first time homebuyer: Schaumburg Buyers - this is like winning the lotto! - 03/03/20 02:53 PM
Interest rates have come down today to a rock bottom low! They are trying to obviously stimulate the industry & get you off your couch to buy a home! If this isn't going to be it - I don't know what else could be.
But wait .... unlike a bad late-night infomercial, this news will definitely get your curiosity piqued. With your tax refund soon to be here, did you ever think to use it as a down-payment? Yeah, use your tax refund to put a down-payment on a house!
If you need help with the planning either talking with a … (4 comments)

first time homebuyer: 'Boomerang Buyers' Return to the Market after their prior Distressed Sale - 09/18/15 04:41 AM
The share of homes purchased by return buyers or “boomerang buyers", those who formerly were foreclosed on or did a short sale, increased significantly in recent years.  NAR Research estimates that 8% or nearly 350,000 home sales were from return buyers in 2014.  It’s important to note though, that the majority of these borrowers according to NAR Research were likely of prime quality before entering foreclosure and that they prefer safe, affordable financing for their return purchase.

According to NAR’s 2014 Profile of Home Buyers and Sellers, 41% of return buyers financed their home with FHA backing, while 30% used conventional … (4 comments)

first time homebuyer: Schaumburg Buyers - Are you ready to 'pull the trigger' on a new home? - 07/07/13 12:56 AM
Buyers can sometimes 'sabotage' themselves by not making timely decisions. How?  In the time that these buyers 'saved' more downpayment the home went up in price & the interest rates went up which makes that same home less affordable.  Just with this latest interest rate increase most buyers can actually afford 10% less home then they could have. 
Making timely decisions or the 'ability to pull the trigger' on the home of your choosing starts with pre-planning and a solid strategy.  Nothing stays the same & nothing happens in a vaccuum.  The real estate market is constantly changing even though you … (2 comments)

first time homebuyer: Home Buyer Road Map - 05/29/12 01:37 AM
You'll need a 'Buyer Road Map'

Compiling a 'home search wish list' featuring what is most important to you and your family when you begin your housing search should be an absolute priority. There is a habit of spending hours on the internet and on many different sites looking and 'lurking' at future home possibilities.  But are you spending your time wisely?

What this post will do is help give you a sense of direction on what is most important.  The minimum's and the maximum's to finding your ideal home.  Most people start their search on the internet and … (3 comments)

first time homebuyer: Schaumburg Townhomes - At their most affordable right now! - 10/07/11 03:18 AM
Housing Affordability ..... Obviously means that today's buyers can get the most home for their purchasing power in quite some time.  Interest rates are so fabulously low now that you would be absolutely surprised at what you can afford to buy vs. rent.  I am going to give you a true example so you can clearly see my point. Renting is an option for you but is it the best financial option for you?  Crunch the numbers for yourself in this Buy vs. Rent Calculator and see where you come out. (use 4% as the current interest rate)
Mom #1's Scenario … (0 comments)

first time homebuyer: A True or False Mortgage Quiz - Dispelling those Rumors Surrounding Mortgages ... - 05/20/11 10:02 AM
So you're a first time home buyer and you want to begin your home search soon. You've 'heard' on the street that you must be preapproved first because no one will take you seriously otherwise.
But what do you really know about the process?  Do you know how it works?  Obviously buyers are VERY confused based on some recent polling information.  Most buyers are ill informed on even the most basic mortgage financing details.
So what to do?  First, go to school and begin your learning process today.  Call a good loan officer that will sit down and explain the … (4 comments)

first time homebuyer: Down Payment Assistance - SmartMove for Illinois Buyers - 01/21/11 05:53 AM
SmartMove Program for First-time Buyers in Illinois SmartMove offers mortgage products with incentives such as affordable interest rates and down payment assistance.  Veterans can also apply.  SmartMove features up to $6000 for down payment and closing costs as a 10 year zero percent forgivable loan.  Obviously the program is geared toward borrowers who need extra flexibility on sources of income or who have limited funds for down payment and closing costs.SmartMove features:
Minimum down payment loan amounts from 96.5 to 100% (this means 3.5% down up to zero down) Conventional, FHA, USDA products available Fixed rate loans with up to 30 … (0 comments)

first time homebuyer: Foreclosures and You - 10 Potential Potholes on the Foreclosure Buying Road - 02/11/10 03:02 AM
Buying a foreclosure can really test what you're made of.  Better make sure you are ready and you need someone that is a seasoned professional (like me!) to help you climb thru the jungles and miss the dreaded swamp!
This post is by Clint Miller of Montana, enjoy.

Let's face facts...buying a foreclosure isnt exactly a simply process. In fact, some would say the entire process sucks.
But, it can actually be even worse than you thought originally for your client without recognizing these 10 simple red flags. Knowing what to look for can save your clients thousands of dollars in … (0 comments)

first time homebuyer: Foreclosure Basics - Special incentives for Buyers with this program - 01/29/10 08:25 AM
Foreclosure Basics - Fannie Mae Specials on the Home Steps Program  
Well I guess they want to join the spring market with new incentives for buyers (dangle that carrot?) with closing costs help and new appliances!  Most foreclosures obviously have 'iffy or icky' appliances so this would at least give buyers some incentives/breaks on those new appliances.  This was just released and is valid until May 1, 2010.  You must close by that date.  The press release shown is not very clear but I rechecked and the date starts for contracts on January 27th, 2010.My other post on Fannie Mae … (2 comments)

first time homebuyer: First Time Homebuyer Tax Credit - $8000 Tax Credit - 07/18/09 01:15 PM
8000 Reasons Why you should hurry! Post
Questions and Answers Post

  Lyn Sims (847)230-7324 at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

All data and information provided on this blog is for informational purposes only.  Lyn Sims makes … (3 comments)

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Lyn Sims

Schaumburg Real Estate

Schaumburg, IL

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RE/MAX Suburban

Address: 2311 W. Schaumburg Road, Schaumburg, IL, 60194

Office: (847) 230-7324

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Lyn Sims offers market comments, housing industry updates and real estate news about the surrounding communities near Schaumburg IL in the Chicago Northwest Suburbs.




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