained within
YOUR personal mortgage financing scenario ...
They exist in every walk of life. They come in big and small sizes, with big and small consequences. And they arrive on your doorstep during almost every second of your day. While Home Buying, you most certainly confront many CHOICES throughout your mortgage financing process. From beginning
home buying: The Not So Simple Task of Quoting Interest Rates
- 08/21/12 10:01 AM
The Not So Simple Task of Quoting Interest Rates
I liken Interest Rates to onions in more than a couple of ways. Much like onions, Interest Rates have "layers". In today's mortgage financing, a Mortgage Lender must weigh all the facts and peel away "layers" of information and data to find and reveal the answers to your Interest Rate questions.
And right now with Interest Rates being at historic lows (but rising at the time of this writing), the more you can peel away and sift through those layers of
home buying: Don't be a Self-Diagnosing Doctor or Armchair Quarterback When Buying and Financing Your Home
- 07/27/12 09:57 AM
Don't be a Self-Diagnosing Doctor or
Armchair Quarterback When
Buying and Financing Your Home
Hard to believe in this record-setting summer of intense heat, but yep ... NFL football camps are already back in session or starting soon.
Football came to mind when reading Carla Muss-Jacobs', (EBA Portland), recent re-blogging of an excellent post written by Debe Maxwell, (iCharlotteRealEstate.com Savvy + Company Real Estate), entitled, "WebMD, Can You Teach Me How to Perform My Own Tonsillectomy?" (Two of my very favorite real estate bloggers on
home buying: Winds of Change are Blowing Again Regarding Mortgage Insurance
- 07/05/12 12:05 PM
Winds of Change are Blowing Again
Regarding Mortgage Insurance
Winds of change are constantly blowing through the Real Estate Financing business ...
At least the latest, and new notice regarding the costs of mortgage insurance is "at our backs" instead of a head-wind.
We all know that FHA has been forced to bump-up the cost of mortgage insurance recently. As a result, we've seen a surge of 95% Loan-to-Value (5% Down Payment) Conventional Financing deals come our way.
home buying: Put a Little Thought & Effort into It ... Prepare for Your Mortgage Application
- 07/01/12 07:36 AM
Put a Little Thought & Effort
into It ...
Prepare For Your Mortgage Application
H. Jackson Brown Jr.The best preparation for tomorrow is doing your best today.
A few days ago, I took an application for some new home buyers. I'd talked multiple times with both the husband and wife leading up to the time of their ap.
Following my habit, I'd included a link to my mortgage website in every email to them, along with my other contact
home buying: Know Your Terminology Regarding Mortgage Lenders. It's Very Important!
- 06/12/12 02:24 PM
Know Your Terminology Regarding
It's Very Important!
I've offered multiple posts about the importance of being familiar with frequently-used mortgage terminology prior to entering your mortgage processing.
With all the real estate and financing terminology or slang that can pop-up during a real estate transaction, it's just best to be prepared and educated about what you'll be hearing. It's truly for your own benefit.
Over the last few years, I have found that one piece of terminology, used frequently, is often incorrectly utilized
home buying: Spreading Gossip ... One Person at a Time
- 06/04/12 12:08 PM
One Person at a Time
Yesterday, I wrote a blog entitled, "Renters Growing More Optimistic About Buying ... "Here Comes the Sun". It told of the growing confidence that Americans are once-again increasingly showing in becoming home owners. The American Dream is still alive.
On one of the forums in which I posted this blog, many of those commenting stated that they just didn't think that potential home buyers knew of all the mortgage program options that exist for home buying currently ... especially those mortgage programs that
home buying: Renters Grow More Optimistic About Home Buying: "Here Comes the Sun"
- 06/03/12 05:08 PM
Renters Grow More Optimistic About
Home Buying ... "Here Comes the Sun"
I just thought this song perfectly set the tone for my post's message today. Always a favorite song (and performer) of mine too.
I feel, what better than the line ... "it's been a long, cold, lonely winter", to correctly describe exactly what the housing market has been suffering through these last few years??
But the timely, good news now being reported more and more often is this: Many housing markets across the U.S.
home buying: What to Expect When You Apply for Mortgage Financing
- 05/31/12 08:46 PM
What to Expect When You
Apply for Mortgage Financing
So you've heard that applying for mortgages ... and mortgage processing itself ... is a pain in the tush, huh?
I cannot lie to you. It can be ...
But I think that stories, heard over and over again, contribute to perpetuating some of those problems. I believe that what an applicant hears (and thinks) prior to mortgage application, can influence what ends-up happening during their mortgage processing.
How's that, you say? Let me explain ...