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financing: Mortgage Insurance: What You Need to Know - 01/21/12 10:31 PM
Mortgage insurance is a topic that often baffles home buyers.
They want to know how it works, and they wonder if they really need it.
Mortgage insurance is what buyers pay to lenders to ensure against default on their mortgages. It's there for the lenders protection.
Such insurance may be required on both conventional and Federal Housing Administration (FHA) mortgages. 
In a conventional mortgage, insurance is required on both purchases and refinances where there is less than 20% equity in a property. Credit scores also come into play, with less-risky borrowers paying lower premiums than riskier buyers.
Credit really is king … (1 comments)

financing: Financing in 2011: What You Need to Know - 06/14/11 08:39 PM
Real estate agents must be fully aware of what to look out for during the home financing process.
The biggest issue that both real estate agents and buyers have with mortgage professionals is communication, or lack thereof. Agents must inform the lender that they need timely updates on the status of the file, even if the news is unpleasant.
Items such as appraisals, which are critical to the success of the process, can take as long as two weeks.
Agents need to know as soon as possible if buyers are unresponsive to a lender’s request for information.
Borrowers … (1 comments)

financing: Preapproved Vs. Prequalified - What's the Difference? - 03/04/11 10:07 PM

 
What's the difference between being preapproved and prequalified?
 
First-time buyers frequently assume being pre-qualified and pre-approved for a mortgage are one and the same. This common mistake can lead many buyers to regard their applications with unrealistic expectations. Applying for a pre-approved mortgage will help you find the right home by giving you an idea of exactly how much money you have to spend, and give you the confidence to negotiate effectively. 
 
Pre-qualification is a simple assessment of your income, debt and available capital, which is used to give you a rough estimate of your loan. … (5 comments)

financing: Buying A Home With Bad Credit - 12/19/09 02:17 PM
When it comes to buying a home, having bad credit is not the end of the world.  Your future doesn't have to be defined by your past.  Whether you have suffered from a bankruptcy, foreclosure or some type of financial hardship that resulted in late or missed payments, there are lenders who specialize in financing for those with less-than-perfect credit.  You will likely have to produce a larger down payment and/or pay higher interest rates than someone who has good credit, but the important thing to know is that buying a home is an option for you.
Bankruptcy & Foreclosure … (1 comments)

 
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David Hill PhD,ePro,SFR,CIAS,BPOR,CNE Chicago Real Estate Agent

Gurnee, IL

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Midwest Premier Realty, Gurnee IL 224-321-0699

Address: Gurnee, IL, 60031

Office Phone: (224) 321-0699

Cell Phone: (224) 321-0699

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